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Updated about 4 years ago on .

User Stats

57
Posts
39
Votes
Steve Mandelbaum
  • Developer
  • Jacksonville Florida
39
Votes |
57
Posts

Nursing home building - Do I have a play?

Steve Mandelbaum
  • Developer
  • Jacksonville Florida
Posted

I have an opportunity to buy a 6/2 with office space in the house.  It is almost 3k sq feet and was previously a nursing home.  The house is in Jacksonville, fl. 

The numbers are not great as a single-family home.  

150k ask needs reno and ARV 215k

The rent is 1400 as a single-family.   

There would be no way to flip it.  The space feels institutional.  

I am not interested in getting into the healthcare business, I would want to find a non-profit or city department that wanted it.

The other option is to make it a boarding house, except I would need to find someone to run the show.  The rent would be in the 400 a month range and I am not interested in dealing with that. 

Open to ideas?