Converting a multi to a single family

[Michael Whitman]

I've been considering a property near one of my kid's colleges that is  currently a multifamily. 3 units: 2/1, 1/1, 1/1. Rents are currently $800, $600, $600. 

Looking at other properties in the area, many are multi-family.  I've considering whether it makes sense to look at potentially converting it to a single family and enrolling the property in the college's off-campus housing program. A 4/3 could potentially rent for $3,500 - 4,000/room/semester.

Clearly some other factors to consider, but it would be great to hear any insight from folks who may have done this in the past.