Real Estate Investing in Cheltenham, Maryland (20623)
Everything the listing leaves out — vacancy, rent trend, cap rate, landlord climate. All free.
Should you buy in 20623 (Cheltenham, MD)? Our answer, based on the numbers below.
Mixed signals — some positives, some negatives. Worth considering but not a slam-dunk.
A middle-of-the-road market. Workable, but the best opportunities may be nearby ZIPs rather than this one.
No major risk flags on the data we track.
• Modeled rent — no observed market rent for this ZIP; the figure is estimated from HUD fair-market rent.
What’s happening in Cheltenham, MD (20623)?
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Market Analysis: 20623 Cheltenham
Not every below-median market is a bargain. Cheltenham's 20623 ZIP stands at signals that favor experienced operators who can absorb the risk $513K pricing implies.
If the plan assumes clean turnover, on-time rent, and low maintenance on a $513K asset, 20623 is the wrong submarket. If the plan prices in friction, the yield can still work.
The gap between 20623 and stronger Cheltenham ZIPs is not closing quickly. Investors should weight long-horizon assumptions accordingly.
Employment concentration in 20623 leans toward sectors with higher volatility. The demographic consequence is income fluctuation that investors need to factor into their pro forma.
The 20623 ZIP fits a narrow investor profile — hands-on, patient, and willing to accept that the cap rate on paper is not the cap rate in reality.
Here's what matters if you're considering buying a home in Cheltenham:
Property Strategy for 20623
Which property type performs best in this market?
📊 Compare All Property Types →
| Type | Median Value | Est. Rent | Cap Rate | 5yr CAGR | $/Bedroom |
|---|---|---|---|---|---|
| 3BR | $413,985 | $3,040 | 5.3% | +5.4% | $137,995 |
| 4BR | $532,281 | $3,560 | 4.8% | +5.3% | $133,070 |
Market Trends
Home Value History (with trend line)
📊 How Does 20623 Compare?
| Metric | 20623 | Cheltenham | Maryland |
|---|---|---|---|
| Home Value | $512,936 | $512,936 | $424,997 |
| 5-Year CAGR | 2.0% | 2.0% | 4.9% |
| Avg Rent | $2,160 | $2,160 | - |
| Cap Rate | 3.3% | 3.3% | - |
Similar ZIPs Within 25 Miles
Compare other nearby markets to see if a neighbor offers a better fit.
Landlord Ground Truth
Real numbers from people who own or manage rentals in ZIP 20623 (Cheltenham, MD). Anonymous, moderated, never written by AI.
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Property managers serving Prince Georges County
Manage rentals here? List your business →American Community Management provides community association management and HOA services across Maryland, Virginia, and D.C. summary from their website
Mainstay Property Management is a property management company in Maryland, specializing in renting houses and multi-family properties. summary from their website
Melan Property Management delivers proactive property management solutions for multifamily and commercial real estate across Maryland, Washington D.C., and Miami. summary from their website
Listings are shown for convenience — Repit doesn’t endorse or vet these companies. Ratings shown come only from email-verified visitors.
📊 Market Snapshot
| Home Value | $512,936 |
| Monthly Rent | $2,160 |
| Price-to-Rent | 19.8:1 |
| 1% Rule | ✗ Fails |
💰 Return Metrics
| Gross Yield | 5.1% |
| Cap Rate | 3.3% |
| 5-Year IRR | 5.3% |
📈 Home Appreciation
| 1-Year | +0.4% ▲ |
| 3-Year CAGR | +1.2% ▲ |
| 5-Year CAGR | +2.0% ▲ |
| 10-Year CAGR | +4.4% ▲ |
🏠 Rent Trends
| 1-Year | N/A |
| 3-Year CAGR | N/A |
| 5-Year CAGR | N/A |
The current 30-yr mortgage rate (6.8%) exceeds the estimated cap rate (3.3%). Financing reduces your cash-on-cash return below the cap rate. Markets like this may still make sense as IRR plays — factoring in appreciation, depreciation, and a future refinance when rates drop.
Run an IRR Analysis →⚠️ Risk Signals
Composite view of factors that can impact a ZIP's stability and your downside risk.
Demographics in 20623
Population: 2,846
Crime & Safety
Crime & Safety Data Coming Soon
We're integrating comprehensive crime statistics including violent crime rates, property crime, and safety scores to help you make informed investment decisions.
Expected: Q1 2025
🎓 Nearby Colleges & Universities
Investor Insight: With 22,446 students living off-campus nearby, this area has strong rental demand from the college population.
Frequently Asked Questions
How tight is the rental market in Cheltenham, MD?
Vacancy risk in Cheltenham, MD is elevated. That supports measured cash flow for typical rental holds.
What do landlords charge for rent in Cheltenham, MD?
Expect rents around $2,160/mo per month in Cheltenham, MD. With home values at $513K, the yield math works out to reasonable levels for rental investors.
Is the tenant base reliable in Cheltenham, MD?
Tenant demand in Cheltenham, MD is solid. The local workforce $2,160/mo rents across most rental classes.
Is Cheltenham, MD a good market for FHA house hackers?
Cheltenham, MD is a a challenging market for house hackers. FHA or conventional owner-occupant buyers find the $513K price point reasonable to enter.
Is real estate in Cheltenham, MD a good investment right now?
Cheltenham, MD scores 3.0/5 for investability. Home values sit at $513K and rents near $2,160/mo, which keeps the rent-to-price ratio in reasonable territory for buy-and-hold investors.
You know 20623 now. You don’t know where it ranks.
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How 20623 ranks in Washington-Arlington-Alexandria, DC-VA-MD-WV
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