Third option, if the 2/2 remodel has been done well, can you get a better rent and more importantly, better live in tenant with the larger room, semi-private bath. ( I’m assuming the 2nd bath is common area/ 2nd bedroom.
Hard to say without seeing the house, I’ve seen a lot of older ranch style homes that had 4/2 configs in around 1500/1600. Some where really nice and other felt horridly cramped. A lot depends on how open the rest of the plan is and how much space was wasted on hallway and common room tramsitions.
As for the 4/2 with three roomies, might feel a little dorm roomie with that many sharing a bath.
Speaking of which, what is your target market for the tenant/roomies?
Not a fan of your #2 option sounds piecemeal which will detract from resale and good tenants. I’d stick with the as is if down well, or revert to original 4 bedroom config if it can be done well.
