Strip down or tear down?

[Christopher Stevenson]

Hi Folks! New to BP out in Boston! Question. How do you determine if a property is worth tearing completely down or stripping it down to studs and bare bones? Possible condo conversion on a .49 acre lot, the house however is built in the 1800's. It even still has the coal storage in the basement. Any advice would be greatly appreciated. 

Thank you,