More important to have 3 bedrooms or a big living/dining room?

[Robert Fisher]

I just purchased a new SFR (3/2, 1014 Sq Ft) and it has a very small "living room" and virtually no area to be considered a dining room. The bedrooms are comfortable in size, but I could knock out one wall, get rid of a bedroom, and make a much nicer living and dining room.

Would a 2/2 with a nice area for a living and dining room be more appealing than a 3/2 with a small living room and no dining room? 

[John Underwood]

I would not lose a bedroom. That determins the rent amount.