Co-production in research offers the potential for multiple benefits, including amplifying the voices of the marginalised, reducing power inequalities between academic researchers and co-researchers outside of academia, increased likelihood of impact, and improvement in the research process. But alongside increased interest in co-production, there is increased awareness of its contextual constraints. Key amongst these are institutional orthodoxies in academia, including time-limited, project-based research and precarious employment for junior researchers. To examine how the potential benefits of co-production can be achieved within the constraints of current academic systems, a case study project was assessed against a documented set of expectations for the co-production of research with older adults. The case study was a research project conducted with seven almshouse communities in England on the topic of social resilience. The wider almshouse communities—staff, trustees, and residents—were involved in co-production. The assessment concluded that co-production led to rich data and deep understanding. Co-production aided the development of skills and experiences of the co-researchers, resulted in changes in practice, and challenged power differentials, albeit in limited ways, but could not ensure the sustainability of relationships or impact. Key elements for effective co-production included the approach to and governance of the project, the formation of a Residents Advisory Group, and planning for the limited commitment that individuals and organisations outside of academia may be able to contribute to research.