@Jayson Greenblatt Was there a reason this house didnt have gas or even oil heat?  

I honestly don't think caulking around the sink, paint patches from holes on the dry wall, oil hinges, cleaning and basic maintenance would cost that much.

I imagine with the oil companies doing some layoffs, you'll see a fair number of deals out there currently.

One tenant will smoke inside, sneak in 5 pets and change their Harley oil in your living room and you'll be out thousands.  

It's almost like fishing.

See Uniform Capitalization Rules earlier.The costs you can choose to deduct or to capitalize include the following.Carrying charges, such as interest and taxes, that you pay to own property, except carrying charges that must be capitalized under the uniform capitalization rules;Research and experimentation costs;Intangible drilling and development costs for oil, gas, and geothermal wells;Exploration costs for new mineral deposits;Mining development costs for a new mineral deposit;Costs of establishing, maintaining, or increasing the circulation of a newspaper or other periodical; andCosts of removing architectural and transportation barriers to people with disabilities and the elderly.

Now THAT's how you fish for votes!

For example, a lot of banks in Texas and Oklahoma went under in the 1980s when there was a sudden drop in oil prices and the oil field producers could not repay their loans.

That area has been removed but you can still see some oil stains on the floor .

Remove the metal awning, make a lattice enclosure for the trash can  if there is nowhere to put it already  and please make a proper oil tank enclosure (if I am guessing that is what is on the side of the house) in white to match the house.