Garage Conversion or New Property?

[Tom Finnegan]

In 2017 I bought a triplex in Delaware County, PA. The triplex has a two 2-bedrooms and one 3-bedroom. I am house hacking the 3-bedroom. The triplex also has a detached 5-car garage. I keep one of the garages for myself and the others I rent out for $125 each.  

The detached garage building is large almost 2000 sq ft. So, I started thinking that maybe it it would be better to convert the garage into a apartment or two smaller 1-bedrooms.

Obviously, I would have to get approvals and I would need to run sewer and water to the building. It has electric now, but I would have to upgrade the panel.

My question... Is it worth it to undergo the cost and headache of a conversion? Or do I just concentrate on purchasing a new property? Thoughts?