Converting a 2/1 to a 3/1 by adding an Addition.

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I am working on closing on a 2/1 for a great price in a great location in Indianapolis. My plan is to put an addition on the back to make a Master Bedroom and therefore making it a 3/1. The property already needs some major repairs on a pre-existing addition so I am planning to demo that addition and build a large master bedroom in its place. Can anyone give me some insight on this process and some possible issues that might come up? My thoughts are that after the addition the value will go up and the rent. This would be for long term buy and hold. My second question is if you think it would be worth it to put in more money and add a Master Bath to the addition and make it a 3/2?