Buy House in Great neck, New york Near School - Fizber Real Estate Search. ID: 8454585
My favorite line in the listing: "The owner didn't leave a property description."
Didn't do any maintenance either from the looks of it. The plywood window treatments are especially delightful. (see the "street view" and rotate the picture to find this story book cottage).
Is this property worth 1/2 million dollars? The opportunity cost of that house, at $400k and giving it a likely $1k in costs a month, is $30k annually +/-. Can you rent that cozy cottage for $2.5k a month?
To value that house, I would find similar, in similar condition, and see what it rents for. If you can't pay its way for the rental (plus some out of pocket for the joy of home ownership) then I'd really ask if the market has dropped to reality or not. Or in rough terms, this would be a good buy if the house cost about 15 times its annual rent (or if you got it for that 400k, it would need to rent for about 2.2k to be an ok deal.)
At the asking price of 510k, it would demand a rent of 3.4k to be considered worthwhile.