What the heck do I do with this house ?

[HTY483]

Ouch, that's a lot to owe on a house that needs to be thoroughly remodeled. Owning property is typically a good thing in the long run but I doubt you could collect enough rent to cover the mortgage so I'd just get rid of it. Zestimate was more than $330k.

[davebarnes]

Originally Posted by HTY483

Zestimate was more than $330k.

Zestimates are crap!
Never, ever, pay attention the the Zestimate.

[mkarch]

Originally Posted by HTY483

Ouch, that's a lot to owe on a house that needs to be thoroughly remodeled. Owning property is typically a good thing in the long run but I doubt you could collect enough rent to cover the mortgage so I'd just get rid of it. Zestimate was more than $330k.

Depends on the area. There are quite a few 1950's $350k s***holes that flippers bought, remodeled and resold for $600-$800k in my neighborhood. If that market exists where OP is, then it seems there is some money to be made bringing the place up to standard. If the rest of the houses on the street are run down and nobody is paying much more to live there, then that's not going to be an option.

What is the land worth? If the lot alone is worth over $300k then owing $330k isn't that bad.

[longislander2]

It looks like a pretty decent and convenient area that is well situated between major highways. My understanding is that prices are fairly strong in the Greenwich-Stamford border area. Let some agents come in and provide you with comps. If you don't want to list it, think about approaching local contractors to buy it. They might be the ones who can do minor renovations and make some real money from it.