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Updated over 2 years ago,
Buying a duplex next to oil well in California
Im currently about to close on a nice duplex in the city of Signal Hill near long beach known for having a lot of oil wells and rigs next to homes. I didn't think much about it since I live in the same city and see them around all the time. Main concern now I have is the duplex I am purchasing is right next to one. The oil rig is all the way to the right not shown in the picture.
At first i didn't think much of it besides being an eye sore. Does anyone know if it will be harder to rent out due to this? I attached a picture. My property is the one in beige next to the oil tanks. My friend in the oil industry said there is not really any health concern and he was saying that in California they may phase these out completely in the future. The apprasail basically knocked it down 15k for location saying it is next to oil which is not really a huge deal to me and it did appraise to value. A possible solution is i could turn it into a short term rental like Airbnb if it really has a problem getting rented out.