The end result will be a 3 bed, 2 1/2 bath cape with a master suite on the first floor and two dormered bedrooms on the second floor.We are modifying the closet under the stairs to accommodate a side by side washer and dryer, so they will be on the first floor just outside the master suite. 

Your market will determine whether the extra bed/bath ( my guess) or the garage is more desirable, but get it permitted if you convert.

I think there might be something to this idea: nice carpet in the down master (I myself prefer nice carpet to wood in bedrooms), solid bamboo floors on the first floor (sandable 3-4 times and completely waterproof and fairly hard and sustainably made) and up the stairs, vinyl tile in the laundry room and HVAC closet, and standard carpets in the two smaller rooms upstairs.

The problem with price per square foot is that it does take in to consideration number of bed/bath, upgrades, etc.

Portland has become unaffordable for many (median home prices of $400K for 4 bed/2 bath!) 

It is a 3 bed; 2 bath 1.5 story home; approximately 1545 sq. feet.

Here's the deal:It's a 4 bed/2 bath 1800 sqft home in an mid-to-low neighborhood in Lakewood, WA  House is almost 100 years old.  

WilliamProperty 14 bed 2 bathRent: $1,000.00 Cash flow: $779.67 Taxes: $683.00Insurance: $961.002013 Maintenance: $40.00 Annual Property Management Fees: $960.00Rental Date: March 4th 2013Property 23 bed 1 bathRent: $1,000.00 Cash flow: $750.58Taxes: $1370.00Insurance: $663.002013 Maintenance: $00.00 Annual Property Management Fees: $960.00Rental Date: Estimated Rent/ House is 2 weeks from rehab being completedProperty 34 bed 2 bathRent: $1,300.00 Cash flow: $1032.42 Taxes: $1020.00Insurance: $622.002013 Maintenance: 321.00 Annual Property Management Fees: $1248.00Rental Date: August 2013Property 43 bed 2 bathRent: $1,200.00 Cash flow: $867.08 Taxes: $2005.00Insurance: $814.002013 Maintenance: $24.00 Annual Property Management Fees: $1152.00Rental Date: March 1st 2013A few other attributes about the business and town I can think of are below: The business also owns a 12 foot utility trailer and a 20 by 15 office space the business rents for $210 a month (all bills paid) with desks, laptops, and office supplies.

I only chose to stage the living area, kitchen, dining room and master bed/bath and it cost me around $1,000 for a 1600 sq ft home.

My wife runs a daycare out of our 3 bed room 2.5 bath all brick ranch that backs up to a golf course.