Carport conversion into livable bedroom

[Phillip Li]

Hi BP community, 

About to purchase my first rental property in Phoenix. Was considering the pros and cons of a carport conversion into another bedroom to rent out. I've done the research and converting a garage into a room doesn't seem to be worth it but does anyone have thoughts on a carport? The key things I'd like to know include

1. 1. Cost range estimates for a 2 car carport conversion 
2. 2. Equity added to the home - e.g., would folks rather have a carport or extra room? 
3. 3. Process to convert carport and how long it takes 
4. 4. Anything else to be concerned about?