investing in a 1bd/1ba multi-unit rental property 55+ in fl

[Niurka Castaneda]

considering investing in a 1bd/1ba multi-unit rental property 55+ in fl. there is no HOA and it allows rental, most units are already rented with just one unoccupied. started an LLC to own and manage the property. ideas in this? would it be a good investment, nice community, lake front close to golf camp and trailer park

[Bryant Patterson]

My company primarily develops 55+ rentals (300 units completed, 900 under construction or active development). While the concerns @Steve Kontos raises about the unit mix are valid, the 55+ demographic is much different than a traditional renter. Most of your move outs won't be going to another conventional, rental property. They'll either go to some sort of seniors housing, or, quite honestly, they'll pass away. While we do see couples move-in, nearly 80% of our residents are widowed and want 1 bedrooms. Our typical unit mix is 70/30 1s and 2s. If you manage the property well and take care of your residents, you probably won't see very high attrition and renting your one bedrooms won't be a problem. It is riskier than a more diverse unit mix, but for that demographic, you can pull it off easier than conventional multifamily.