Garage Conversion vs New Property

[Stacy Levi]

I'm in the Miami/FLL area and thinking about whether I should do a garage conversion or purchase a new property. 

From estimates received from contractors it might be a maximum budget of $30K to do a garage conversion where I'll rent it out as a 1bd/1ba for about $700 monthly or make it into an AirBnB that can average $2k a month.

OR use the 30K to use as a downpayment on a new property with a mortgage but I feel the profits would be less in this market along with the rising interest rates. In Miami/FLL, I would like a quad but the numbers  are not making sense.

What would you do?