Wooded 17.78-Acre Property with Ranch Home in Spencer, Indiana — $280,000

Property Overview

Set on 17.78 mostly wooded acres in eastern Owen County, this property at 338 Concord Road in Spencer, Indiana, combines a single-story ranch home with a substantial stretch of rural land. The location is less than a mile north of State Road 46, near the Monroe County line, between Spencer and Bloomington.

The 1,148-square-foot home was built in 1992 and has two bedrooms, two full bathrooms, and an attached two-car garage. Inside, the living room features a wood-burning fireplace. Outside, the acreage includes a mix of rolling, sloped, and more level ground, with much of the property wooded.

The home needs significant remodeling and is being sold as-is. Buyers should plan for renovation work and evaluate the home’s condition, systems, and improvements as part of their due diligence. For someone interested in a substantial wooded property with an existing house, the acreage and rural setting are central parts of the offering.

Interior Features

The ranch floor plan places both bedrooms, the kitchen, dining room, and living room on the main level. The living room measures approximately 16 by 13 feet and includes a wood-burning fireplace. The kitchen measures approximately 11 by 9 feet, while the dining room measures approximately 10 by 9 feet.

Additional interior features include an entrance foyer, ceiling fans, an open floor plan, and window treatments. The home has a crawl-space foundation with a block basement area.

Kitchen and Appliances

The listed appliances include a gas cooktop, electric oven, refrigerator, dishwasher, microwave, disposal, exhaust fan, washer, and electric dryer. Buyers should confirm which appliances will remain with the property and their operating condition.

Heating and Cooling

The home is equipped with natural gas forced-air heating and central air conditioning.

Exterior and Land

The 17.78-acre property is mostly wooded, with varied terrain that includes rolling slopes, sloped sections, and some level ground. Its size provides a substantial amount of land around the existing residence, while the wooded character gives the property a distinctly rural setting.

An asphalt driveway and asphalt drive easement provide access from Concord Road. The property also includes an attached two-car garage, uncovered parking, a deck, a porch, and additional shed structures.

The acreage is made up of two parcels, making it important for prospective buyers to review the parcel boundaries, access arrangements, easement documentation, and any applicable land-use restrictions before closing.

Structure and Construction

• Architectural style: Single-story ranch
• Year built: 1992
• Exterior materials: Stone and vinyl siding
• Roof: Shingle
• Foundation: Crawl space with block construction
• Fireplace: One wood-burning fireplace in the living room
• Garage: Attached two-car garage
• Additional structures: Sheds
• Outdoor features: Deck and porch

Utilities and Services

The listed utility arrangements include REMC electricity, Community Natural Gas of Spencer, public water through BBP, and a septic tank for wastewater. The home also has central air conditioning and natural gas forced-air heating.

Utility providers, service arrangements, connection status, septic condition, and any applicable transfer requirements should be confirmed directly before purchase. Buyers should also check broadband and cellular availability at the specific property address.

Property Taxes and Parcels

The listing information reports an assessed value of $245,500 and annual property taxes of approximately $1,708. Tax amounts and assessments can change, so buyers should verify the current figures and any applicable exemptions with the county.

The property includes two parcels:

• Primary parcel: 601024200120.000027
• Additional parcel: 6010-24-200-110.000-027

Location and Surrounding Area

The property is in eastern Owen County, north of State Road 46 and close to the Monroe County boundary. Spencer serves as the county seat, while Bloomington is the larger regional center to the southeast. This location gives residents access to both smaller-town services and the broader Bloomington area.

Owen County had an estimated population of approximately 21,886 in 2025. The county has a predominantly rural character, with Spencer serving as its principal town and local service center.

Schools and Education

The property is associated with Spencer-Owen Community Schools. Nearby schools identified for the area include:

• McCormick’s Creek Elementary School
• Owen Valley Middle School
• Owen Valley Community High School

These are nearby school options, not a guarantee of school assignment. Buyers should confirm current attendance boundaries, grade configurations, transportation arrangements, and enrollment eligibility directly with the school district.

Healthcare

Spencer and Bloomington provide the principal healthcare options for the surrounding area. Owen County residents can look to local medical offices and clinics in Spencer for routine healthcare, while Bloomington provides a wider range of hospital, emergency, specialist, and outpatient services.

