Amherst County, Virginia ~ County Homepage
The county just reworked its website and it now includes a recreation guide. As far as outdoors goes, it doesn't get much better.
Hiking - The Appalachian Trail crosses the James River in Snowden (Amherst co.) and goes through the county (20+ miles) past the Pedlar Reservoir. Shorter but just as beautiful as the James River heritage trail, Blue Ridge Railway trail into Nelson county, VA Birding & Wildlife trail, & others. The Pedlar area of the GW Nat'l park has MANY trails through it as well. Along the Blue Ridge Parkway in & close to Amherst there are Crab Tree Falls, Peaks of Otter, Panther Falls & others.
Fishing - The James River borders Amherst county for at least 30 miles, probably more like 40, and features pickerel, small & largemouth bass, catfish, crappie, even native trout in some areas. There are many streams like the Maury and Pedlar rivers which are EXCELLENT for small mouth bass and trout that run into the James. I've read somewhere the Pedlar is the best trout stream in the state, partially b/c they have a "delayed harvest" stocking system that stocks trout more year round. Closer to the town of Amherst there are 3 large public ponds which you can easily spend a day each at. There are many private ponds (got one) that the longer you live here, the more you'll have permission to (usually with a catch-release agreement). Last year alone I caught 5 citations.
Housing - Are you looking to buy or wait a while & rent? Lynchburg has an mls site (google it) which is well put together. If you're looking to rent, I would concentrate your efforts in Madison Heights or town of Amherst. In the more rural areas, you may have difficulty finding a pad to rent. Try Lynchburg craigslist maybe. As far as cost, 140K will get you a nice place. To rent, $700 will easily nab a decent house - less for an apartment. Madison heights & Town of Amherst is about 15 minutes from the mountains.
Feel free to ask if you have any more questions. If you can't tell, I LOVE IT HERE! There's plenty of other stuff to do outdoors like hunting, public ATV trails, etc.