A check list for each project needed is helpful to avoid oversight and cost over runs.Might want to check how much your Property Taxes and Insurance will increase by adding another bedroom, they may be small but do add to the annual cost basis for your rental....I have a rental with a screened porch and rented it that way for 10-years, because it was occupied by the same tenant for all that time.I always wanted to enclose that porch, but - it would've cost at least $10,000 to hire it out, (with my labor included to save some costs).If I got another $100. per month rent / $1,200 per year, it would take 8.3-years to recoup my investment (break even) with zero return on investment.Your numbers will be different for a 2nd bedroom of course.Had I hired out that project while occupied, it wouldn't have been too disruptive for the tenant, but the rent would Not have gone up very much; the porch is 16 feet by 8 feet adding space to the living room.Adding a bedroom would command more rent.  

The people that do it right command a premium for their services and are actively sought out by investors.Best wishes on your journey!

:)I suggest you stop thinking of creative ways, at least you asked.....To be successful in creative techniques means having a good command of all the rules you must abide by in the process.

If you continuously do deals like this you will eventually run out of money.Another point: if you offer to finance the deal you can command a much higher interest rate.

A desirable community will command higher home prices and the reverse sometimes making homes impossible to sell.Because financing is difficult you may be required to carry the note.

@Brendan Harrison, Figuring out projected income for short-term rentals... since realtors can be a little optimistically misleading in regards to what a property would command on the rental market, is there a way to calculate this if you don't have the actuals/T-12, i.e. the property wasn't previously used as a rental?

I am selling as is, but obviously the price I am able to command is impacted by the this. 

There are exceptions - it depends on the size of the bedrooms, layout, neighborhood, etc - but 4 bedrooms appeals to more people and usually commands higher prices.

Blake, We don't know the size/condition of the property....but even 2 BRs in that area can command that type of rent (I've seen them $1250 just a few blocks north), and a 3BR is definitely in that range.

Augusta may be a great area to do that with recent cyber command focus.