Country Home on 12.77 Acres with a Pond and Finished Walk-Out Basement near Spencer, Indiana — $249,000

Property Overview

Set on 12.77 acres near Spencer, Indiana, this country property combines a comfortable home, a finished walk-out basement, open and wooded land, and an approximately one-acre farm pond. Built in 1979, the single-family residence offers 2,438 square feet of interior living space, with two bedrooms and two full bathrooms.

The land provides a mix of open ground and wooded acreage, giving the property a range of possibilities for enjoying the outdoors. The pond adds another appealing feature to the setting, while the finished basement provides considerably more usable space than the main floor alone.

Interior Features

Main-Level Living Space

The main floor features the primary bedroom, a full bathroom, kitchen, and a generously sized living room measuring approximately 27 by 18 feet. The primary bedroom measures 14 by 18 feet, providing a comfortable private space.

The living room includes a gas-log fireplace insert, adding a traditional focal point to the main living area. The kitchen measures approximately 10 by 9 feet and includes appliances that convey with the property.

Additional main-level rooms include a 14-by-8-foot bonus room and a 12-by-11-foot playroom. These spaces offer flexibility for hobbies, everyday activities, or other household needs.

Finished Walk-Out Basement

The full finished basement is one of the property’s most significant features. With approximately 1,135 square feet of finished space below ground, it provides additional room for everyday living, work, laundry, and recreation.

The basement includes the second bedroom, measuring approximately 18 by 13 feet, along with a 12-by-11-foot office, a 12-by-9-foot laundry room, a foyer, and a separate utility room.

The walk-out design provides direct access to the outdoors and adds flexibility to the home’s overall layout. Having finished space on both levels makes the interior suitable for a variety of living arrangements.

Kitchen and Included Appliances

The property includes several appliances, providing a useful starting point for its next owner. Included appliances are:

• Dishwasher
• Microwave
• Oven
• Refrigerator
• Free-standing freezer
• Washer and dryer
• Electric water heater

Heating, Cooling and Fireplace

The home has a combination of baseboard and forced-air heating, with propane listed as a heating fuel. Cooling includes central air conditioning and window units.

A gas-log fireplace insert is located in the living room. The electric water heater was approximately one year old at the time of the listing.

Land and Outdoor Features

The 12.77-acre property offers a combination of open and wooded ground, giving buyers room to enjoy the surrounding countryside and make use of the land according to their needs.

An approximately one-acre farm pond is another notable feature. The combination of water, trees, and open acreage creates an appealing rural setting with opportunities for outdoor recreation.

With this amount of land, buyers have room to consider gardening, outdoor activities, and other personal uses, subject to applicable property restrictions and regulations.

Parking and Additional Improvements

The property includes two separate covered parking structures, each with a concrete floor and electricity.

The standing seam metal roof is approximately two years old, providing a relatively recent improvement to the home’s exterior. The electric water heater was also replaced approximately one year ago.

Construction and Property Condition

The residence was constructed in 1979 and features wood siding with a full block foundation. The property is a single-family residence with a finished walk-out basement.

The home is being offered in as-is condition. Buyers should consider the property’s condition and any improvements they may wish to make as part of their evaluation.

Living Near Spencer, Indiana

Spencer is the county seat and largest community in Owen County, a predominantly rural area of south-central Indiana. The town provides access to everyday services, local businesses, schools, healthcare facilities, and outdoor recreation.

Owen County had an estimated population of 21,886 in 2025, while Spencer had an estimated population of approximately 2,479. The surrounding area retains a small-town and rural character, with agricultural land, wooded properties, and established residential communities.

Safety and Crime Information

Reliable, comparable crime statistics at the individual property or immediate neighborhood level were not available for this rural location. Countywide or townwide figures should not be interpreted as a measure of conditions at this particular address.

Buyers interested in local public safety information can review current information from the Owen County Sheriff’s Office and relevant local agencies.

