Multi-Family Condo Conversion Now or Later?

[Jordan Harrison]

I purchased a four unit property in Southeast DC last year. Since purchasing, I've been slowly renovating it while I house hack. Thus far I've fully finished one unit, replaced 3/4 HVACs, added a new roof, and new electrical. Oh...I forgot to mention the building came with three tenants, all section 8 (which have been all kinds of fun and joy, NOT). I plan on holding onto the property for at least five years.

My question is: should go ahead and start the condo conversion process which can take 5 - 8 months and cost ~$7.5k? I'm not currently planning on actually selling each unit individually myself, but I would hope having the approved paperwork would up my sale price. 

The alternative is to wait for another tenant to move then use the funds to renovate their unit and complete the conversation later.

[Russell Brazil]

If you are east of the river, there isnt much demand for condos over there.