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We have a smallish 4th bedroom that we are thinking of turning into a Bathroom. The renovation would mean each bedroom would have its own bathroom. Right now the master has it's own bathroom but the other share a family bath in hallway.
There are many people on this forum with experience who I am sure have worked with people do this. They could provide insight on the benefit or shortcomings. If you have nothing constructive to contribute please just move on to troll others.
I'd say that in general, a 4 br, 2 and 1/2 bath house would be more sellable and command a higher price than a 3/3 and 1/2 (especially if the master already has an en suite) in almost any Triangle sub-market.
If you're planning to stay in the house for awhile and this is how you want to use the space, go for it. If you are thinking of selling in the near future, I wouldn't do it.
4 bedroom is a better value IMO -- can always use one of those bedrooms for an office.
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