1 bedroom house?

Not sure how fine the lines are, and am not trying to get myself in trouble, just trying to get a bit creative - any insight is appreciated. 

I am from NJ and have been on the fence of potentially investing in a 2 bedroom apartment/condo in Union City/West New York/ Jersey City/ Hoboken area.

I think that if you have a choice of making it into a third bedroom and private bathroom with its own entrance.

He said he was totally open to a creative option like this which was encouraging.

Looking for advice on quick ways to analyze a new area to figure out if it is a potentially profitable area to investage further...mostly for rental properties.We are currently looking at city data for average income, average home prices and then looking up rent average for the bedroom sizes.Anyone else have tips on quick data to review?

Specifically, a more accurate estimation of the cost to finish the property.End plan:5 Units total(x4) One bedroom efficiencies with garage(x1) Two bedroom/Two Bath with four car garageRepairs/Construction Needed:- Complete two bedroom unit already in progress- Build out the four one bedroom units- Pour concrete driveway and lot while leaving the front yard area- Exterior paint and landscapingThank you in advance for any input!

However, I would like to begin my exit from the lifestyle this career demands.I currently own one property that I have lived at for two years, a one bedroom high rise just outside of the Texas Medical Center.

The tax value is 92k with an arv of around 115k since the next building is the exact duplex renting for 596 each side.Also, the dining room could potentialy be made into a bedroom by adding a wall thus making it 2br and 1 bath per unit.The "minumim" repairs to be able to get one unit rented at 375 or 400 again will be around 5k after the purchase of the property to replace windows/repaint and some maintenance.If I bought this unit for 40k and 5k to repair 1 unit the numbers are not great but the potential for this property is incredible.I live 50 minutes away and can do most of the repairs minus the roof and windows but am stretched thin. 

Also, upon us moving out of the duplex I estimated we could cash flow anywhere from 200-600 per month depending on if I kept a two bedroom or converted it to three.