Odd houses: A lighthouse, a log cabin, and a school house—all for well under $500,000

While the housing market is contracting and mortgage rates are jumping, the average home in the US still costs over $440,000 in the second quarter of 2022, according to the St. Louis Fed.

That’s not cheap—and homes that have their own unique look often carry an even higher price tag. If you’re willing to hunt, however, there are still bargains that can be found on repurposed buildings.

Most will require some repairs, whether it’s updating outdated features or something more substantial. But if you’re willing to do the work, you’ll definitely have a home unlike anyone else. Here are a few on the market today:

A lighthouse and a private island

You’ll have to move to the UK to take advantage of this deal, but a Pladda Isle, a private island off the Isle of Arran on Scotland’s west coast is currently available for $426,268. You’ll also get the former lighthouse keeper’s accommodation, which has two reception rooms and five bedrooms and one bathroom. There is also a large range of outbuildings and a helipad.

You’ll have nearly 28 acres to yourself, with views of Northern Ireland and the south coast of Arran. The lighthouse, though, has not been used for some time and will need upgrading.

If you’re a birdwatcher, the island is a breeding ground and stopping point for migratory seabirds.

Knight Frank is handling the listing.

The Pulaski Schoolhouse

Courtesy: Redlow Group

From 1920 to 1968, the Pulaski schoolhouse saw students from kindergarten to fifth grade pass through its halls in Winamac, Ind. It later transformed into a museum for the community and a home. Now it’s on the market again, with a listing price of just $329,000.

The brick building has four bedrooms and 2.5 baths and sits on a 1.2-acre lot, with 9,600 finished square feet (and plenty of room to expand). A 4,000 square foot Quonset hut is attached which includes a full kitchen. While the building has been converted, it still has the gymnasium and stage, as well as 12- to 13-foot ceilings and hardwood and terrazzo floors. The roof, windows, electricity, HVAC and plumbing have all been renovated within the past year.

Redlow Group is listing the property.

Dry goods store from the 1880s

Courtesy: Keller Williams Realty of Santa Fe

This building, built in 1881 and located in downtown Las Vegas (New Mexico) has served as a dry goods store, a town hall and a jail. It’s currently a retail jewelry store, but it’s ready to be called home. Listed for $345,000it spans 4,000 square feet (2,000 on each floor) and offers buyers the option to have an apartment above a retail shop or a larger residential property.

Keller Williams Realty of Santa Fe is handling the listing.

A Virginia log cabin

Courtesy: Hawkins Real Estate

If you don’t need a lot of living space and are craving the rustic life, this one-bedroom, 1.5 bath log cabin in Max Meadows, Va. might be more your speed. Built in 1850 and listed at $125,000, this 2,232 square foot getaway sits on 5.1 acres. It’ll require a fair bit of work, as you might have guessed from the price. The exterior logs are in place, and electrical and plumbing are roughed in, but you’ll have to do the rest.

The cabin is close to hiking trails, rivers and the Foster Falls, a plunging waterfall with a pool at the bottom.

Diane Hawkins of Hawkins Real Estate is the listing agent.