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Well if you plan to live in it, then you need to make it a bit comfier. I'd rip up the lovely carpet, plasterboard walls (especially the brick) and repaint. Together with a budget reno of the kitchen/bathroom. I probably wouldn't do anything to the outside if you are going to demolish it.

What are your plans long term for the house? I would see how much it would rent 'as is' and see if that is attractive to you and you are waiting for rezoning or it already has development ability.