You need to find the values of comparable properties in the neighborhood. If there ever was oil drilling on the property it is likely that the site would be contaminated and might be labeled a hazardous waste site. I wouldn't want to grow food or let children play there if that is the case.

If you won't be moving away from the house for years and the school will be used by your children for many more years then it might be a good location.

Just ask more questions and get satisfactory answers in writing.