Advice on converting a two bedroom to a three bedroom apartment
Hey BP. I need some advice. I currently have a three family property under contract. All three units are comprised of 2 bedrooms and 1 bath, and each apartment has approximately 1100 square feet of living space.
I'm trying to figure out if it's feasible to convert the living room to a third bedroom(each apartment has a kitchen, living room, dining room, two bedrooms and one bath). I have already had a contractor quote the job to cost around 3k for demo, framing, sheetrock, per unit.
In my area, a three bedroom rents for about $200 more than a two bedroom, so this option would definitely be cost effective in recapturing the investment. However, would the lack of living space/living room drive away potential renters or do you think that a third bedroom is more desirable? Any advice would be appreciated.