I'm trying to figure out if it's feasible to convert the living room to a third bedroom(each apartment has a kitchen, living room, dining room, two bedrooms and one bath). 

@Steve K. the original 3rd bedroom is now a library or could be a dining room.

Parlor, dining, & family room all contain the original art plaster-work on the ceilings & borders!

Parlor, dining, & family room all contain the original art plaster-work.

Two living areas on first floor, formal dining room, large kitchen and laundry room.

Scope of work to upgrade unit, needed to drywall and paint the entryway, put on new molding, tore up old carpet in dining room and living room and put down vinyl hardwood flooring.

I tore out the weird fireplace brick, painted almost every room, tore out all the carpet and started tearing out the wall between the kitchen and dining room.

We want to put laminate vinyl plank in all the lower level which is living, kitchen dining half bath and utility/mud room.  

Proceeds will be used to cripple children.The church will host an evening of fine dining, super entertainment and gracious hostility.Potluck supper Sunday at 5:00 PM - prayer and medication to follow.The ladies of the Church have cast off clothing of every kind.

I framed in the dining area and built a closet for $10,000 making it a 2/1. 6 months later I had it appraised for $190,000 and I get $150 more per month in rent due to the 2nd bedroom.