garage conversion

[Cristina Alicea]

Hi Bigger Pockets friends --

I have a large free-standing two car garage (830 sq ft) and have been toying with the idea of converting it into a one bedroom apartment. I have worked out the design so that I can retain a one car garage and still fit a 500 sq ft apartment. I have to check in with the city about zoning/permitting and get a good estimate together, but my rough estimate after talking to a contractor friend is about $40k for the whole project. In my region, I can net $700-$800 per month on the apartment. I am at the brainstorming phase of this idea and am uncertain if I want to commit to doing it, so I'm asking around and getting feedback. 

I already own a duplex and have good cash flow from those units but it will still take another couple of years before I can afford to buy another one.

If I can work out all of the logistics, do you think it is worth doing the conversion or should I save the $40k and wait to use it to invest in a separate property, like another duplex?

Thanks for your thoughts!

Cristina