HMO licensing — is it still worth the hassle?

Thinking about converting a large 4-bed house into a 5-bed HMO. The licensing requirements in my area (Sheffield) look pretty intense — fire doors, fire alarm system, minimum room sizes, management regulations, etc.

The numbers work on paper (£2,800/month vs £1,100 as a single let) but the setup costs and ongoing management seem significant. The licensing fee alone is £1,100 for 5 years.

Anyone running HMOs? Is the extra hassle justified by the extra income?