What do I do with this property? 7 br 2.5 ba 3000sq foot ranch + fire sprinklers

[Kylie Gerstein]

Hi all! 
 

Context: My husband and I purchased this property with the intent of running it as a residential assisted living home. It is already equipped with a fire suppression system and monitoring. For personal reasons we ultimately decided not to pursue this business model, but now we have this property.  

It was very outdated so we are giving it a facelift and will be looking for a way to rent it out.
We've considered retreats, STR, independent living, section 8, etc. what other options are out there that we aren't thinking of? Are there profitable group home niches that an operator would be willing to pay above market rent for this kind of property? It's not ADA accesible but the showers are walk in and there is a ramp to the front doors and off the back porch.

It’s a great location in Colorado Springs. Thank you in advance for your feedback!

[Tanner Pile]

@Kylie Gerstein 

1) You could find some one that wants be the operator of the assisted living home. This way you only own the property and have a tenant. I would contact other facil and see if they are looking for more spaces. 

2) Co-Living / Rent by room strategy - I would try to turn that half bath into a 3/4 or full and then it could work very well. My friend @Miller McSwain does this very well and is even writing a book about it! It works very well in Colorado Springs with the military bases. 

3) You could also find someone that wants to operate it as a sober living home. Very similar to assisted living but with a slight twist. 

Having three full bathrooms will be best for either of these strategies no matter what.