Thinking of turning the studios into one bedroom, as rent rates are higher in the area for dedicated one bedrooms. 

For example, I will buy houses and add bedrooms/bathrooms or build ADUs in the backyard to "force appreciation". 

We added a bedroom to the 2nd floor apartment and renovated using nicer finishes usually used in that area.

I already re-did the kitchen for around $7k as well as added new rugs/carpet in the bedrooms and repainted.

Possibly adding a second bedroom in a 16x12 utility room downstairs.Option 1:We do $240,000 + $25,000 - $40,000 in mortgage plus improvements from the bank.

I've had pretty good luck buying bank foreclosures in a refinery town and renting them out to refinery contractors.  2 guys can share a motel room for $400 a week.  2 or 3 guys can share a 2 or 3 bedroom house for $400 or $600. 6 months of gross rent covers the purchase price.

My tenants (students renting by the bedroom in a 4 Br college town home) are requesting a rent reduction due to repairs taking a long time.

Adding extra bedrooms in a basement plus converting a garage gives you an up to code triplex so to speak.

I’m not sure how many bedrooms in your property but he is willing to share the space with them.

For a 12-foot wide house, you are probably looking at less than 1000 square feet above grade and it will be tough to get 3 decent-sized bedrooms in that space.