What would YOU do with this MANSION? (Photos included!)

[Brandon Turner]

Ok - so I got a phone call from my lead website. This guy wants to sell and get out from the house. My assistant looks it up on the county website ... and WHOA ... it's an old Lumber baron's mansion. 4500 square feet. 8 bedrooms. 5 bathroom. Basement apartment, servants quarters on the 3rd floor, etc. 

Structurally - the house is fine.Condition actually isn't bad - except it's DATED. Electrical has been updated, mostly. But it looks like something straight out of Downton Abbey. 10 foot ceilings, multiple staircases, drawing room, fireplaces in several bedrooms, amazing crown molding, etc. It's filled with a ton of old stuff (some valuable, most not.) And as I said... it's HUGE.

So... the guy inherited the house 10 years ago, and it's been vacant for a few years. He owes nothing on it.

So what should I do with this lead?! What would YOU do? 

(Fyi -  to gauge his interest, my assistant said we'd likely pay less than $200,000 for it, and he said that was no problem. And, as you can imagine, there are not really "Comps" for this kind of property!) 

So... thoughts? 

[Brie Schmidt]

For less than $200k I would make it my personal residence... or turn it into a bed and breakfast!