Add a 3rd Bedroom or turn it into a studio?

[Matt Lorenzo]

Hi all,

Thanks for stopping by to read/help. I just bought a duplex in Cleveland, Ohio and the top unit has an attic space that includes a set of stairs and doorway that leads directly outside the house. Technically, this can be turned into a studio apartment.  My question is, would it be best to turn the top floor into a 3rd bedroom for the top unit, or, would it be better to renovate the top floor into it's own single unit. 

I plan to hold this property for a long time so it's not a flip. I want to make sure I add value to the home and increase my cash flow as much as possible. 

Thanks very much.