You'd be amazed at how some tenants stretch the meaning of a bedroom.However, if you're plan is to rent out to a Section 8 voucher holder now or in the future, measure the rooms to ensure they meet the minimum (I think its 70 sqft).

Before section 8 issues a new voucher to a tenant ( which allows them to move) they will give the owner some time to fix the problem.

http://www.pha.phila.gov/housing/housing-choice-voucher/landlord-information/how-to-become-an-hcv-landlord.aspxOn this site, it gives directions on how to qualify as a HCV Landlord (Section 8) as well as the contact information to better answer any question you may have. 

Section 8 folks can take their voucher and use any place in the county.

Is the 70% property based or tenant based vouchers?  

However, not sure if the voucher for a 2BRs is over $1000 

If you're forced to place Section 8 tenants, your property manager is far more likely to choose the first tenant with a valid voucher and probably won't even qualify them otherwise.

On the flip side to that, this equals tremendous deals, and there are a TON of people with section 8 vouchers.

I think I actually get more then the $700mo when including the voucher.

Some provinces offer energy rebates or tax vouchers on these kinds of improvements, so for me, it's a no brainer to spend that extra cash upfront.g) Much more room to pull your money back out after development when it comes time for refinancing.