The add-on room has fireplace so I was thinking to convert that to a 500 sf studio.

.: Is this a double fire place?

The living room is a decent size with a huge fireplace and tall ceilings.  

We have a propane fireplace 45000 BTU too and the students who have used that paid more because of the price gouging with propane.

The outside of the house looks unfinished.3- skip the corn field intro on the video. 4- The focal point of your LR SHOULD be the fireplace!!!

Resided the whole houseInstalled a new incert propane fire place, Removed the old laminate shower unit and tiled the bathroom, new vanityHardwood floorsLed lighting all overPainted whole houseEct....

The photos and description highlight all the character of a home of that age, beautiful hardwood floors, huge crown molding, several original fireplaces, ballroom converted into a huge well lit studio apartment. 

And that leave a lot of leeway.You can take an old historic district and have a 2000sqf 3/2 Victorian with fireplaces, 11' ceilings, crownmolding throughout and 15'x15' bedrooms.

Burning wood in a wood fireplace or wood stove... great amounts of burning means the chimney needs to be cleaned more often, sometimes tenants will burn paper and plastics releasing burning embers that fly out and/or toxic gases.4.

The house is completely stripped of all appliances and lighting fixtures but has some nice detail work like flooring and stone fireplaces etc.