Schools and Education

The property is located in the Spencer-Owen Community Schools area. Nearby schools within the district include:

• Spencer Elementary School: Public elementary school serving prekindergarten through sixth grade.
• Patricksburg Elementary School: Public elementary school serving prekindergarten through sixth grade.
• Owen Valley Middle School: Public school serving grades seven and eight.
• Owen Valley Community High School: Public high school serving grades nine through twelve.

The district operates multiple elementary schools, so the specific elementary-school attendance boundary for this address should be confirmed directly with Spencer-Owen Community Schools before making enrollment decisions.

Healthcare and Medical Services

Spencer has local options for routine healthcare and medical appointments. Facilities serving the community include:

• IU Health Primary Care – Spencer: A local medical clinic providing primary care services.
• IHC Owen County: A community health center offering primary medical care and behavioral health services.
• IU Health Bloomington Hospital: A regional hospital in Bloomington with a 24-hour emergency department and additional hospital services.

For emergency and specialized hospital care, buyers should consider the regional facilities available in Bloomington and other surrounding communities.

Owen County Housing Market History

Historical county-level housing data provides some context for how residential property values have changed in the Spencer area. The following figures use the annual all-transactions house-price index for Owen County, with 2000 set as the base value of 100.

These figures represent the Owen County annual house-price index, not median sale prices or the estimated value of an individual home. The index is a measure of historical countywide price movement and should not be treated as a property appraisal or a prediction of future values.

Transportation and Regional Access

Spencer is served by State Road 46, which connects the community with other parts of south-central Indiana. U.S. Route 231 also provides an important regional road connection.

For residents who do not drive, Area 10 Agency on Aging operates Rural Transit services in Owen County. This is a reservation-based, demand-response transportation service rather than a conventional fixed-route bus system. Service generally operates Monday through Friday, with advance scheduling required.

Given the property’s rural location, personal transportation is likely to be the most practical option for everyday errands, shopping, and appointments.

Shopping and Everyday Services

Spencer provides a selection of local businesses and everyday services for residents in the surrounding countryside.

Grocery shopping options include Babbs Supermarket and Save A Lot. CVS Pharmacy provides prescription and general pharmacy services in town.

Other useful businesses include:

• Spencer Hardware & Lumber Co.: Hardware, lumber, and building supplies.
• Crane Credit Union: Local banking and financial services.
• Owen County State Bank: Community banking services.
• Speedway and Circle K: Fuel and convenience-store services.

Dining options in Spencer include Chambers Restaurant, El Ranchero, and other locally operated restaurants. These businesses provide a range of everyday dining choices without needing to travel to a larger city.

Parks and Outdoor Recreation

Outdoor recreation is an important part of the surrounding area. One of the best-known regional attractions is McCormick’s Creek State Park in Spencer.

The park features a limestone canyon, flowing creek, waterfalls, wooded hiking trails, picnic shelters, and a nature center. Canyon Inn and park cabins also provide lodging options for visitors.

Following tornado damage in March 2023, portions of the park have undergone recovery work. As of November 2026, the park, nature center, cabins, most shelters, and some hiking trails are operating, while the campground and certain trails remain closed.

The property’s own wooded acreage and farm pond also provide additional opportunities to enjoy the outdoors without leaving home.

Utilities and Internet Connectivity

Public water is listed for the residence. Heating is provided through a combination of baseboard and forced-air systems, with propane listed as the fuel. Cooling includes central air and window units.

Electricity is available at the home, carport, and detached garage. The electric water heater is another listed feature.

Broadband and cellular availability can vary considerably between addresses in rural Owen County. Buyers should verify the available internet providers, connection types, and expected speeds directly using the property’s exact service address.

The specific water provider, wastewater or septic arrangements, electrical utility, and any associated service costs should also be confirmed during the purchasing process.

Local Development and Planning

The Town of Spencer has been pursuing wastewater infrastructure improvements. In April 2026, the town awarded the contract for the first phase of its wastewater improvement project.

This is a municipal infrastructure project, and its existence does not establish that sewer service will extend to this rural property. Buyers should confirm the parcel’s existing wastewater arrangements and any applicable future utility plans with the appropriate local authorities.

No specific development or zoning change directly affecting this parcel has been established in the available local planning information.

Property Summary