And with oil and gas prices staying low, things won't get better anytime soon.

Did you see a gas meter anywhere?

Moving a gas line does. 

@Damon Ryals Very valid points.

I certainly am not in a position to be at land speculator, but you've given me great information to be able to begin to determine the validity of the sellers intentions vis-à-vis a speculator buying the property.

Does it have easy access to electricity, water, sewer, gas lines etc.  

I'll be doing the following during the project to add value: second floor addition for 2 new bedrooms and full bathroom; slight change in kitchen/dining/living layout for open floor plan; new kitchen and new bathroom; finish basement, gas furnace, update laundry room; landscaping in the front and backyard.

But your point is valid, buy under market and then don't worry.

Yeah, but they're only valid in the state of Boiler Plate.

If you had only $15k for improvements would you do an Oil to gas conversion with AC or new windows.