When you say brick it up does that mean you have a brick exterior and there will be a negative impact to the facade if you close it off?   

Since you have a brick sided houses, there is a lot of money involved in replacing the brick facade around the window and doors, not to mention the new header work it seems you will need.

Note: since I was not micromanaging this project, I realized we could have improved the facade, added stone, used a bellyband, wider trim and some shake siding accents the below the gable.  

Redid the facade and bumped the rents by 30% on average.

Also, a renovation designer will give you that uber-important curb appeal with exterior color, any façade upgrades, plus landscape and hardscape.After a few decades of viewing rehabs, I can immediately spot the unprofessionally designed finished product, and so can most potential buyers (even though they may not know exactly WHY they don't like it).If you provide a few pics of the homes you plan on renovating, what your rough plans are, and where the comps come in, I could try to direct you where to find a good building designer that would be specific to your needs.

In other words, the balcony is a concave recess into what otherwise would be an entirely vertical facade of the house.  

I've had him patch cracks and replace spalling bricks, he's too slow and works alone, so to have him do a huge job like rebuilding an entire facade wouldn't be feasible. 

@Mark KellerYes, we will definitely need some good landscaping that will help break up the block looking facade.

It needs some rhythm to the front façade. 

The house is actually right around the corner from me in the Pasadena area and looks to be in relatively good condition (considering the old homes where I live) from the outside facade.