Is an old house in a good area a good deal?

[Vladimir Kononenko]

I found an abandoned house in good area. Bad condition, moldering walls, built in 1860. I’m trying to contact the owners, because they don’t live there. Is it make sense to buy the old house, but in good area? What do you think will be an appropriate price for it (lot size 15000 sq.ft, 4 br, 2 bth, 1980 sq.ft - building, 120 sq.ft - basement).

[Brent Coombs]

Originally posted by @Vladimir Kononenko:

What do you think will be the right price for that kind of a house?

Land value, less tear-down cost, less the bargain discount you'd like! 

(If you can then maximize its value without tearing it down, all the better). Good hunting...