If I did indeed grep something out of it, why woudln't $result show nothing?
When I do $? , it does show success...

What is the proper syntax so that $result shows actual thing it's grepping out?

result=`(ssh $host tail -1 /something/somethingelse) | egrep -i "value" >dev/null`

#echo $result
#
#echo $?
#0