You know, I've been waffling about getting rid of my own trusty black sheath. Yours looks better than mine, to tell you the truth. But mine is such a workhorse I don't really feel I have a choice about it until I get a replacement.
Meanwhile, I've been doing a lot of thinking about sheath particulars. Depending upon how you want to wear it (and your body type) I think a couple of things are key.
If you want to layer under it successfully yet ALSO be able to wear it as a dress without a layer underneath, the right neckline is key. So...jewel, crew, boat, and maybe a V...but a low scoop like this or narrow straps make it feel too jumper-like.
Fabric weight: some are too thick to be cross seasonal (in my climate). But some are too thin. My present dress, and maybe yours, fall into that category. This one lacks a bit of structure. So does my current dress, though admittedly it used to look a lot better before I wore it into the ground!
I think your wrap is doing the work you want from this dress anyway. Personally, I love a sheath shape and think it fills a different niche than an A line skirted dress does, so you can continue to look for the perfect one - perhaps in another of your best neutrals.