Multifamily renovation playbook: Does anybody have a guide?

[Matthew Metros]

I am looking at a marketing package and am looking to develop a framework/system for finding the value add opportunities in the deal. 

In the marketing package, I am looking at right now all 8 units are 1 bedroom/ 1 bathroom with a front and back door and balcony space.

In total the property commands 3340 Sq Ft - Which equates to 835 Sq Ft Per unit. I know that this means I can add another bedroom because bedrooms are typically 200-250 SQ Ft. 

I believe 2-bedroom units are always more in-demand, easier to rent and the difference in rental income is very significant.  It takes a very insignificant amount of time and money to paint 1 more bedroom.

Overall - I am looking to develop a framework for the top elements to look at in these marketing packages that I can identify as value add opportunities.

I hope this all makes sense - Thank you in advance!