Best way to maximize a room in the basement for a rental property

[Franklin Ezenwa]

Hello BP fam in Ottawa ON,

Please I'll like to get some insight here...

I recently closed on a property in Orleans, Ottawa, ON .  My original plan is to house hack and rent by the room.

There're a number of amenities just few minutes drive away from the place e.g.  Place d'Orleans, Community Center, etc.

The house has 3 bedrooms on the 2 level and 1 room in the basement which leads to the laundry room. The previous owners had used that room for a play area for their kids but I plan to convert that into a bedroom and rent out. However, in order to do that I feel it makes sense to move the laundry out of there into the storage room (this has a separate entrance from the other room where the laundry room is) that's in the basement level as well to create privacy in that room.

Here's where I need some input as I currently have 2 thoughts on that...

1. convert the laundry room into a 3 piece bathroom and rent out that entire room say to an individual; I can put a portable wardrobe in there. (There's no washroom on the basement level. There's just a powder room on the 1st level then a full bath on the 2; hence,the reason for this point) 

2. convert that laundry room into a closet and have that room rented out.

Obviously, the cost for #1 is more than #2 . 

I am open to other options.

So, I will like to know what will be the best option especially considering the demographics in that area. I'm new to Ottawa so I'll appreciate your thoughts on this for those who are familiar with that area. This is my first.

Thanks so much for your time.

Frank