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An added bonus of having a legal secondary suite is when you re-finance the banks will typically give you an higher assessment then if it were a "nanny suite".

We are usually very generous to investors - though we look primarily for longer term investments. 

Is there bonus depreciation that can be recaptured in the first year?

My personal house is valued at 320K  is a 4/3 with a pool and I believe I could easily get $2000.00 and I have a buddy who has a 4/3 with a bonus room and pool that is getting $2000.00 and his home is values at $290K.Just based on your Comp value and not knowing which neighborhood you're in and if you have water frontage you might be better off then you think.

So while it should be capitalized (the 50% business half) it has a life of less than 20 years which means you can utilize 100% bonus depreciation on it and deduct it all in 1 year. 

If it is going to cashflow well for you then should give you a base level to your investment and it the area does end up gentrifying that that would be a bonus for you.

There was over 600 square feet of unfinished bonus room that was finished.

San Diego seems generous by Oakland standards :) 

Bonus time with the family.