If you locked in a better interest rate when you bought the house then you might end up loosing it  and replacing it with the current higher interest which could cut into your cashflow. 

Granted your costs are probably lower than mine, but luxury builds are minimum $250/ft2 here currently, and can easily go over $400 without even getting that fancy.

Currently in the process of a BRRRR in Baltimore (duplex).

If ever you receive any other recommendation, I'd be more than open to hear it because I'm currently in that process right now! 

My current primary, which I have been in since last October, is in need of a new roof.

If currently don't have any experience with building, a renovation type project is likely going to give you a wealth of knowledge with less risk then new construction.

I turned it around in about 8 months and was able to cash out refinance at as good a rate as is currently possible.

As investors it is good to know and understand the skill sets one currently has and either develop or get help with those one doesn't have.  

I like the location and it’s currently rented.

I'm not experienced in this particular form of real estate investing / marketing, but I can share with you what I've learned through podcasts and general sales experience, as well as share my opinion on your current marketing tactics.1.