1970 Moulton Fixer on 3.5 Acres with a Private Pond — $99,900

There is a pond on this property. Not a decorative one, not something the county dug for drainage — a real pond, sitting on 3.5 acres outside Moulton, Alabama, near the base of Bankhead National Forest. That is the thing that makes this worth looking at.

The house is 1,625 square feet, three bedrooms, two baths, built in 1970. It has been gutted. The agent says it is "ready for renovation," which is the polite version of: the interior is stripped down and you are starting from scratch. If you walked in expecting to paint and move furniture, this is not that. You are looking at a construction project.

What is still there matters. The original wood floors are throughout the house. That is worth something, both in terms of character and what you save on materials. The layout is straightforward: living room, kitchen, three bedrooms, two baths. Nothing complicated.

Outside is where this property has more going for it. There is a covered front porch, which faces whatever the view is from that road. There is a circular gravel driveway, which is more functional than it sounds when you are hauling materials in and out. The two-car detached carport gives you covered parking and work space. There is also an inground storm shelter, which in Alabama is a practical thing to have.

The 3.5 acres give you room. The pond gives you something to look at and, depending on how it is managed, something to fish. Bankhead National Forest is nearby, which means the land around you is not going anywhere.

At $99,900, you are buying a gutted house on good land with a pond. The house needs real work and real money. If you go in knowing that, there is something here worth the effort. If you are hoping it is closer to finished than the description suggests, it is not.

The question is whether the land and the pond are worth buying a renovation project. For the right person with a realistic budget, the answer might be yes.