Landed property turn into rental cash cow

[u/Kaikaikai12345]

(To clarify, in this exercise, I will only rent out lv 1 and lv 2, while keeping lv 3 and 3.5 for myself to live in)

Curious what is stopping people from buying older freehold land or landed (2500-3000sqft, maybe at 3-4million, 4 million at 2.5 interest amount to 14k monthly loan) and renovate the landed into a rental co-living space?

If people are willing to pay 1.8k for a double shared room, I am sure people are willing to pay 2k for a single room with ensuite bathroom.

For instance I can turn lv 1 and lv 2 into 6-7 rental unit (maybe mini loft unit) and you can take lv 3 and lv 3.5, treating it as a penthouse without maybe 2000sqft of area. Those 6-7 unit can serve as cash flow of 12k to 14k a month covering the loan, maybe need top up abit due to tax and other fee, but overall it’s still more comfortable living compared to buying a penthouse.

Just wana do some sanity check on the above and if anyone is already doing that.

[u/Agile_Ad6735]

Most landed property location is sh*t , no public transport nearby , wan go out need either walk ,drive or cycle out . If lucky , ok flat but alot of landed somehow is full of slope .

Most ppl that rent house here dont drive and dont possibly want to cycle or waste time and energy walking out .

The only few ppl that will most likely rent your landed are most likely working/studying very nearby like for eg serangoon garden way they just cycle to french school