What it is: Built in 1870, the Old School, in the tiny hamlet of Caeathro, was the centre of learning for the rural district for more than 100 years. The 1,475 sq ft stone property, which is presently being used as a carpenter’s workshop, comes with planning permission to convert it into a three-bedroom house with two bathrooms, a study, two reception rooms and a conservatory. At the rear is a small walled area that could be turned into a garden. The Old School is two miles from Caernarfon, nine from Bangor and a 10-minute drive from Snowdonia National Park.

The disadvantages: “It needs renovation,” says Liz Brown, residential sales manager at the Bangor office of Carter Jonas, which is marketing the property. “There is water and electricity, but you would have to look at joining up to mains drainage.” She estimates that prospective owners need to budget about £100,000 for a complete restoration, including damp-proofing and installing floors. Privacy may also be an issue. The garden is small and the school stands right on the street, which can be congested in the peak summer months as tourists head to Snowdonia.

The advantages: “This is a quirky place with a little bit of character,” Brown says of the property, which has a slate roof, gabled windows and oak beams, and has even retained the old school bell. “It would suit anybody looking for a picturesque renovation project, and it’s slap bang in the middle of a tourist area, between the national park, the castle at Caernarfon and the beaches at Anglesey, so it could be a good investment if used for holiday lettings.” Alternatively, you can drag your family around the local beauty spots in honour of past school trips.

Anyone serious about taking on the project should haggle hard. The guide price may be £225,000, but, as with so many properties that are languishing on the market, the owners might accept a lower offer – “like everybody has to these days”.

Once converted, Brown says, the Old School could sell – “when the market picks up” – for more than £300,000.

Carter Jonas; 01248 360410, www.carterjonas.co.uk

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