Heating Oil Storage Tank Repair Plugs

I'm in the process of buying a home with oil fueled heat and hot water and my question is about the storage tank. The tank appears in good shape, but I noticed two "plugs" screwed into the bottom of the tank. These plugs appear to consist of a screw, washer, and rubber gasket, screwed directly into the bottom of the tank. Does anyone know the purpose of these "plugs" and whether I should be concerned about their existence? Thanks for any advice. -Karl
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Karl wrote:

The tank is past end-of-life. Water in the fuel (condensate) collects at the very bottom of the tank, where it rusts the steel over years. If it has been repaired, you can be pretty sure that the steel is paper thin.
Call the oil distributor out there and ask for a rough price on replacement. Factor that into your buying decision.
Jim
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Be wary! How old is the tank? Could be plugged rust holes and an exceedingly troublesome prospect. Best of luck, Seamus J. Wilson

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Karl wrote:

The 1850s house in Staten Island which I owned for seventeen years was a bit of a "dump" when I bought it. The oil tanks had rubber patches supported by sheet metal over their entire bottom. One early project was a new furnace and new oil tanks.
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