Advice in analyzation near industrial areas

[Therese V.]

Say an area has an oil refinery and about 20 years ago that refinery found out that some oil had leaked out in the ground over a long period of time (as if anyone had doubted) and at that point decided to create well water testing facilities and testing local neighborhoods. The refinery said they would pay any mitigation necessary and over the last 20 years has fulfilled that promise.
What are the pros and cons of purchasing a rental property near said refinery, especially knowing that some residents 20 years ago had complained about oily smells in their basements (although you have no first-hand knowledge of the smells).
Is that enough to hold you back from purchasing a property or is it just par for the course with buying near industrial areas? All renters would have obvious knowledge of the location of the refinery.