The most recent estimates I have received was for $110K for a studio conversion of an existing space and $180K for a 3/1 conversion of an existing space.

Also, I am NOT a CPA, but we have seen certain accountants help people get the payment excluded as soon as the next tax year by including it in the P/L for a business - so may be worth having that conversation with yours.   

By the time we paid the legal fees to our lawyer to do the conversion and the reduction in the balance of the loan took a major loss. 

I would probably try to speak with them face-to-face or on the phone and finish the conversation by telling them you will send them a formal letter shortly with the exact date after you talk with your contractor/partner, etc. 

– I’m exploring whether I can remove the SRO designation and replace it with Artist Dwellings, but I’m unsure of the legal requirements or how this conversion works.If anyone has clarity on the definition of Artist Dwellings or proven strategies for making this type of conversion, I would greatly appreciate your input.Thanks in advance for any insights!

I'm also intrigued by the potential of adding living space through attic conversions or finishing basements—those tend to be great value-adds without having to expand the home's footprint.I'm curious, though—do you find that the ROI varies significantly between markets or property types?

I will just give you an opportunity to make your own decision.What is the conversion rate of all these strategies?

I'd love to have a conversation with you and bounce some ideas around.

An active wholesaler and houseflipper in my market says that newer investors should expect to spend nearly $5,000 on 1,000 mailers for 6 months just to generate 1 quality lead (citing a .1% conversion rate).

If you can expand upon on your post by highlighting neighborhood fundamentals that indicate the neighborhood is going to change we can have an entirely different conversation  but I did not get that feeling based on the information you shared.