Depending on what you want to do they can be very,very involved.Most developers are buying value add buildings already constructed and operating for less than what it cost to build new.They are still building in areas where demand is really high and not much product is available.With that you have to see who is building what and where and how many other applications for new buildings for the area are in the process.You have to time the market with your land purchase,build out,and lease up so that you are not finishing your product in a saturated market.You can have 55 and over regular communities, acute care only,or a mix etc.Income is good but management and regulation is more intensive.Depending on size you would want to bring on a senior housing developer with a track record of experience.

Looking back at our own investing - there is a lot of lucky choices that were made allowing us to get out of one product at the right time and move into another area of real estate.

The median sales price for a SFR in my city is $300k and the average rental amount for a 3bd property is $1,300.

Landlord has very quality products and information.

Of course the actual physical repairs done between tenants also has a direct bearing, but that should be mostly in your control. 5% has been a long term average for me, but some properties will sit longer no matter what.

His average tenant says twice as long.

How could the land be put to productive use?

Many times, fix/flip deals have properties that are in below average condition.

My mortgage payment would be under $1,000 which would give $300 cashflow.Our average median sales price around Portland is $300k.

That way you will know if the present HOA management seems on top of their game.To be fair, the HOAs are no worse than the average SFR owner who ignores the roof until it leaks or otherwise does not maintain the building.