It also keeps me investing and moving forward in the space I know. 

@Lawrence Mark look at sales comps that are not cap rate deals(price per sqft for similar space) , and replacement cost.

In our area, I would go with the 4/2 vs a 5/1. 5/1 is not conducive to modern buyers.

The house is 1100 square feet as it stands but the attic is large enough to be converted to living space which would add 200 square feet to “living space” it also a business zoned lot and also has a small building near the road that was built in the 50s and was used as an accountants office.

A great space to entertain guests while cooking.

Is it too late to invest in this space ? 

The property has space for approximately 27 units.And I have no idea how to estimate monthly operating costs.

Smart call though to space out the rent hikes a bit to keep good, paying tenants!

Lately, there has been a general increase in the adaptive reuse and redevelopment of hospitality and office space into multifamily projects. 

He had been renting space in his apartment before we bought our house and knew we wouldn't need all of the space.