My Cape Cod has 3 bedrooms - all upstairs. The 3rd bedroom is the size of a walk in closet - a stretch to call it a room, with no closet. I want to use half the room to expand the bathroom and half the room to create more closet space for the master bedroom. But that would make it a 2 bedroom home.

Is this a smart move from a function and value perspective?

Th property is one acre and our long term vision is to build a master suite on the ground floor.