Q&A: The Economics Of Real Estate

I recently sat down with Monique Caradine Kitchens of the Sisternomics podcast, which offers practical mindset, marketing, and business-building tips for Black women entrepreneurs who want to reach their next income level.

Here are a few highlights from our conversation.

Monique: What was your first investment property? 

When I was 25 years old, I bought a house in Northeast Washington, D.C. for $10,000. I came to the closing table with about $4,000 . I made some small renovations and lived in it for about 4 years and rented it for 1. I sold the house for $213,000, and walked away with a profit that was a catalyst for future investments. This has been one of my best investments—it helped open many doors of opportunities for me!

Monique: Do you want to be a billionaire real estate investor? 

When I was younger, I was really focused on volume. I wanted to own hundred of units! Now, I’m more about creating quality projects that help build strong ecosystems so people of color can thrive in their communities. So, no not a billionaire.

Monique: What’s your net worth? 

Listen to below to find out!

Cold Spring Property Update: SOLD!!

After a few setbacks courtesy of Baltimore’s booming real estate market, we’re elated to announce that our investment property at 2205 E Cold Spring Lane in Lauraville has sold for $315,000! Our renovation included turning this former 3-bedroom, 2-bath home into a 4-bedroom with 3 full baths and an open floor plan on the main level.

We purchased the house for $129,900 in February 2021. After a relatively quick renovation, we listed the property and had it under contract in less than three months.

Built in 1959, this single-family home sits on a nearly 7,500 square foot lot. We knew it would sell fast as it has great bones and is in close proximity to local amenities like Zeke’s Coffee, Lake Montebello Park, and Morgan State University. It’s also convenient to major transportations lines so the new homeowners can get out of the city in a breeze.

Due to record-low interest rates as a result of the COVID-19 pandemic, the real estate market in Baltimore is roaring! While that’s great news for buyers, it materialized as higher renovation costs and sluggish wait times on our end. 

Our $80,000 reno budget ballooned to $130,000 because of a 40% increase in material costs. It took the appraiser more than two weeks to come out and Baltimore Gas and Electric (BGE) nearly double that time to come and connect the electricity.

Renovation Highlights 

While some people like to tile the kitchen floor (which I think looks awesome, if it’s done right) we chose to run hardwood flooring throughout the living room, kitchen, and dining rooms. Given the open floor plan, we thought this would give it a more cohesive look. 

It also helps the homeowners focus on kitchen fixtures—including a granite waterfall on the breakfast bar—cabinets, and countertops without being distracted by varying floor patterns and materials. 

We also had fun selecting details for other areas such as the bathrooms. We chose different tile and layering patterns for all three bathrooms (thanks to our installer for putting in the extra work for this!). Our favorite bathroom is the en-suite in the master. We got creative with the wall pattern and chose a funky floor tile that reminded us of African textiles. 

If you’ve been following our reno videos during this journey, you know this project was more than cosmetics. We also updated the home’s major systems including HVAC, electrical panel, plumbing, water heater in addition to a new roof and windows. 

All in all, we loved the way it turned out! 

We want to give special thanks to our contractor and Alexandra Nicole of Nicole Decor. From staging to photos and video, Alexandra has a great eye and is steadily perfecting her craft. We can’t wait to work with these folks again in the future. At Ofori & Co., we’re all about people investing in people! 

Next up, we’re renovating another investment property in Baltimore’s bustling Hampden neighborhood. You can follow that journey on our IG and subscribe to our newsletter for updates.

Latest Acquisition: a Colonial-Style Home in Bmore's Bustling Hampden Neighborhood

We’re so excited to share more details about our latest acquisition in Baltimore! We were fortunate enough to get this property under contract in the early days of the COVID-19 pandemic in 2020. Not only were we able to successfully purchase the home this Spring, but we snagged it for $7,000 under the listing price. 

We discovered the nearly 1,500 square-foot three-story home—located at 1214 W 36th Street—on the MLS* database. The detached, colonial-style home was a short sale* with an original listing price of $220,000. After sitting on the market for more than 100 days, the listing dropped to $175,000. We beat out multiple competitors with a purchase price of $168,000.

No one was living in the home at the time we purchased it, which is partly why it wasn’t pretty on the outside. Among other hazards, it has a warped, molded porch surrounded by a deteriorating fence. There’s also an above-ground pool in the backyard that’s a true eyesore.

But we see lots of potential! 

