Poor mans flip or buy and split?

[Joe Wortham]

Hey BP! I just bought a small property in the Bay Area. Prices are so high that when I saw this property thousands lower we jumped on it. That being said it is a small 1000 sq ft home on a 5100 sq ft narrow lot. 100yrs old. Originally and if money was no object I wanted to go up and back to create a duplex or triplex. Looking at our budget we are changing our plans... for now. So I want to gut It and still split my 1000 sq ft into (2) 500 sq ft apartments. OR Gut the 1000 sq ft and change layout to modern SFH and rent it out or sell it. All thoughts and ideas are welcome. Thanks!