If Planning does determine the existence of your ground floor unit, it will require you to legalize the unit through the existing Planning code process assuming zoning supports the third unit OR using the new ADU program making your fast track condo conversion a passing dream.With regards, to some of your latter comments and questions:1) Any un-permitted work (including corrections) is not a good idea as a quick compliant from a neighbor can bring an inspector knocking on your door with a NOV especially in the current environment where everyone is SIP.2) Legalizing existing constructed spaces can be hit and miss based on the inspector you get.

Curious if we missed the North Charleston and Summerville entry point.  

Are there factors that am missing to consider if this conversation would really add equity to the house?

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The three are only missing ethics. 

Am I missing anything?

It seems that some of the comments on this thread miss the fundamentals of Tangible Property Regulations.

Inspectors will check for leaks, sagging, or missing shingles, particularly in older homes.

You may be looking at single-family homes and miss out on a multi-unit property that does not cost anymore investment cash than the single-family and you will miss out on a gold mine that can make youfilthy rich.99% of all investors, including the gurus, do not know how to analyze investment properties the right way.

Is it worth it to do a complete gut job and basically make it new or should I patch it up and get it "good enough" to rent.