This paper considered the consequences of unregulated, small-scale artisanal refining of crude oil on the values of the proximate properties in the host communities of Okporowo, Okoma 1 and Okoma 11 in Ahoada East Local Government Area of Rivers State. Niger Delta Region has a history of crude oil production, which however, is very old, and has resulted to extreme environmental destruction and loss of biosphere due to the presence of most multinational oil firms in Nigeria. Availability of oil stations and desire to obtain easy money by young people in the country also led to more oil theft and smuggling. The artisanal crude oil refining practice was discovered to be very demanding, with numerous challenges among them being the extensive environmental harm, severe health impacts and noticeable reduction in the value of properties. A mixed method approach was adopted to elicit information for the study. The study allows for triangulation of quantitative data on property values and proximity to refining site and qualitative insights into the perceptions and experiences of the host communities. The study concluded that the factors led to less investment attractiveness, lower property usability values and high perceived risks to the property owners and residents. One key recommendation is the provision of jobs for the youths and enforcement of regulations limiting the establishment of the local refineries in the Niger Delta Region.