Is it worth converting my Brooklyn home into a two family?

[Mohammed Shahriar Rashid]

So I have a home in Brooklyn, NY that is worth a lot. A little over seven figures. It's a small home but I'm thinking of renovating the top two floors as a single unit. It would be a 3 Bedroom / 2 Bathroom will a parking space.

The cost of the renovation we're estimating as over $100K. The Architect we spoke to quoted us at $18K to get a certificate of occupancy fir the whole process up to the renovation being over with.

The mortgage were getting is an overestimation ($160K), so about $700 a month over 30 years. Is it worth it to do the renovation and get what I'm hoping to NET at least $1200 a month in rent from this conversion?

Keep in mind this is our first experiment, and we just want to get our feet wet with the whole process of renting it out.

Note:

1) We cannot renovate the house to more than two units because of zoning laws.

2) We're looking for a short term boost in rent to just feel that this whole thing renting this is possible.

3) We're looking for a scaling strategy to get as many properties as possible.