Is the house you’re looking at online a tear-down?
Here’s a short-hand way to tell:
One. The list price is upper six figures (or more), and there are only three photos — all exterior shots (MLS allows up to 18).
Two. When you link to the county tax records, the land is worth more than the home (usually, land accounts for 25% to 33% of the total tax assessed value).
Three. The listing agent tells you — either point-blank (“the value is in the land”), or with somewhat gauzier language (“imagine the possibilities of this gorgeous lot . . . “).
For a more detailed analysis of whether something is a tear-down, see “Tear-Down Economics.”