Foreclosure of the Day: Wyandanch ranch for $49,900

This bank-owned Wyandanch ranch, on the market for $49,900, is being "sold as is with all faults," according to its listing. The 1950 two-bedroom, one-bath home "needs some interior work," says listing agent Wayne Schmidt of Cozy Homes Realty Inc. There is a mold in the partly finished basement, carpeting needs to be replaced and some sheetrock work needs to be done, he says. "But," he adds, "it's a cozy little house that has potential."

Annual taxes on the 40-by-150-foot property are $3,875.

The house has been on and off the market since 2008, with a recent price drop from $57,900.

It appears to be the lowest priced house on the Long Island market. Only mobile houses are priced less.

Cozy Homes Realty Inc. Photo