Half way house - Good or bad investment?

[Matt Frazier]

I found a property for sale that cash flow's a good amount each month ($1800-2000) after all expenses paid. It is a 15 unit building, with three bathrooms and a community living room. It is currently licensed by the state (MN) as a Department of Corrections half way house. Does anyone have experience with these? Pros/cons? I'm assuming rent is guaranteed by the state, but you probably cannot set the rent rates. Any insight would be appreciated. 

[Craig Sloan]

@Matt Frazier if you are seriously considering it, I would check out the current lease.  Is it long term?  What are it's limitations?  Who pays it and how?  I would also want to know what the maintenance budget is.  There is the potential there for a lot of damage to the property.  I'm not saying I wouldn't do it, but I would do a ton of due diligence.  As you work through the due diligence things will become more clear.  Best of luck.