Mid-Term Rental Ideas for a Converted Senior Living Facility

[Robert C.]

I've got a "brain storm with the audience" question for the Airbnb/FurnishedFinder/Furnished apartment/STR experts out there - looking for some ideas. I'm mostly a long-term hold apartment investor, and now getting deeper into the development world. I've tried doing STR on a couple apartments but haven't really figured out the right formula yet (and it's not my focus), so my experience with sites like Airbnb is super limited.

Here's the scenario: 

I've got a property lined up for housing development, but the planning process is probably going to take 2+ years before breaking ground. There's an existing building (looks like a house from the outside) on the site that was previously used as a senior living facility. It has 12 dorm-style bedrooms and two bathrooms, plus lots of common space (TV area, kitchen, outdoor space, big basement storage). I'd like to see if I can make some income while subdividing the lot and obtaining permits. While STR would probably make more sense the way it's laid out, my preference is 30-day+ rentals to avoid problems with neighbors and the local jurisdiction. It's in a nice residential neighborhood in the Bay Area, so near a lot of tech employers as well as hospitals/small businesses plus access as a home-base to all the things the region has to offer.

What would YOU do to make this thing marketable and income-producing? Amenities? Target audience? Price point compared to standard rentals? Any other ideas?

Airbnb keeps reporting that 30+ day rentals (has anyone coined the phrase "MTR" yet??) are on the rise during the pandemic, and they claim it's here to stay. And with still super-high local rents, I was thinking maybe some cheaper alternatives could be appealing with the right marketing/amenities/pricing.

Any thoughts would be appreciated!