Cost of renovation is more expensive than new construction. The cost to remove items, to repair items and then to add onto or rework an existing structure is more expensive than starting over. Given the history, I would tear down and rebuild.

Thank you. It's not what I wanted to hear but it's what I knew in my heart as the truth. Now it's a matter of calculating costs to remove the existing, which is bound to have asbestos and lead based paint considering it's 100 years old... Is the location worth it? Numbers will tell. Thanks again.