If you need help with this, ping me and I can introduce you to my tax advisor.Option 5: Use oil and gas or conservation easements to write off most of the gains when you sale the property. 

Some declines are based upon the cyclical price of oil, for example.  

Currently the owner pays for the heat at the property through an oil boiler, yet the building is also setup with individual gas boilers and hot water heaters that would put the heating cost on the tenant.

Asking price: $49,000 Approximately 1400 square feet, so the apartments are a bit small, but has a detached garage, with an attached work shop area.Two 2/1 apartments - one up, one down.Rents are $600 and $575.Owner pays for heating oil (YTD was just shy of $1,500.)There is a common area electric meter that runs about $30/month.Taxes are $2,500 per year

Locations that are usually dependent on single job industry like automotive, oil, etc have historically seen greater impact.

Additional income can be used to pay down the loan, and after about 12 years of ownership you will own your oil well out right.  

The seller has been occupying the building as an office for the past 60 years so I doubt there is any environmental issue but there is an above ground oil tank in the basement which is used for heating.

I currently work for an oil company as an Economic Planner. 

Well you should really look into that explosion you're having - look up North Dakota's oil industry from a few years back to know what I mean.

While oil prices are in the sub-basement, I bet you can buy some wicked good deals on housing that'll look really good in a year when prices go back above $70/barrel.