Why would you consider selling now vs. re-renting is the main question. If you sell now, what else will you do with the money? Will it bring you a better return? Many investors, both public and private have been piling billions of dollars into residential real estate investments over the past couple years, and they are continuing to do so now. Combine that along with rising rental rates and very low interest rates, and it seems to make sense to own rentals.
If you still consider selling for the land value, work with a realtor to figure out what the current price .25 acres will fetch you as a teardown. That number varies greatly depending where in Glenview your parcel is located. Additionally, I have seen some homes that people consider teardowns, get bought by families looking for a starter home to fix up. Either way, inventory is low, and many realtors will most likely have several builders/contractors on speed dial that may jump at your opportunity.
If you decide you would like to review your options more in depth, I would be happy to sit down with you over coffee/tea and help weigh out the pros and cons of both your options.
Coldwell Banker Residential Brokerage