On March 25, 2007, at 1724 eastern daylight time, a Cessna 150M, N66673, owned and piloted by a private pilot, received substantial damage on impact with a house and terrain during takeoff towards the east from a private airstrip near Austin, Indiana. Visual meteorological conditions prevailed at the time of the accident. The Title 14 CFR Part 91 personal flight was not operating on a flight plan. The private pilot and passenger sustained serious injuries. The flight was originating at the time of the accident. According to an interview of the pilot by a Federal Aviation Administration inspector, the pilot received about a 3-hour checkout from the previous owner when he purchased the accident airplane. The airplane was registered on September 11, 2006, to the pilot and his wife. The airplane was kept in a hangar adjacent to the pilot's house at the airstrip. On the day of the accident, the pilot flew from the private airstrip to Seamore, Indiana, to purchase fuel for the airplane. He reported that he had 26 gallons of fuel when he departed Seamore, Indiana, and flew 2 1/2 hours to return and pick up his wife for an airplane ride. The pilot estimated the he had 13 gallons of fuel on the airplane at the time of the accident and his weight calculation for the accident flight included 175 lbs for the pilot weight, 170 lbs for his wife, and 78 lbs for fuel. The useful load for the airplane was 499 lbs. The pilot stated he drained the fuel from all the airplane fuel sumps during his preflight inspection. During the taxi to the east runway for takeoff, he checked the magnetos and reportedly the right magneto was "rough," and the left magneto was "ok." He then performed a second magneto check on the right magneto and it was reportedly "ok." The pilot stated that he performed a "rolling turn around takeoff" by selecting 10 degrees of flaps after full power was applied. The flaps would then be selected to 10 degrees once airborne. The Monroe County Airport, Bloomington, Indiana, weather observation recorded the following at 1753: wind 240 degrees at 14 knots, gusts 17 knots; temperature 27 degrees Celsius (C) dew point 10 degree C; altimeter 30.15 inches of mercury. The airstrip had one runway (1,161 feet by 58 feet) which was oriented in the east-west direction with a grass surface. The grass blade length was measured as approximately 3 1/2 inches and the soil was semi wet. The airplane impacted a house located 1,603 feet from the departure end of the runway where a post impact fire occurred. Trees approximately 100 feet in height and adjacent to the accident site had 45 degree cut marks on three of the separated branches, two of which were consistent with propeller slash marks. A portion of the house porch was damaged and adjacent to the porch were four impact marks 140 feet from the tree line. The flaps were in the retracted position and the fuel selector was in the "ON" position. One propeller blade exhibited leading edge damage and the other propeller blade exhibited twisting and leading edge damage. The airplane was modified with an automotive fuel supplemental type certificate. There was approximately 50 lbs of miscellaneous items aboard the airplane at the time of the accident. Examination of the airplane revealed no mechanical anomalies.