I work for a design oriented real estate development company in Brooklyn having made a career transition from architecture in 2013. 

(Based on my architectural experience and the laws/codes in NYC/NYS.)  

I'm a 24 year old M&A intern at a small firm focusing on the engineering and architecture industries as well as being a part-time product specialist at a range rover and jaguar dealership.

Is it a matter of crime rate, distance from work, price point, architectural style? 

Despite paying homage to the original architecture, I would also modernize the layout and try to keep the newly configured units open concept enough to allow a ductless mini-split to be used as the primary heating/cooling source for each unit.I would then furnish at least half of the units ... the upper units in the main house ... and target the MLAs who need local accommodations while the legislature is sitting.  

Undergrad in architecture.

I don't know how realistic that fear is, or if I'm blowing it out of proportion.I don''t personally care if my tenant puts cars on the lawn too, if that's what everyone else is doing to.If it matters, I should add that this is one of those neighborhoods with a strange mish mash of architectural styles, some of them jaw-droppingly ugly, although the house I'm looking at and those immediately surrounding it are okay.

As Chris said there are a lot of architectural costs, management costs and ongoing involvement that may come with the conversion that you wouldn't initially expect.  

I run a similar business that involves drafting both architectural and engineering, and project management. 

Here in New York there are several places where architecture lectures occur frequently, and some of the best architects in the city will be in attendance.