I'm not sure if you still have the VT500, but if you do, and you are looking to keep on the road cheaply, then I'd stay with the Honda ( especially if it has been looked after ).
That engine saved Honda from ridicule back in the eighties ( ask riders of that era about chocolate camchain tensioners and exploding CX /V4 engines) and its off-spring are considered some of the most reliable bikes on earth - the Transalp, Revere ( NTV 600/650 ).
One other advantage is that, as an old bike, it should be much, much cheaper to obtain the carnet and insurance for.
Beefing it up for off-road use may be limited to fork springs and shocks. You could consider the Transalp, though.
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