Investing in Group Homes for Individuals w/ Disabilities
I am wondering if anyone has experience in converting a SFR into an assisted living residence for Individuals w/ disabilities? I know housing for the elderly is a popular topic but that has less appeal to me. My day job is as a Regional Director w/ a non-profit that serves this population so I am relatively familiar w/ the process, which includes large agencies contracting w/ home owners to lease their properties. The agency provides the staffing and the landlord remains hands off....except for themodifications that need to be made up front. The rent is at least double market value and the leases can span extended periods of time. I ask because we have a SFR that we build within our development company 2 years ago and would like to explore a conversion....or just sell. The cost to build was roughly $275k but the rent is only $1850, which makes it a poor rental property - LOL. It sits within a nice neighborhood but is situated in between an apartment complex and dilapidated home, which will hurt its chances for resale. Any help would be appreciated!