I wonder about demand. Who will these tenants be now? In my city they were day laborers and single poor people way back in the day. I don't know how much of that we have now / the homeless seem more like a mix now. Let alone issues of managing such places / social conflicts and so on.

Not saying it isn't worth a shot, all for it. I just don't know if this eats up that much demand / houses that many people these days.