The plant in your had is tall fescue. Tall fescue leaf blade is ridged on one side and smooth on the other and new leaves are rolled. You probably have kentucky bluegrass mixed in as well. The leaf blade is not as wide as tall fescue and smooth on both sides, also new leaves are folded.

Most turf grasses tend to be blends with a couple of distinct exceptions, usually associated with hot and rather dry climates. I would be very surprised if you lawn wasn't a blend of different turf grasses as well. And those blends are extremely hard to differentiate, especially with only a photo. I'd suggest taking a sample to your local extension service for an accurate ID. And after identification, they will be able to guide you with your care needs - unfortunately, info from Purdue (Indiana) is not going to be very relevant for the southern Atlantic coast :-)) You could also try posting in the Lawn Care forum or your regional forum. Not sure they'd be able to ID exactly for you but can certainly help with regionally appropriate care tips.

I'm pretty sure it's a huge clump of Pennisetum alopecuroides (Fountain Grass). I can't tell which cultivar from the photo, but if you go back next month, it should be covered with bottle-brush blossoms. Take a photo, closer up, and we may be able to pin it down.

If you want pure fescue, you'd have to renovate. Personally, I don't see any need to do so as that can be a very nice lawn if you work on it a bit. >>What about the yard leads you to believe it's low on resources? I did have the soil pH tested which came out at about 6.8-7. I know the yard was limed a year or so ago. And no doubt it needs feeding from what I understand of the previous owners maintenance routine The slight patchiness, the inconsistent colors, and the differential in growth rates still apparent from late fall. There are more subtle signals like the way the grass' blades spread that point to issues with lesser nutrients and micro-nutrients in your soil. None of that is assured, but it's an indicator that you should have this soil tested and then rebalance it properly--don't blindly throw lime or anything else (other than nitrogen or organic feeding) at a lawn or garden. Improperly balancing the resources is worse than being too low on some as resources compete with each other. Overdoing calcium would, for instance, block absorption of phosphorus, potassium, and most minor elements. >>I was thinking I had a good enough base to overseed with fescue or KBG/fescue mix without having to completely kill off the lawn. Would you agree or disagree if I am wanting to go with that grass choice? Partial disagreement. Everybody tries to get around the soil test, at least until they see photos of lawns that have had them done, fixed any issues, and then used proper care techniques otherwise. Even cheap, builder's grade lawns look fantastic. Properly chosen seed for the locale stops passing cars to admire the greenery. There are few existing lawns that can't be rescued to become extremely impressive. But if you have your heart set on one particular grass type, a full renovation is going to be the only way to achieve that. Since it can't be done until late summer, that gives you the rest of spring and summer to fix any soil problems.