Pondside Arlington house a renovation opportunity waiting to happen

If ever a property in the Boston area proved the old real estate adage location, location, location, it’s this 102-year-old colonial beside Spy Pond in Arlington.

The house lacks utilities, including water and sewer, and its interior needs some serious updating. But, because it sits where it does in proximity to the pond itself and to the core of the wider region, the house and its nearly half-acre site are on sale for $1.3 million.

The Bowes Real Estate listing makes clear that a buyer could go ahead and jumpstart the current house—or build according to an existing plan that calls for a 5,000-square-foot house with a three-car garage.

What would you do?