First Deal Questions

[Michael Newman]

I just found a 75 room senior housing community for $700,000 with a 25% market cap. No average rent is listed but in this town the average rent is $550. I did up all the numbers and it could pay out $222,750 at full occupancy which the realtor says is always the case. It also says that it is a Redevelopment Project. What’s the deal here, if I was to buy this, what would I have to do considering it’s a redevelopment project?