We are planning to purchase a home and convert it into a community living space for people in recovery.

I'd highly recommend house hacking in your local market since you're in one of the highest cost of living areas in the US, especially if you're renting currently and planning on staying in the area for 5-10 years.It sounds sexy to go out and invest out of state for your first property.

And to pile on, if you didn't own this property, then you would be paying $700 or more in rent each month to live somewhere else.It's nice when you can find a hack that allows you to live rent-free, but that doesn't happen often.

Prioritize stable cash flow, good location, and manageable property condition, while considering strategies like gradual rent increases, expense reduction, and value-add improvements to enhance returns.

You could live in one unit and rent out the others to offset your mortgage, staying within your $4,500/month affordability limit.

Greetings BP community, I recently joined a national senior care living development team.

Additionally, young adults are living together with no intention of marriage.  

I'm a Realtor with a couple properties listed in Boise, ID and a neighboring town for my investor/client that are currently rented as co-living or rent-by-the-room and getting killer income. (7.3% - 9.5% Cap rate) So far, every inquiry has been baffled by the concept of co-living or rent-by-the-room and immediately ask if they're being run as a halfway-house (which they are not).

My airbnb posting just went live yesterday. 

A duplex strategy is a low-risk entry, saving on living expenses.