wrote

I would only take that chimney out of service if you plan on never
selling the house. That's going to negatively affect its value.
People look at an old Victorian home with a big chimney in the middle
of it and they expect a working fireplace or two. Right now you've
just got the dampers plugged; don't make it worse.

I suppose it's possible you might need $50,000 or more of work, but
it's also possible you need $5,000 of work. If that's the case, then
you could spend $5,000 for $15,000 or more worth of equity, if you
really get that chimney back in working order.

Fully agree with all but one point. Depending on location and the winters
there, that fireplace may be considerably more than 15,000$ worth of the
house value. In some areas, you can not sell an old house, if it doesnt
have a working fireplace or 2. See, it's part of the charm a buyer just
'expects' to have. If you don't have it, they just get a different one that
does.

I'd suggest he get 2nd and 3rd chimney work appraisals then if in doubt,
contact a realtor in the local area for an assessment of the house value and
'sellability' difference if he takes the fireplace out. I don't recall
where he is (or if he said where he is and I can't look back as I deleted
his origional post). I live in Virginia Beach (on or just below the
snowline) and thats where fireplaces start to add serious value to a house.