A quaint and lovely house, in mint condition - can it really be on the market for a penny?

It has four bedrooms, two bathrooms, a wood-burning fireplace and a spacious back yard.

It's a dream home just outside Phoenix, Arizona, with an estimated value of $125,000 and sure enough, it's being auctioned off for one penny.

Can a house really go on the auction block for a mere penny? Yes, it can. Can it actually sell for a penny?  Well, that's another story.

You can bid for the house online at the website, ibidforacent.com, but each bid will cost you 60 cents.

The bidding can only increase a penny at a time and real estate investor, Todd Talbot is betting that if enough people bid, he'll wind up with a tidy profit.

"I make money off people bidding. People have to take a chance and risk bidding, and paying to bid, but may be getting the bargain of a lifetime," said Talbot