Westchester County: Remodel or Tear Down and Rebuild?

[Agathe S.]

Hi everyone, I'm a newbie to the forum and real estate. I'm looking at a FSBO SFH in Westchester County, NY that per Zillow, was built in 1880, last remodeled in 1980. Zestimate is about $700k. The location is perfect - close to highly ranked schools, walkable to restaurants etc and train, short drive to grocery store. I don't know what condition the house is in but I am assuming because of age there is potentially some major issues. I checked it is not a historic landmark. My questions are the following: What information do I need to determine whole house rehab vs teardown and rebuild (especially in this particular area)?Time for rebuild/remodel and financing are flexible. I have not yet reached out to owner and wanted to know what questions you'd ask and how you'd approach negotiations and brokering? Thank you!!