Clearly if the Macedon home is located near or adjacent to the canal, that would be a real value retainer. Closer access to Rochester and the Xerox center in Webster, all add value to the area. Easy drive to cross-country sking and orchards and of course the "Cool Whip' factory and Motts.
No one can suggest if $240,000 is reasonable without an address or some real attributes.
Three area experts have responded to your question. You should pick up the phone and call one of them.
There may be MUCH more you need to know but don't know to ask.
I hope this helps! Please feel free to reach me on my cell phone when you get an opportunity.
Gwen Marie Smith
Licensed Associate Real Estate Broker
Hunt Real Estate ERA
For all your real estate needs http://www.GoToGwen.com
You can reach me directly today with further question at 585-236-7780.