Guidance Please SFH conversion to a Duplex with commercial store on same property

[Shane Moore]

Hey guys, I have recently (January) purchased two properties in a package deal from a retiring investor. The first of which I have completely rehabbed and it will be on the market as a long term rental next week. The other one of them is a really unique property that has a 1925 sqft Mill home (built in 1920) which has a butlers quarters so, the house is already virtually divided with two kitchens and two separate living quarters. The space is ideal for a 2 BR / 1BA on one side and a 1BR / 1BA on the other. In addition, to the house the property also has a 820 sqft commercial space (old general store). The city has given me the go ahead to convert the property from a SFH to a duplex so, that is the direction I am taking with the rehab but, the nuance is that the commercial space has to be used as a commercial space along side the duplex unless I wanted to have it rezoned. This property is zoned as (mixed use) so I can have the duplex and the commercial store on the same land lot. I feel like the commercial space could definitely be beneficial in to the value in the future. The bonus is that the city just received a 13 million dollar grant put in a senior living housing community, and community garden right behind the property so I hope that drives up the value. 

I am hoping to get a fresh set of eyes and Ideas to be sure I am not overlooking crucial elements of this unique property rehab. I look forward to hearing ideas and gaining insight from you all. This is only my 2nd property so I want to be sure I'm not overlooking things that might negatively impact me later. I hoped that one of you might have had a similar experience. 

Peace and Blessings,

Shane