Given your great street location and lot size for the Heights, you do have lots of options. Couple of clarifying questions first:
1. If you sold- what do you think you would net, and where could you move to with that amount of money that you both would enjoy?
2. How averse are you to a remodel project and would you try to live in the property during a major remodel and if not, where would you go for the time it took to complete?
3. Tearing down and starting over take lots of time and energy.....it can be a wonderful experience with the right contractor and banker and a freaking nightmare without the right team members. Does your current work life allow you the freedom to take on this large a project.
I can help with each and every choice you have here and would love to see your place to help make a final determination. I owned a house on 13th and now live in Garden Oaks. I have done this type of project for clients and myself about 7 times now...with mixed results. My wife has promised to use her knowledge from CSI to kill me in my sleep and dispose of my body if I opt to ever put her through it again....lol
If you liked my questions, make sure to give me a "Thumbs Up" and drop me an email so we can talk offline. I also appreciate being awarded the best answer or in this case the best questions....
Good luck to you either way!
Chris Schilling, ABR, CRS, GRI, GREEN