An opportunity or let it go?

There is a 1 acre piece of property, rectangle 125 by 364.  This is located in the Hudson Valley New York, which is in Zone 5 with about 40 inches of rain a year.  The east side is the downslope of a small wooded hill and the rest of the property is very flat.  The west side is a main road.  The north and south side currently has a bunch of trees now blocking some of the sunlight.  There is an old house that needs to be completely gutted and rebuilt(or removed and start new)  There is an old barn that is falling down and would have to be removed and possibly rebuilt.  The town is heavily regulated and any work would be via permits, inspection, etc.  The property is zoned commercial/residential.  And there are businesses now on 3 of the 4 sides.
 This place could be a great market garden and permaculture homestead.
 If we let this place go, the property will end up either being cleared and paved into a parking lot(done nearby) or someone would rebuild/add to it for rentals(also done down the road).
 We do not have the time to do the work ourselves.  Not seeing any way to find someone that would be interested in this opportunity.  
 The sad part is the structures onsite are so bad that selling will most likely end up getting very low offers.

 Any thoughts, ideas or suggestions?

Hi Duane,

Of course, much depends upon the price and your vision. The Hudson Valley, in general, is a nice area. I do know of some folks in Iowa who grabbed onto a similar plot of land.  They covered it with high tunnels and are selling produce to restaurants over a 10 county area.  Of course, clear everything with the powers that be before you make an investment.

How did it go?

My first instinct is if there are lots of urban stuff going on, and the property has access to running water and a lockable shed, rental allotment gardens would be a possibility.

Some cities give property tax breaks and have extra funding for fencing and administration. But it depends on where you live.

I've seen one city even do the administration for the allotments and pay the water bill and property tax, if there is a quarter acre or more and the owner leases to the city for one dollar a year for 10 years or more for a allotments.

Things to consider here:
Are you open to doing lots of DIY work?
Are you interested in potentially harvesting some of the trees?  Or do you want it to be a forest garden situation?
I love anything that is zoned residential and commercial, in my opinion its the best, because of the possabilities, but that isn't everyone's jam.
If you do all the research on the permitting process, make sure its all possible, that everything you're aiming for can be legally done, and you've got lots of time to wade through the process, then permits may not be as horrible as one thinks they are.

Since the OP (original poster) posted this in Sep 2024, it would be great to learn the outcome.

Duane, did you buy the property or let it go?  That is the question ...