@Jefferson Riggsby unfortunately, I've found out (at least in my case) it is very expensive! A couple of issues that I had not originally factored (shame on me) were: Sprinkler system requirements, upgrading water and sewer connections for much higher capacity, upgrading electric and gas (plus meters) for higher capacity. So...bottom line I'm somewhat stalled right now. Also, $/sq ft construction estimates have increased significantly in my area in the last year. This helps explain why most of the examples where I've seen this done are done with some sort of affordable component that includes low income housing tax credits or they're done in luxury areas where the rents justify the conversion costs. Unfortunately my area just doesn't have the rents to make it work...unless I can find some benefactor.
On the plus column: I began taking a course offered through the Chicago Rehab Network re: developing affordable property. One of the sections was all about creating a pro forma. So, at least as I approach future properties I'll have a clearer sense of estimating costs.
