Using a 203k for a Garage Conversion

[Jason Schaefer]

I'm wondering if I could buy a home with an attached garage and use 203k to convert the garage into a studio apartment which I would live in while renting out the rest of the house. Obviously, this would be dependent upon local zoning. But assuming it is permissible according to local zoning and codes, would the rehabbing of the garage into a studio apt be an eligible rehab project with a 203k? My understanding is that as long as the garage is attached, it can be modified in such a way.

For a bit of background, I am planning to start grad school in the fall of 2020 and will likely end up in Portland or Denver, both pretty expensive cities. I'm thinking this would be a good way to start investing in real estate while also keeping my housing costs low so I can focus on school.