Keep and Rent? OR Sale and Invest Elsewhere?

[Karen Moreau]

Very new to this and Bigger Pockets - have watched/listened to as much as possible - till cross eyed. Learned so much, thankful for BP! I'm too green to make this decision - it must be the right one.   *Inherited families long owned rental property in 77008 area of Houston, Tx.  Prices amaze me. Long time tenant now gone, house was left many years with no updates/upkeep. Costly repairs needed. 

Location, location, location - means higher taxes!  Lot is 50x100 containing two 25x100 lots that city now allows 1 house per. Setting very near major Interstate Hwy, Downtown and Medical Center, private and commercial properties. Majority of neighboring properties removed small houses and squeezed in 2!!, 2 story townhomes leaving this 40s 2/1 bungalow feeling shabby and low. Contractors proposals leave me shell shocked.  

Do I repair, update a bit and rent? Or do I splurge and change the property to two homes?  or do I walk away (sell), spare the expense, take the $ and invest in 2 or more new units that will require less upkeep and expense with lower taxes and give me the same/better income? This Heights property value should gain greatly, quickly.  My laziness and fear of unknown push the sell button. My drive to succeed as Landlord/investor demands the correct choice.  Cash is on hand to do an average repair/update/rent scenario but taxes may eat my lunch if extensive updates are done too quickly.  This area is in great demand, property prices are climbing quickly as is rent.  Decent offers are made weekly.  Please help this confused oldie make up her mind. Thanks for reading!  All replies are much appreciated.  Have you been on this see-saw yourself?  How'd you get through it?  Too many variables!