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Turning My House Into A Elderly Residential Care Facility? Good Business Idea?

I just moved out of my house and instead of selling it, or renting it out, I was thinking about turning it into a RCFE (Residential Care Facility For Elderly)

There's definitely some hoops to jump through. Renovating the home to be safe for elderly (grab bars, walk in tubs, ramps, etc), licensing, getting a licensed caretaker to run it, etc

But here's the part i'm skeptical about... I read you can have up to 6 Elderly tenants in the house and the going rate is between $3500 - $5000 per month per tenant.

Now on paper that sounds like the best business ever, but I just don't see that many people having an extra 3-5k laying around in disposable income to put their elderly family member in one of these homes.

And if they did have that kinda money, why wouldn't they just choose a big commercial facility OR just hire an at home caretaker.

I've been reading a lot about this business but my intuition tells me there's just not much of a market for it.

Anyone have experience with this or know about it?

submitted by /u/UnusualAd3207
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Turning My House Into A Elderly Residential Care Facility? Good Business Idea?

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