Depending on the extent of the renovation, check with management beforehand for any rules/regulations. As for costs, contact a few local licensed contractors and ask for free estimates based on your needs...... more
I just bought an older home at almost 3,000 SF and one of the first things I am doing is remodeling to take out the hallway laundry. It is not functional or pretty - the Sellers took the doors off and installed a rod in the door frame just to get some hanging.
In a house your size, I would think the next buyer would expect a decent laundry room, rather than an awkward closet. However, since you have a senior at home, if the bedroom conversion is for their use and safety from going up and down stairs, then go for it!
As a final thought - regardless of why you want a fifth bedroom, you could cap off and cover over the plumbing and let the next buyer know that the room can be converted back to a laundry.
Hope this helps!... more