The Property
Accessing a High-End Neighborhood while creating instant Equity
5 bed
2 bath
2,333 sq ft
2-car garage
Minuteman Bikepath access
Two-family on a quiet tree-lined dead-end near Mass Ave and Arlington Heights. Unit 1: single-level, 2BR, office, full bath. Unit 2: two levels, 3BR, sunroom, full bath, attic with expansion potential. Shared garage, private backyard, separate parking.
This is a $999,500 two-family in Arlington Heights. On its own, it's out of reach for most households. Split between two couples with a defined ownership structure, it becomes a realistic path to homeownership for both.
The Households
Priya & Dev upstairs. Cora & Miles below.
Both couples are renting in Greater Boston. Both want ownership. Neither can afford a $700K condo on their own. Together, they buy a $999,500 two-family and split it 50/50 — equal ownership, equal costs, equal upside.
Purchase allocation
iEach household's share of the $999,500 purchase price at 50/50. This is what their mortgage is based on.
$499,750
Down payment (20%)
iEach couple contributes 10% of the total purchase price, which equals 20% of their individual $499,750 allocation. This meets the conventional lending threshold, eliminating PMI and securing a better rate. Combined, both households put 20% down on the full $999,500.
$99,950
Closing costs (3%)
iIncludes a 2% Restored Living coordination fee (co-buyer matching, agreement drafting, transaction support) plus 1% for standard title and recording costs.
$14,993
Condo conversion
iLegal and filing costs to condominiumize the building in Year 2–3. Includes attorney fees, master deed drafting, and recording with Middlesex County. Split evenly.
$10,000
Total cash invested
$124,943
Closing costs are 3% of each household's purchase allocation — a 2% Restored Living coordination fee (co-buyer matching, agreement drafting, transaction support) plus 1% for standard title and recording. By each putting down 20% of their allocation, both households avoid PMI and qualify for conventional financing. Everything else (garage, yard, shared reserves) splits evenly.
How They Own It
One deed. Two households. Shared financing.
At purchase, the property is held as a Tenancy in Common (TIC). Both households are on one joint mortgage and one deed — each owning a defined percentage, with rights laid out in a co-ownership agreement — exclusive spaces, shared costs, decision rights, and a built-in exit mechanism. Before closing, both couples sign a co-ownership agreement. It defines each household's exclusive space, how shared costs are divided, how decisions get made, and how either party exits if their situation changes.
Ownership Structure · At Purchase
33 Harvard St · Tenancy in Common
$999,500 · Single Deed
↙↘
Priya & Dev
50%
Unit 2 · Top Floor
Cora & Miles
50%
Unit 1 · Bottom Floor
What They Actually Pay
vs. renting the same space in Arlington.
Arlington rents average $1,316 per bedroom. A 3-bedroom runs about $3,948 a month. Here's what ownership costs by comparison — and what each couple put down to get there.
Mortgage
iEach household's share of P&I on a joint $799,600 loan (80% of $999,500) at 6.8% over 30 years. The combined 20% down eliminates PMI and secures conventional financing.
$2,607
Property tax
iEstimated at 1.2% of the property's assessed value per year, split 50/50. Arlington's effective tax rate is approximately 1.1–1.3%.
$500
Insurance
iHomeowner's insurance estimated at ~0.5% of property value annually, split evenly between units.
$140
Maintenance reserve
iEstimated 1% of property value annually set aside for repairs and upkeep, split 50/50. Actual costs vary significantly by property age and condition.
$135
Total monthly cost
$3,382
Arlington 3BR rent
iBased on $1,316/bedroom average in Arlington, MA. Source: local market data. Actual rents vary by unit size, condition, and location.
$3,948
vs. comparable rental
$566 cheaper / mo
$124,943 total cash in → $313,600 equity at conversion. 151% return on cash invested.
Both couples pay less per month than a comparable rental. Each put in $124,943 in total cash and holds $313,600 in equity at condo conversion — a 151% return on cash invested, in three years.
Year 3 · Condo Conversion
The Exit
They condo the building and refinance into full individual ownership.
After renovations wrap, both couples file for condominiumization — converting the two-family into two independent legal condo units. Each household then refinances out of the TIC into a standalone mortgage on their own deed. The shared structure dissolves. They each own their home outright.
Timeline to Individual Ownership
Y0
Purchase as TIC
Co-ownership agreement signed. Joint TIC mortgage secured.
Y1
Renovations complete
Both units finished. Building value increasing at 3%/yr.
Y2
Condo docs filed
Master deed + unit deeds recorded with Middlesex County. ~$10K/unit.
Y3
Individual refi
Each couple refinances into their own condo mortgage. TIC retired.
The Numbers
Equity created — before a single extra year of appreciation.
Arlington condos are currently selling around $700,000. Each couple paid a fraction of a $999,500 building. The difference between what they paid and what they own is equity — created by how they structured the purchase.
Cash invested
$124,943
Down + closing + conversion
Net equity
$313,600
$700K − $386,400 mortgage
Return on cash
151%
In three years
Total equity created across both households
$627,200
Two condos at $700K · $249,886 combined cash invested · Three years
Each couple invested $124,943 in total cash and ends up holding $313,600 in equity — before a single year of additional appreciation. Together they created $627,200 in combined equity.
