Each side would then have an ARV of 525-550, if we cant convert back then it changes the ARV drastically to only 600k.Again the property is located in a historic area which has a lot of restrictions.My question is, exactly how hard would it be to get the permits to change the property back into 2 units and also how long would this take?

It's in a solid neighborhood with great schools (that's why we lived there for 17 years).THIRD, as a side note, we are also in the position to pick up another rental property within the next year or so. 

As a rental, even on the low side, figuring $2,000/mo for a $100k investment in Greenwich, ain't too shabby IMO. 

There is another vacant property next to mine and I hope that I can get myself together much sooner to have two properties side by side. 

Despite being very handy, I work a FT job, I have a family and other commitments, thus my time is extremely limited and I've found that for me, it's more lucrative (mostly in the long run) to do flip-to-rents (using the BRRRR method) on the side (and keeping my full time W2 job). 

Here is the address:799 S Stevens,Spokane, WA 99204Lower Level Conference CenterParking and accès on the North Side of the building.Feel free to reach out within questions,Dan Grishko

I anticipate that if I sold, I could probably get on the low side $500K and on the upside maybe $550K/$600K.

Since we've lived in one side we've been remodeling and adding value to the unit we're in and in the near future will do a switch and begin doing work on the other side as well. 

Check out socketsite.comLuxury condos aren't doing hot in SF and there's some examples on that site that are interesting.I think the key here is that it's specific condos some of which were likely overpaid and now we're seeing true value but it's more of unique situation then city wide trend. 

That alone can severely, if not detrimentally, affect your bottom-line.It sounds like you are  new investor, and I would venture to say this is on the riskier side of things and quite an undertaking if you're new.