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The fast radio burst FRB 121102 has repeated multiple times, enabling theidentification of its host galaxy and of a spatially-coincident, compact,steady (`quiescent') radio synchrotron source. It was proposed that FRB 121102is powered by a young flaring magnetar, embedded within a decades-old supernovaremnant. Using a time-dependent one-zone model, we show that a single expandingmagnetized electron-ion nebula (powered by the same outbursts likelyresponsible for the FRBs) can explain all the basic properties of the quiescentsource (size, flux, self-absorption constraints) and the large but decreasingrotation measure (RM) of the bursts. The quiescent emission is powered byrelativistic thermal electrons heated at the termination shock of the magnetarwind, while the RM originates from non-relativistic electrons injected earlierin the nebula's evolution and cooled through expansion and radiative losses.The model contains few free parameters, which are tightly constrained byobservations: the total energy injected into the nebula over its history, $\sim10^{50}-10^{51}$ erg, agrees with the magnetic energy of a millisecondmagnetar; the baryon loading of the magnetar outflow (driven by intermittentflares) is close to the neutron star escape speed; the predicted source age$\sim 10-40$ years is consistent with other constraints on the nebula size. Foran energy input rate $\dot{E} \propto t^{-\alpha}$ following the onset ofmagnetar activity, we predict secular decay of the RM and quiescent sourceflux, which approximately follow ${\rm RM} \propto t^{-(6+\alpha)/2}$ and$F_{\nu} \propto t^{-(\alpha^2+7\alpha-2)/4}$, respectively.

A concordance picture of FRB 121102 as a flaring magnetar embedded in a magnetized ion-electron wind nebula