should I sell vacant lot near Lake Lewisville?

[Tom Lafferty]

I've got a 1.3 acre lot in Oak Point, TX that I'm getting ready to list. We bought with the intent to live there, but it probably isn't going to happen. Being new to real estate investing, I'd like to put that money to work in some rentals. We owe about 50K, and its probably worth 110-125K.
Does anyone in the area know if it would be worth partnering with a builder to build a house on it and then sell? I talked to the realtor we bought it with 8 years ago and he said the big lots like that are not really moving. I would imagine it would be a terrible idea to even think about speculating on a house, but with the supply of homes being so low right now I thought I'd better at least ask!
Main problem I think will be the number of buyers looking for large lots for a luxury home. What do you think?