Im a REI living in Toronto looking to buy their first property! 

I live on Long Island and are looking to get my feet wet this spring.

I lived in an 900 sq ft house. 

I live in Ca, this property includes a liquor license.  

Don't get me wrong there are plenty of lazy retail brokers out there, I run into a bunch of them every day, but the vast majority of locations I see sitting for along time are simply less than desirable because of the visibility, ingress and egress, or something else all together. 

I am a first time real estate investor looking the following property : https://www.redfin.com/OR/Forest-Grove/2418-Cedar-Cir-97116/...its a pretty large duplex in Forest Grove OR,  the trick is though, its on a lot zoned for a 4 plex so I am lookinginto house hacking, converting into a triplex, then living in one unit while renting out the remaining two unitsThe left garage has been converted to living space, with a living room, half bath, a laundry room with a sink and some counters/cupboards and a bedroom, it is a part of what was an existing 3bd unitIf I were to acquire the asset, I would first attempt to convert that space into its own unit The line items as I see (be in mind, I am totally new to this) would be to >put up dry wall where the door to the rest of the house is,>add a shower to the half bathroom >install a water heater in the adjacent 3bd unit> install a kitchen in the laundry room, (stove , oven , sink, counter space)>add a shower to the half bath Assuming I can convert it to a 3plex, I could at-least cash flow on my investment after I leave My plan would be to put minimum down payment of 3.5% (FHA loan) that way I can have a decent amount of capital free to do the renovationsThe only concern is when I crunch the numbers to get my ROI, I have no idea how much its going to cost to convert the additional living space to a third unitAny experienced investors here know how I can estimate this before I try to make an offer?

i see a lot of pretending that capex is some kind of expense that lives in the sky and isn't associated with a specific property. 

"Adirondack Cove Subdivision shall be comprised of the following deed restrictions to keep the neighborhood a peaceful and harmonious place to live.

I've lived here my whole life. 

People who live in expensive areas often buy rentals in less expensive areas simply because the numbers don't work where they live.