First of all, the property is steps away from a bustling avenue in the Hampden neighborhood that’s home to several vintage and antique shops, restaurants, and other types of retailers. It’s also close to major throughways—you can get to MICA and downtown in just 10 minutes. 

When we purchased the home, it had four bedrooms and two baths. We plan to reconfigure it with a new, modern layout including three bedrooms and three full bathrooms. 

Here are a few renovation highlights: 

• On the first level, we’re designing an open floor plan featuring a gourmet-style kitchen with stainless steel appliances, plus a breakfast bar for quick family gatherings.

• Upstairs, the large master bedroom will include a walk-in closet and en suite with his and her sinks, a soaking tub, and a separate shower.

• We’re also installing a brand new roof and mechanicals such as electric, plumbing, and HVAC.

• Lastly, the new homeowners will enjoy private, off-street parking, and we’re removing the pool so there will be ample yard space for grilling and family gatherings.

We’re designing this home for people who want to live in a walkable neighborhood, appreciate a modern home design, and enjoy having gatherings with friends and family. You’ll want to host in this home all of the time!

Stay tuned to our blog, Instagram page, and subscribe to our newsletter for renovation updates.

Podcast Listen: How My Small Town Roots Shape My Big City Dreams

Boats in the Baltimore Harbor.
Image Courtesy of Bruce Emmerling.

Although I grew up in a small Massachusetts town, my mom always kept me involved in community activities. I was in dance, gymnastics, youth NAACP, tennis, basketball and Girl Scouts. I was a youth counselor at the local summer camp. Anything my mom could get me involved in, I was there. She instilled a community-oriented mindset in me at an early age.

When I came to D.C. for college, I met so many progressive people—especially folks who lived and work east of the Anacostia River. After selling homes as a real estate agent in D.C. for a year, I bought my first home in Deanwood where residents were organizing to get the amenities they needed and deserved. I eventually joined the Deanwood Civic Association to learn about how I, too, can bring change to the community.

There was so much positive energy around how Black people needed to have a stake in our neighborhoods and the arts and cultural initiatives that shaped them. D.C. was a town where if people want to do something, they could actualize and get it done. In that sense, it reminded me so much of my roots. And I was excited to dive headfirst into making changes that I thought would be cool, useful, and tailored to people who looked like me. 

Fells Point, Baltimore, Maryland.
Image Courtesy of Melissa Delzio

Now that I’m in Baltimore, where artists and entrepreneurs of all kinds are coming together to shape their neighborhoods, I’m even more thrilled about the possibilities. 

On Nakita Reed’s podcast Tangible Remnants, I had a chance to talk about all of this and more—including how I handle myself as a Black woman in the real estate industry, my love for design even though I don’t consider myself a designer, and my views on flipping houses vs. developing communities. 

Take a listen and let me know what you think!

This episode features a conversation between me and Real Estate entrepreneur, Patricia Ofori. We talk about her journey of getting started in real estate, repurposing buildings, and the importance of knowing the process of getting a deal off the ...

Why Visiting This Historic Destination Made My Sabbatical Legendary

I recently shared an Instagram post about the month-long sabbatical that I took in October 2020. Perched in a Miami condo, this was my opportunity to become immersed in a new environment, learn more about myself, and bring that newfound knowledge back home to Baltimore.

One of the most impactful experiences in Miami was my trip to the historic Hampton House. Located in Miami-Dade County’s Brownsville neighborhood, this iconic motel was where many influential entertainers, athletes, and Civil Rights activists stayed at a time when racist laws prevented them from resting and socializing among their white counterparts.

The motel is also the setting for Regina King’s dynamic new movie One Night in Miami, in which Muhammad Ali, Malcolm X, Sam Cooke, and Jim Brown gathered to discuss their roles in the Civil Rights Movement. During my visit, I had the pleasure of going inside a room where Muhammad Ali and his wife often stayed.

The motel’s restorations include a new fountain in the pool. Image Courtesy of: MommaWanderlust.com

As a real estate entrepreneur who values sustainability, community-building, and artistry, it was invigorating to see this piece of history in person. In its restored state, the venue now serves to educate and celebrate Black culture. I’m grateful to have had this landmark be part of my experience as I reflected on my goals and purpose during the sabbatical. 

When you’re planning your sabbatical, think about visiting a place that will feed into your passion for life and search for purpose. I can’t wait to hear about where you all end up! 

Want more tips for taking a sabbatical? Check out this post.