He is house poor but happy in his Norris Square two-bedroom | How I Bought This House

The buyers: Evan Todtz, 35, urban designer

The house: A 960-square-foot townhouse in Norris Square with two bedrooms and one bath, built in 1920.

The price: Listed for $255,000; purchased for $255,000

The agent: Kate McCann, Elfant Wissahickon

The ask: Evan Todtz was tired of commuting from Baltimore to Washington, D.C. He didn’t want to live in the latter, and he couldn’t find work in the former, so he considered the next-closest big city: Philadelphia.

“I’ve always really loved Philly and wanted to spend more time in it,” Todtz said. When his company approved a transfer to its Philadelphia office, Todtz moved north and rented an apartment in Norris Square. A year later, he was ready to make it official. “I felt like I was getting into a groove in Philly,” he said, “and I wanted to invest in a place and make this my home.”

Transit access was Todtz’s top priority. He frequently travels along the east corridor for work, so being close to the Market-Frankford line, which could take him directly to 30th Street Station in the “wee hours of the morning,” was a nonnegotiable. He wanted two bedrooms, enough space to host visitors, and an outdoor space. Everything else was flexible. “I’m particular, but I’m not picky,” he said.

The search: Todtz began looking seriously at the end of 2023, after attending a first-time homebuyers workshop hosted by Philly Homegirls. Over a month, he saw several homes on weekends and evenings. He saw the house he would eventually buy early in his search, but it felt out of reach. Originally listed at $280,000, it hovered just above what he felt comfortable paying. He put it on a mental “maybe” list and kept looking. One month later, the price dropped to $255,000. “That’s when it felt within striking distance,” Todtz said. “It was closer to comps in the market.”

The appeal: Todtz immediately noticed the quality of the renovation. The house looked polished but not flashy, neat but not boring. “There weren’t super high-end finishes I wasn’t going to appreciate,” Todtz said, “and there wasn’t the gray-washed millennial nothingness design that so many new houses have.”

Instead, the house felt solid and lived-in, with dark wood floors and warm-colored walls. “It was very cozy and pretty,” Todtz said. He also liked the flexible floor plan and could see “potential in the footprint,” he said. Mostly, he liked that there wasn’t anything glaringly wrong with it. “It just felt very manageable,” he said. “It didn’t feel like I was taking on a massive project that I didn’t know how to start.”

The deal: By the time the price dropped to $255,000, the house had been sitting on the market for months. Todtz and his agent sensed the seller was “eager to get it off his books,” so they offered the asking price and requested a 3% seller’s assist. He agreed. “That was a huge win,” Todtz said. It effectively lowered the price to $247,000.

The inspection turned up only minor issues. The silver coating on the roof was wearing, and the seller, a small-time developer from Queens, N.Y., offered to address it without hesitation. “He was very chill,” Todtz said. “It was great to work with him.”

The money: All in, Todtz spent about $21,000 on closing costs and upfront expenses. Todtz’s mortgage is through the Keystone Home Loan Program, which required only a 3.5% down payment, provided he paid mortgage insurance. The money came primarily from his long-term savings.

“Every paycheck since graduating from undergrad, I’ve been putting money away,” Todtz said. “However modestly, whether it was 50 bucks or 100 bucks.” Eventually, he transferred some of those savings into a mutual fund that he let grow for a decade. He put the rest in a high-yield savings account. He also received a few thousand dollars from his grandmother’s estate.

The move: Todtz closed on April Fools’ Day, which he feared was a bad omen. His agent reassured him it wasn’t. He spent the next month moving small items in his car, then hired movers to handle the bulk of the work over a weekend in May. He didn’t ask his friends to help him move. “I want to keep my friends,” Todtz said. ”I don’t want to make them stop talking to me."

The move was mostly smooth, except for one casualty: a box spring that couldn’t fit up the new house’s narrow staircase.

Any reservations? Todtz doesn’t regret buying, though he acknowledges that home ownership comes with new anxieties. Given the current state of the economy, “renting and being able to flee is kind of attractive,” he said.

Still, he’s glad he made the leap. “I’m happy to own,” he said, “and I feel comfortable learning as I go.”

Life after close: Most of the changes Todtz has made have been cosmetic. “I didn’t want to bite off more than I could chew,” he said. He tackled the patio first, pressure-washing the concrete, re-staining the fencing, and adding cafe lights. After that, he partnered with Philadelphia Table Company to build a custom wood butcher block that has doubled the counter space in his kitchen.

He has a couple of larger projects he plans to tackle next year, such as a full HVAC upgrade, but for now, he’s focused on rebuilding his savings. “I’m happy with the investment,” he said, “but I’m very much in a house-poor moment right now.”