A
t 37, a software developer living in Somerville with his dog earned $140,000 a year. Growing up, his parents owned a house in Somerville, sparking his desire to own one himself. After years of renting, the COVID‑era sale of his landlord’s property made him realize he lacked control over his living space, prompting him to pursue homeownership.

    He set no hard limits on the type of property, only a yard and proximity to water. Initially searching in Somerville, he found affordability out of reach and shifted focus to Wakefield. A real‑estate agent suggested Beverly, a move that broadened his options.

    The search spanned roughly a year, with hundreds of online listings and 25–40 in‑person viewings. He made three offers in Wakefield—one condo and two houses—but each was outbid.

    His breakthrough came when he spotted a duplex in Beverly priced near the upper end of his budget. The property was already receiving multiple offers above asking. He visited the open house, noted the location’s appeal, and decided to submit an offer of $765,000, $6,000 above asking. When the seller’s current contract fell through, he re‑submitted a stronger bid of $780,000, $21,000 over asking, backed by a lender’s letter of qualification and a bank statement.

    Financing was secured through a Federal Housing Administration loan with a 16% down payment. At the time, FHA rates were 6.5% versus 7.25% for conventional loans, though the buyer would pay private mortgage insurance for 11 years.

    After closing, he took out a $25,000 home equity line of credit to repair the deck and driveway. The property’s appraised value rose to $950,000, a $170,000 increase.

    The duplex comprises a one‑bedroom unit he occupies and a three‑bedroom unit he rents for $2,900 monthly. With a mortgage payment of $2,400, the rental income covers more than half the cost, significantly reducing his housing expense compared to a single‑family home.

    Living in Beverly feels safe, clean, and vibrant. The downtown area offers numerous eateries and bars, and his favorite spot, Kid Dream Coffee, has become a daily routine. The town’s proximity to multiple beaches, a 30‑minute drive to New Hampshire’s mountains, and a 40‑minute commute to Boston’s North Station make it an ideal location.

    His favorite aspect of the home is the sense of ownership and the financial advantage of the duplex’s rental income.