Here is every number from a recent Patterson Park flip we financed. Purchase, rehab, holding costs, sale — no fluff. Real deal, real margin.
The Property
Three-story row home, 1,420 sqft, 3 bed / 2 bath. Needed full interior renovation — dated kitchen, old bathrooms, carpet throughout, ancient HVAC. Solid structure, good block, two comps within 0.3 miles sold in the last 90 days at $385K and $395K.
The Numbers
| Line Item | Amount |
|---|---|
| Purchase Price | $195,000 |
| Closing costs (buy) | $4,800 |
| Bridge loan (80% LTC) | $156,000 |
| Cash to close | $43,800 |
| Rehab budget | $72,000 |
| Rehab actual | $78,400 |
| Holding (6.5 months interest) | $9,200 |
| Holding (taxes, insurance, utilities) | $3,100 |
| Origination points (2) | $4,560 |
| Sale price | $392,000 |
| Agent commissions (5%) | $19,600 |
| Seller concessions | $3,000 |
| Closing costs (sell) | $2,800 |
Timeline
- Day 0: Close purchase
- Week 1–2: Demo and dumpster-out
- Week 3–8: Rough trades (electrical, plumbing, HVAC)
- Week 9–14: Drywall, paint, flooring, kitchen, baths
- Week 15–18: Finish carpentry, punch list, stage
- Week 19: Listed
- Week 21: Under contract at $392K (3% over list)
- Week 26: Closed
Profit Calculation
Total project cost: $195,000 + $4,800 + $78,400 + $9,200 + $3,100 + $4,560 + $19,600 + $3,000 + $2,800 = $320,460
Sale proceeds: $392,000
Gross profit: $71,540
On $43,800 cash invested for 6 months: 163% cash-on-cash return annualized.
What Went Right
- MAO discipline — bought at $195K when MAO said $195–$200K
- Contractor hit 95% of scope on budget
- Listed in April — peak spring buyer demand
- Staged the property (cost $1,800, probably gained $5–$8K)
What Went Wrong
- $6,400 rehab overage (contingency absorbed it)
- Had to replace sewer stack — $4,200 surprise
- Two weeks slower than planned on drywall
Lessons
The contingency saved the deal. Without a 10% buffer, the sewer-stack surprise would have eaten directly into profit. MAO discipline at acquisition gave the project room to absorb the overage and still produce a healthy margin.
This is roughly the median Patterson Park flip outcome for 2025. Bigger profit with bigger risk exists; smaller profit with lower risk exists. This was right in the middle.
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