Fix & Flip in Baltimore, MD: Historic Brick Repointing & Rear Off-Street Parking Pad Addition

The Investor Scenario & Opportunity

A seasoned regional developer secured an off-market contract for a two-story historic brick rowhouse in the Upper Fells Point neighborhood of East Baltimore. Located near Patterson Park and the Johns Hopkins Hospital campus, Upper Fells Point commands steady interest from medical professionals and urban commuters.

The contract was assigned through a wholesale broker for $130,000. Competing cash buyers were actively bidding on the property, but the wholesaler accepted the developer offer on the condition of a strict five-day settlement window. Fully renovated homes on surrounding blocks with dedicated off-street parking were trading consistently near $275,000.

The Strategy & Capital Requirement

The primary hurdle was speed of delivery and capital preservation. The assignment contract carried a non-refundable earnest money deposit tied to a hard five-day funding deadline. Any underwriting delay would cause the deal to fall through to a backup cash buyer.

Furthermore, the borrower was actively managing two other residential rehabilitations in Canton and needed to keep cash reserves intact for subcontractor draws and contingency reserves. The borrower required a financing solution covering 90% of the purchase price and 100% of the renovation construction budget.

The Henry Solution (Loan Mechanics & Underwriting)

Hard Money Henry underwrote the loan based on property equity and local neighborhood comps rather than slow institutional procedures. Our internal team evaluated recent Upper Fells Point rowhouse transactions within 24 hours, waiving traditional appraisal requirements.

We issued a firm commitment letter and structured a $170,500 total loan facility. This financed 90% of the purchase price ($117,000) and 100% of the renovation scope ($53,500). Construction capital was held in escrow and released across three milestone draw inspections as work was completed. The loan funded and closed in five business days.

The Financial Win & Outcome

The developer completed a 60-day targeted renovation. The core value-add strategy focused on restoring the exterior historic brick facade and adding private off-street parking, which is a highly prized amenity in East Baltimore. The investor allocated $14,000 of the $53,500 budget to repoint the front brick masonry, and $16,500 to excavate the cramped rear courtyard, erect a privacy fence, and lay a concrete parking pad with an automated roller gate.

The remaining funds covered fresh interior paint, updated flooring, and modern kitchen appliances. Adding secure off-street parking set the home apart from competing listings, resulting in a full-price purchase contract within four days of hitting the market.

• Purchase Price: $130,000
• Rehab Budget: $53,500 (Historic brick repointing, concrete parking pad, and interior updates)
• Financing & Holding Costs: $11,000
• Selling Costs (6%): $16,500
• Total Cost Basis & Expenses: $211,000
• Final Sale Price: $275,000
• Net Profit: $64,000

Key Takeaways for Local Investors

• Off-street parking drives premium valuations. Creating dedicated parking pads in high-density urban sub-markets like Upper Fells Point increases property appeal and shortens market days.
• Fast underwriting wins competitive wholesale deals. Partnering with a lender who guarantees closing in five business days allows investors to outperform competing cash bids.
• 100% renovation debt maintains portfolio liquidity. Structuring loan packages to fund total construction costs enables developers to execute multiple concurrent projects without exhausting capital reserves.

Planning a fix and flip or rowhouse renovation in Baltimore or Maryland? Submit your property address at hardmoneyhenry.com/apply for a 24-hour commitment letter.