Prospective buyers should check the location, current operating hours, and available services of individual facilities when evaluating healthcare access.

Shopping and Everyday Services

Spencer provides everyday services for the surrounding rural communities, including grocery shopping, fuel, pharmacies, restaurants, banking, and other local businesses. Bloomington offers a larger selection of supermarkets, retail stores, restaurants, home-improvement retailers, and professional services.

For buyers who expect to travel regularly for shopping or appointments, the property’s position between Spencer and Bloomington is worth considering when planning everyday trips.

Parks and Recreation

Outdoor recreation is one of the notable features of this part of Owen County. McCormick’s Creek State Park, near Spencer, is a major local destination for hiking, camping, picnicking, and enjoying the area’s natural landscape.

Rolling Meadows Golf Course is another nearby recreational destination. The property’s wooded acreage and varied terrain also provide a rural outdoor setting, although specific activities and land-use possibilities should be evaluated in light of the property’s condition, boundaries, and applicable regulations.

Transportation and Regional Access

State Road 46 is the main regional route near the property, with Concord Road providing the listed access. The location connects the Spencer area with Bloomington and other communities in south-central Indiana.

An asphalt driveway and asphalt access easement serve the property. Buyers should review the recorded easement and confirm maintenance responsibilities, legal access, and any restrictions affecting use of the drive.

Utilities and Internet Availability

The listing identifies REMC electric service, Community Natural Gas of Spencer, BBP public water, and septic wastewater service. These are the reported arrangements for the property; buyers should verify all connections and account details independently.

Broadband and cellular coverage can vary considerably across rural properties, particularly on wooded acreage. Exact internet speeds, available providers, and service options should be checked using the property’s street address rather than relying on general coverage for Spencer.

Safety and Crime Information

Crime statistics for Spencer or Owen County should be considered at the geographic level and for the year in which they were reported. Countywide figures do not establish conditions at an individual property or on a particular road. Buyers who want more detailed information can review current local law-enforcement reporting and ask the appropriate agencies about the area.

Housing Market Context

Owen County’s housing market includes rural homes, residential properties in and around Spencer, and larger parcels of land. A meaningful five-year price trend for this particular property type would require a consistent historical series of comparable sales or home-value data for the same geographic area.

General online estimates and countywide figures are not substitutes for comparable sales involving similar acreage, property condition, access, and improvements. The home’s significant remodeling needs and the two-parcel land configuration are important considerations when assessing comparable properties.

Development and Planning

No specific pending or approved development project has been established here as directly affecting this property. Buyers should contact Owen County planning and zoning officials to verify current zoning, permitted uses, building requirements, subdivision rules, and any proposed changes that could affect either parcel.

Buyer Considerations

This property is best evaluated as both a home renovation project and a substantial acreage purchase. The existing ranch provides a starting structure, but its stated need for significant remodeling makes a thorough inspection particularly important.

Before making a purchase decision, buyers should consider:

• Obtaining a professional inspection of the home’s structure, roof, heating and cooling equipment, plumbing, electrical systems, and fireplace.
• Evaluating the septic system and confirming the public water connection.
• Reviewing the boundaries and legal descriptions of both parcels.
• Confirming the recorded asphalt drive easement and access rights.
• Checking zoning, land-use restrictions, and any applicable building requirements.
• Verifying utility connections, internet availability, and current property taxes.
• Understanding the implications of purchasing the residence in as-is condition.

Property Summary

Historical Housing Market

The Federal Housing Finance Agency’s annual All-Transactions House Price Index provides a consistent measure of residential property-price movement in Owen County. The figures below use the same index and methodology throughout the period. They are index values, not dollar estimates of an individual home’s value.

The index increased approximately 38.9% between 2021 and 2025. This reflects historical countywide housing-price movement, not a forecast or an estimate of what this particular home or acreage will sell for. Property condition, renovation costs, land characteristics, and comparable sales remain important when evaluating this purchase.

Photography and property information credits: Original property photographers and property owners. Individual photographer and owner names were not supplied, so specific personal credits cannot be identified here.