A Successful Fix and Flip from 2015 in Baltimore City, Maryland

[Oliver Webb]

In an effort to motivate my fellow Baltimorean investors to get out there and revitalize the city, here's a deal from 2015. 

Based on a person-to-person referral, the duplex (the unit on the left) was bought from an individual who inherited the home outright from a relative and was using it as his primary residence. He was unemployed at the time and was willing to downside if he could sell the unit. A price and a deal was made that allowed him to stay in the unit for one year in order to find gainful employment and to relocate.

The property was in need of a new kitchen and had an unfinished basement. A new basement bathroom was built and the second-floor bathroom was updated. The other rooms only needed cosmetic repairs and/or new floors or carpet. For the outside, a new desk was constructed and a parking port in the back was repaved. The property was located in a well-maintained neighborhood and had nice curb appeal. 

Purchase Price: $35k

Reno: $70k

Final Price: $160k (145k net).

Profit: roughtly $40k

(It's the unit on the left)

The rehab took four months, due to the winter weather, having started in December. And yes, professional photos were taken and it was staged. A contract was accepted within a month and the deal closed within 30 days.