We added good lighting and the tenants find it very attractive.If making it a finished basement, cover it with luxury vinyl plank (LVP) or luxury vinyl tile (LVT) flooring, as @Steve Babiak suggests.

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.

Details on the property: The house was built in 1954 and used to be "the mansion on the block" at some point the split up the house into 3 units.

I could also use this house as a rental, PITI is lower than some luxury car payments and rent for smaller homes in the area go for $2,000 to $2,500 per month.

Account Closed prior to it being highly suspect and illegal here on the West coast IE equity skimming laws I did quite a bit of pre foreclosure rent back work... the deals were almost always made the day before the sale... and it was a mad scramble to get a cashiers check to the trustee.. we would hire couriers to hand deliver.. those in denial waited until they just could not deny anymore.. if we got one two days before that was a luxury. 

I have not reached - anywhere close - to letting my business buy me a luxury car so this is how I handled and justified my new car purchase.  

Have you tried luxury open houses, like wine and cheese hours.  

It's a luxury item.  

Second, for those that can afford the rents there is just a high volume of available luxury/high-rise apartment buildings in Manhattan to choose from. 

@William Costello Back in the day syndications were an investment strategy reserved for the ultra-wealthy and well-connected.