I started with a 20 gallon for my frag tank, I did some drilling and some slick plumbing. But really, stock-wise, it lasted all of 10 minutes.
It helped that I plumbed it into my main system, but realistically it was too small and awkward (probably due to where I put it, lol).
Really, it depends how quickly you can sell frags, how often you need to frag, and how much you need/want to grow frags/colonies out. Once I found the 'Low Boy' frag tank, I knew that was the right choice for me (2' x 4' for about $200).
That said, where I am, we literally have a reefing season (also known as winter), so there are very few sales between late spring and early autumn. Plenty of time to build up frags from my 220, lol, and those I randomly collect for no reason...
Really, if you can fill a 20 gallon and sell it all off without needing more space, then why would you need more space?