Changing a SFH zoned for Multi into a Duplex

[Daniel Okon]

How realistic is this? Here's the situation. The home is currently a 3 BR and 3 BR home with 2 bedrooms including a master with a private full bathroom connected to it. Finished kitchen and everything is set up on the main level. There is an entrance that essentially could be used as the initial entrance and one door could lead downstairs and the other lead to the main level. 

For downstairs, there would need to be a kitchen added but there is one bedroom with a room that could be added with an egress window. So essentially a 2 BR 1 BR downstairs. All the utilities are set up as one unit, how expensive would it be to essentially make the downstairs into another unit? There is enough floor space to make things work and I believe the hookups for the oven and everything for the kitchen could be done. But is it worth it? Here are the numbers.

List Price: 274,900

Bed/Bath: 3/3

Garage: 2

Year built: 1976

Total Fin SqFt: 2,235

I would only offer about 250k, it's been on the market for 47 days.

The upper could rent out for 1,500/month

The lower could likely rent out for 950/month

Very desirable area. 

Is this worth it? I would do FHA and live in the lower level and rent out the upper while working on some of the cosmetics on the lower level.