One of my good friends just did this with his 3/2. He has a breakfast nook area that still could function as the dining area. He mainly did the conversion to get out of his toddlers room that was his make shift Homeoffice.
He did have to build some rib cages and drywall to seal the formal dining room but put two sets of French doors on both of the walls. It ended up looking pretty good.
And to the posters point - he did this to save him from moving and selling. He's debt free and didn't want to go through the hassle when they had no other real reasons to move. Also helped that his dad is in residential construction and sent his crews over to help him with the parts of the project!
I'd say go for it. But make sure there is a "dining area"!
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