The facility will be for 100+ residence.  

I am currently doing some property maintenance and repairs on a privately owned senior care retirement facility with 100% occupancy with 12 residents.

However, your situation has some details you should consider.

No doubt if you do it right the sooner you can buy the better you will be in the long run provided it’s a good deal and you have the capital to stay in the game.Not sure if this helps but after reading Marcus’s post it changed my outlook on your situation and I wanted to provide an update to my initial response.

We want to create an affordable SRO-style housing product with common facilities and meal plans included in monthly charges.

Middle  - lower middle are the last generation or two generations ago of these facilities rehabbed.  

I believe there were some laws that were changed during Covid regarding the type of workers that need to work at these facilities which increased operating cost significantly.

What I'm considering: buying or building a new home (5,000-7000 sqft) and getting it licensed as a residential assisted living facility where I would be the home manager.

Legislators understand where the economic engine is.It also helps that the first $100 million was deployed cleanly—no waste, no drama—so the city walks back into the Capitol with real credibility.This year’s request focuses on building momentum:– Converting vacant downtown buildings into productive space– Upgrading the Belvedere and Convention Center corridor– Advancing LouMed– Improving the Waterfront Amphitheater– Building a modern regional first-responder training campus– Transforming Jefferson Memorial Forest into a meaningful outdoor destination– Expanding sports-tourism facilities that drive steady visitor trafficHousing is another major pillar.

Being close to Orlando, major healthcare facilities, and big employers definitely helps.