Unique Investment potential?

[Jairhad Hemmons]

Hello, Long time lurker, first time posting... My situation is an interesting one I believe. I have been offered the chance to take over the mortgage on my grandmother's house. It's a two flat with definite opportunity for rental income. Around 100k left at 4% interest on the mortgage. I can likely afford on my income alone, luckily there's already a tenant in one of the units that pays rent, I'm currently in the other unit. My question is this, is it worth it? There's a possibility of converting unfinished basement into a one bedroom apt as well so with some work, it could bring in more than the mortgage amount easily if all three units were occupied. Has anyone ever converted basement into living space? Goal overall is live here for about 3 more years, in that time, renovate the upstairs unit and transform basement. What kind of budget did you work with if you've done something similar? Thanks in advance for any responses.