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Just make sure you dont go overboard with renos. Check how much extra rent you'll achieve plus will you increase the value of the property? Also post a google overhead pic so people know what your talking about

microsoft paint :D You could also convert the laundry into another bathroom, and just have a washing machine/dryer in the bathroom with no laundry sink.

I would make the laundry and toilet half the size. Then increase the size of the lounge room so converting the front room into an extra bedroom won't make the living areas cramped.