More rooms vs Bigger rooms

[Nancy Zhao]

Property is a 1700sqft single level home in a middle class neighborhood($500k-$700k). Currently it's a 4 bedroom+office/2 bath, no master. The bedrooms are OK sized but not large and they're basically all identical. While the living room is relatively small, I'm converting it to an open floor plan alongside the kitchen and the dining room to make a decent sized living space.

I'm not sure what to do with the office located next to the living room, the current options are:

1. Keeping the office, making the property the cheapest 5 bedroom in the neighborhood and potentially drawing in larger families on a budget.

2. Removing the office to add more living space connected to the living room/kitchen/dining.

3. Convert the office into a bedroom and combine two other bedrooms to make a larger master bedroom/bath.

Which do you guys think will bring the highest resale value? 

[Michael Badin]

What does the market call for? What will give you the biggest return? Most likely the best option is opting for the large master with master bath but without more info it is impossible to determine if the market calls for it or will give you any increase in rent, or are you flipping? Will you get you money back +?