Is it possible/profitable to split up a 3-unit condo building?

[Kris Fox]

There's a building with 3 condos in the historic district of the town I live in available for sale. The whole building is selling for $400k and is being marketed as a triplex. Is it possible to hire an attorney to draft an HOA and then start selling off the units separately once current leases end? Currently a SFR of similar square footage in that area sells for $200-$250k. Do condos lose that much value compared to SFRs in the same neighborhood?