A water rocket, as you probably know is just a plastic bottle with water in it , pressurized with compressed air.
When it is launched the expanding air forces the water out and due to Newtons Law of equal and opposite forces, the bottle is accelerated into the air.
When trying for maximum duration there are a couple of considerations.
1. The amount of thrust.
2. The duration of the thrust.
3. The mass of the rocket and fuel(water and air).
The magnitude of the thrust is determined by how much water it can force out per second.
The duration of thrust is determined by how much air and water the bottle can contain, and the size of the exit nozzle.
The mass of the rocket is mainly the weight of the water and a chute if you use one.
Unfortunately , you can't have them all at the same time.
If you put a whole lot of water in the bottle then you don't have much room for compressed air.
If you put a lot of air in the bottle then your water load is reduced.
The size of the exit hole (nozzle) has an effect on the thrust. The bigger the nozzle the faster the water will come out and the greater the acceleration, but the duration of the thrust is reduced.
If the nozzle is made smaller then it takes longer for the water to exit and though the duration of the thrust is increased the acceleration is decreased. Also the rocket stays heavier longer.
So basically what you have to do is experiment with
A. the amount of water you use
B, the amount of air pressure you can put in
C. the size of the nozzle ( you can reduce it slightly by taping a very short piece of garden hose into the neck of the bottle).
If playing around with these allows you to get a reasonable altitude then maybe a parachute might help or build some stubby wings and see if you can get the bottle to glide when it;s empty.
Good luck.