Congrats on submitting that offer and perusing Senior living, either for you or your client.I have been involved in the purchasing process for several senior living facilities, and work closely with a few people who operate RCFE, sober living, and similar types of properties.From what I have learned, the most important thing to keep in mind when purchasing RCFE properties, is that you are also purchasing a business.

Yes, You can buy and asset, fix it up and rent it out to make money without you physically having to work for the money. 

All the math works as long as it works, but sometimes life interrupts your equation.

So they permitted the room as a bedroom and do the work through a contractor for $20,000 and now they get more money today due to livable pace added verse a dining room that was not providing as much value as a rental. 

We went from buying light rehabs to buying major foundation and mold issues to make numbers work until even that did not work anymore.

I wouldn't touch anything outside the urban core. if your strategy is to buy existing and old I'd recommend not to. as a newer investor depending on your liquidity look at build to rent development. building investment properties below market value by 25% and refinancing out of it to do it again. the urban core has tax abatements as well that are 15 years right now you can apply for. that means that taxes will be around $600 to $800 per year. there's cash Flow but the existing inventory market dried up a few years ago in the urban core. local realtors are going to push you to the trash areas like hilltop, south linden, etc because it's the only place numbers work. columbus is great, but remember a tenant who pays $1800 a month is different than a tenant who pays $900 a month. let me know if I can help any other way! 

Your going to the London School of Economics, your not some punk day dreaming from Mom's basement working PT at McD's who's best achievement was the dugout ya made in metals shop and got your first -B of your life wondering how to get Grant Cardone "rich" with you $85 of deployable savings...... 

I am looking for a property around $500k, single with a remote work and side hassle.

It seems like Southern California does not have this problem at all, there are many markets that just work.

The people that work there are awesome.