Chad Fernendaz you also have to take into consideration whether adding a bath is going to trigger code issues that require you to upgrade water service which might make the flip a loser.

Each state and each utility district has its own incentives and rebates, and even then, all other things being equal, properties in one zip code may qualify for certain programs that others don't.  1.  

.- Some cities try to put you out of business by cracking down on code compliance issues and nuisance calls- Not many people want to deal with the hassle, hence the high cap rates.- Can be hard to find good management when you want to grow or move on.

I read the GA code annotated tittle 48, chapter 4, article 3 - but it stops short on redemption.

Some examples of habitability codes are functional toilets, functional sinks, functional smoke detectors and carbon monoxide alarms, weathertight windows and doors leading outside, bathrooms must have a mechanical vent or an easily opened window, a bedroom must have an easily opened window and either two electrical outlets or one electrical outlet and a light fixture and all pipes, plumbing and electrical must be per code.

The downstairs would be up to code for everything but a separate swicth panel, which would need to be done.

Under the State Sanitary Code, property owners/landlords must keep all means of egress free from obstruction — that cannot be negotiated away.

The best results are usually had by people that have a laser focus on a certain zip code or neighborhood. 

Because the  law has authority over the code we use it to our advantage.

Also, check the building codes on putting in a cumbustible appliance like that in a living area.