Örfirisey, the plot of land (once an island) that hugs the west side of the Reykajvik harbor, stands this old corrugated iron clad house. It was moved out to this empty lot from a location in downtown Reykjavik, though I don't recall exactly where it once stood. I'm sure it's awaiting relocation to a new site in the city center, as Örfirisey, or "island that it's possible to walk out to", (section 7 on this map) is not the most hospitable spot for a classic bit of Reykajvik's architectural history.
Of note: Trains in Iceland? Read here for a short history of Reykjavik's railways.