rental house- go for larger units or more units

[Ralph Noack]

I'm designing a floor plan to renovate an existing house into apartments. I'm looking for advice on how many apartments to make.  The house is reasonably close to 3 post secondary schools, so students are a good option but not the only option. 

Using a given space, I can do any of the following and make it work:

a) one apartment that has 3 generously sized bedrooms, a full bath, large kitchen & living room & a laundry room

b) 2 one bedroom units each with a full bath & kitchen/living room all generously sized. These 2 units would share a laundry room

c) a one bedroom (as above), and a 2 bedroom with all rooms much smaller than above descriptions. These 2 apts. would share laundry.

What are your opinions? I can envision each of them working in the floor space available. I'm looking for best returns (rents).  I've been told a few times, though you can get $1000 for a one bedroom, you're not getting $2000 for a 2 bedroom (at least not here, S. Ontario). Looking for what makes the most sense.