Living Room To Master Bedroom Conversion ROI?

[Gary F.]

Hello BPers.

I'm looking into converting the seldom used formal living room into a master suite with private full bath.  I plan to rent it out for cash flow.  But does such a conversion add or decrease value/appeal for later sale?  

This room is adjacent to the kitchen, separated by the front entry breezeway.  The kitchen has been opened up and the rest of the house is renovated.  So putting up a wall along that breezeway will close up the open feeling on that side obviously but the wall on the opposite side has been opened.  I cut a 6 feet wide opening that leads into the kitchen.

What say you folks?