9500 sq land and House Shoreline, WA, what’s the best move?

[Binyam Tedros]

My family has a house with a large lot and would like to hear about ideas on some investment strategies we could use. It’s a 2000 sf house on 9500sq ft. Would it make more send to destroy the 1960 house and build a new multi family on it? Or since construction is expensive would it be better to wait? Or just attach more rooms to the house with minimal room expense? Or would it just be better to use that money to buy other properties while interest rates are low? Let me know if any of you guys could give me your seasoned advice. Thanks