The dilemma is that the place is old and awkward, I have to work around 2 foot thick stone walls and as it stands my master will have a full bath directly across from it in a hallway that attaches to the living room.

Its a 2400 square foot house with 3 beds and 2 updated full baths, 2 half baths and an updated kitchen.

There wasn’t anything I HAD to do to live in there.Quiet street in a good neighborhoodGood sized yard with some “woods”1 stall garageNice patio porchCons: High taxesOil FurnaceNo gravity vents or heat ducts to the master bedroomClaw foot bath unitLessons Learned: Don’t ever be afraid to make a lowball offer.

(Bingo!)

Commercial space us rented by the square foot, for ease of discussion.  

that depends on your area actually. some areas are $20 per square foot for light updates, higher for moderate. 

The profit doesn't seem to be too high but if you're not looking for a big profit and just really looking to get your foot wet, then don't let this pass.

They are the bread and butter 3/2/2, 1500 sq foot house.  

Commercial investing and borrowing is "buyer beware".You will just have to decide which loan terms that you are going to put you foot down on and which ones you choose to live with and assume that they will never be enforced (or switch lenders).  

Quite a big difference between 7 foot waves and 6 inch waves!