Rent varies wildly depending on condition, who your tenants are, and where your property is located. 

In his place I will buy a $400,000 property with $5k-$6k rents. 

I'm looking for some advice on whether I should renovate or continue renting out as-is.

How should I have my renters pay their rent?

The current value of the home is $330,000, and it should increase to $365,000 after the conversion.

You can increase rents, understanding the business' position, and that will increase RE value.

It sounds like the bathroom would be added to your primary residence so it partially depends on when you would look to sell the home or start otherwise renting it out.

Where I have rentals, it is 50-100% of the rent.

These updates modernized the property, improved its curb appeal, and increased its market value.

Hey @Ethan Clay Lesperance, technically the lender could call the loan due for violating a possible clause in the loan agreement.I have been someone who has warned about this but so far, many folks have renting their former primary residences without issue with the lender.