5 units across from homeless center.
I’m new to real estate investing getting ready to purchase my 2nd property. Previously bought and sold a single family. I found a multi-unit building and the numbers look good. However, the property is across the street from a homeless shelter. The shelter itself actually looks modern and nicely landscaped. It’s in a downtown up and coming area with new businesses being started (cafes, restaurants etc.) - this area also lacks downtown living. All units are currently occupied so vacancy doesn’t seem to be a huge concern. My questions are the following:
1. Does anyone have experience with this type of purchase and how did this impact appreciation in your market?
2. What type of impact would the shelter have on the multi-unit property?
I look forward to hearing your responses and experience.