The building is a hotel/Boarding House that operated during the early 20th century. It's pretty grown up and about to fall. I am told that it was originally the home of Elijah Jeffery, son of Jehoiada Jeffery and father of Isaac Jeffery who was killed by jayhawkers while home on furlough during the Civil-War. The track runs just a few yards from the old structure. From what I could tell, it the original frame was of hewn logs, dovetailed. The roofing material is of ornate tin sheets.
Update - The House/Hotel/Boarding House is no longer standing. It was dismantled and some of the materials used in other structures in the area. Only the chimney still remains as a monument to its existence.
The iron ring was originally used to secure paddlewheelers to the bank of the White River.
For some interesting fossils check out Izard County Root Fossil Bed!