Should I rehab as a Residential property or Adult Care Living Facility?
Good Afternoon. I would like suggestions from experienced house rehabbers that may have fixed up an ACLF (Adult Care Living Facility). I have a house/building that is located in a residential neighborhood. It is 4400 square feet on two acres and very peaceful. It has been vacant for a few years and was most recently a shelter for troubled teens. It is zoned for 10 beds, has an office and the place is up to code including the commercial kitchen that is there. It is in need of a lot of repairs due to several roof leaks and sitting vacant in the hot and humid Florida sun. I have been trying to decide if I should gut the place and do a full rehab to return it to a residential home or turn it into a ACLF and only spend half as much on the rehab since I would just repair what needs to be repaired as opposed to moving walls, ripping out ceilings and kitchen....etc. I cant find any comps for an ACLF so setting my ARV is difficult on this one. Is it because that these ACLF homes are in high demand so they don't come up for sale often? Anyways, would like some opinions on the best way to approach this. Thanks everyone