thanks Rachel H. and Daniel Smithson, I have decided not to go ahead with the purchase due to the tiny lots (12x40) of the MHP, which are difficult to infill, more transient renters and would be difficult to convert to TOH.

For these reasons, if I wanted additional footage, I would look at other options than the balcony before looking to convert the balcony. 

The house was converted to a rental in 11/2015.For 2020 alone in expenses, we had $27,000 in repairs, that's not touching the closing costs, realtor's commission, etc.

I was already thinking of couches that convert and beds, I was undecided between queen or king.

Account Closed some credit for SD up-market needs to go to your Governor, truly, she has really represented SD very well as of recent and done an amazing job at using national exposure to convert into opportunity to promote SD opportunities and investing in SD.As for investment $ coming to Midwest, you only about 40 years late on that news, it's just been a well kept insider note of the fund level investors not eager to shout from the hills.

It's rare that a property that needs "a lot of updating" will get top dollar.I've converted a couple of primary homes into rentals. 

I have clients that recently purchased a 4br in San Marcos for $560,000 on a big corner lot, they are planning on building a detached ADU and converting the attached garage into a 400sq ft JADU.

Purchase price: $35,000 Cash invested: $25,000 4 bedroom (converted garage) 2 bath around 1500 square feet.

Price: 470k Building: Duplex with a big detached garage in the back that was converted into a large studio.

The better value here would be to find something closer to 200K that maybe you could fix up a bit more or convert a 3rd bedroom (maybe previously unpermitted space etc).