Build on or sell?

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I bought a 1 acre piece of property in an established neighborhood.

I could sell it as is for a small profit or build on it for ?? profit. Selling would be no risk and quicker, building would be more profit potential.

This is my first piece of property for investment.

Starting out, what would be some advice on how to proceed?

You might check with a knowledgeable realtor in the area--might be that one is better than the other from his or her point of view.  You could also check with local developers.  Otherwise there's no easy answer to this one--it depends on your risk tolerance, available capital, long term goals and strategy, etc.   You could also build yourself a rental...