55 and Older Communities

[Jordan Barnes]

Hey all! 

I have come across an off market 15 unit deal in Chelan County. The property is a tax incentivized 55 and older community of 15 units, 9 one bedroom and 6 two bedroom. One unit is used for an on site manager, so 14 rentable units. All the tax incentives are used up and the rental amount charged is capped per size of room. The tenants cannot make over a pre-set amount per year because of the tax incentive program that it is enrolled in for the next 15 years, despite the surplus being used up. 

My real question is does anyone have any experience in 55 and older communities? The PM is how I found it and he has been managing the property for 20 years, to clarify that aspect will not be a problem. What sort of pitfalls have you found or issues in adding value? Rents have not been raised in 2 years so there is meat on the bone. Are there bigger complications I should expect? 

Thank you for sharing any and all advice, happy hunting!