Am I really crazy to ponder buying the house next door that generally dates to 1918, though hearsay in town tells us the original brick center part of the house is Civil War-era? The house had an attic fire 2-3 months ago. The water damage was significant but without subfloors, the water flowed to the dirt floor basement, for the most part (no pooling of water on floors). The neighbors' insurance co offered them a complete settlement, "totaling" the home. They came over to tell us today it will be demolished. Very tragic, in my opinion. The quote for mold remediation was the turning point for the neighbors (who are in their 70s).
However, 2-3 months of demolition has already occurred. The home is a shell and so much of the home is still very salvageable. Solid roof, solid foundation, solid walls, beautiful floors that are undamaged on the first floor. Part of the home has updated electrical (the attic did not). Parts of the plumbing are updated but maybe not all. No central air (we're in VA). Mold remediation has not begun. My significant other is a former construction guy, remodeler, historic restoration, etc. But, he owns 2 companies and already works A LOT.
We would be buying the land and not the home, according to the real estate records. The home is not livable, presently. It would be in the name of an LLC, as an investment property. And, we'd need financing for it as well.
I don't know what to think and am trying not to think emotionally, but tearing down that beautiful old home would be a tragedy.
Input is most welcome. I'm looking for advice as to how to proceed. I need to keep probing and asking questions but not sure which way to turn first.