Under Contract – Duplex $391K with Potential to Appraise $550–700K After Reno + Room

[Elvin Santiago]

Hey everyone,

I’m currently under contract for a duplex at $391,000 in Puerto Rico, and I’d love some feedback from experienced investors on my next step.

The property has great potential — based on comps and my renovation plan, it could appraise between $550K–$700K once completed. My plan is to renovate and convert the existing duplex into a triplex to boost income and value.

The lot also has enough land to build an additional 4-plex, which opens the door for either:

• A mini-resort style short-term rental (STR) setup, or
• A long-term rental (LTR) private community with gated access and shared amenities.

My main question is this:

Once I finish the renovations and the property’s value increases, should I move forward and build the 4-plex on the same lot, or would it make more sense to refinance and use the equity to buy another property instead?

Additional context:

• I’m using a VA loan for the purchase.
• Location has strong demand for both STRs and LTRs.
• My long-term goal is to scale into multifamily and create strong cash-flowing assets.

I’d love to hear what experienced investors would do in this position — build out the remaining land and hold, or refinance and leverage into the next deal?

Thanks in advance for any input. I really want to make this first deal strategic and set a solid foundation for growth.