WiFi Thermostat Install

I would say 217 volt too low to be a direct supply. AC has capacitive and inductive linking so a disconnected wire can show voltage with a high ohms per volt voltmeter, with the old AVO mark 8 I would measure using two ranges is voltage did not match then likely just due to linking not a positive connection.

Putting it simple guessing in no good.

So what not good? The wiring?
 
Unfortunately because of the 1st reading I wouldn’t take it for granted it’s a neutral wire. Might be time to trace it back. Sorry.
 
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