Who factors house equity into their 'retirement income'?

My home is a big part of my retirement income planning as it is a two family and the lower unit produces $1200/month rent. If I moved downstairs and rented out my unit that would increase to $1800/month.

If I need capital rather than income I can always turn the house into 2 condos and sell one. The lower unit should bring $275k and the upper $375k.

It's also been a reasonable investment as it's value has compounded at 4.4% a year over the last 17 years.
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