changing a 4 apartment with 1 garage building into 5 apartments

[Lynnette E.]

If one owned a 4 plex that could legally be converted to  5 plex would you do it?  I know it changes it from being appraised using residential vs commercial standards.  But I do not know if this would be better or not.

The property has 2 apartments upstairs each with their own electrical.  It has 2 apartments and a garage downstairs all sharing intermixed electrical.  The garage is attached through a staircase and door to one of the upstairs apartments...but the electrical for the garage is not wired through that apartment's meter.

All water is common. 

The garage already has a small, but complete galley kitchen and a full bathroom.  So the actual garage area could be made into a studio apartment pretty easily.  Or I could do a sliding wooden wall /doors between the bedroom and living room for some privacy, like in smaller Hawaiian type timeshares.

The upstairs apartments are 2 bed, one downstairs is 2 bed, one is 1 bed.

For me its a buy and hold/rental income property.

Thoughts?  Things to consider?