Are Single Room Occupancy (SRO) good ideas?

[Joshua Nowell]

Hello, I am a new investor looking to get started in the NYC. Because im investing in new york rentals ive been looking all over for potential deals and this one caught my eye. Its being offered at about Market Value but which made me wonder why it wasnt purchased already. Shortly after I found out its a Single Room Occupancy(SRO) with communal kitchens(2 floors and 1 kitchens on each floor). Ive never heard of these kinds of properties but wouldnt mind getting into them if I could make the price point work. I just wanted some advice from you guys. Is there anything about SROs in NY that I should be weary of? Is it something that a new investor shouldnt really look into? Or is it just like your regular garden variety rental? 

My Assumption: 

1. I feel like the fact there are shared kitchens and bathrooms mean extra tension between tenants. So I would need to heavily regulate the rules and stay vigilant meaning more legwork and headache. But I did intend on living in one of the bedrooms so that wouldnt be as bad. 

2. I imagine I would also not be able to rely on market rent for each room since thats a metric I dont see on BPinsights or rentometer so that may get tricky. 

3. Not sure if tenant turnover is any different from regular investment.

Otherwise I could not find any issues with this kind of investment. 

Please help. Id love to know what everyone thinks on the subject