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Ogre investigation still needs like 2 episodes, considering they have to survey the area, save the elf, then kill the gobs before ogre shows up. I'd expect episode 4 to end on the Ogre appearance, then episode 5 with the actual fight and the water beam.

Episode 6 should be about the aftermath and equipment repair + GS lurking around without his armor, then ends on him finding the footprints. Depending how long the fights are, the actual farm raid might be just episode 7, or even take episode 8. Frankly, I don't think water town is a good stopping point and it is as long as vol 1, with a lot of backtracking.

This sounds turbospeed though.I think it would be much safer if they end with volume 1 but put flashbacks from day one side story as fillers to explore GS a bit.