Its interesting to see that this along with other "hot" areas of Houston. It is a pretty good area but so are the Montrose. Really the best thing to do is see what your must haves are and then work with a realtor to realize those aims.
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I echo most of the comments posted here. The Heights is a great area to purchase in. There are some pockets that are better than others. By the size and price of the home you mentioned, you are either purchasing a 3 story townhome or an older 2 story home. If it's the former, make sure the townhome is in line with similar construction in the area. The last thing you want to do is purchase a monstrosity in an area full of small bungalows. Also ask your Realtor to run the comps for similar new construction and resales for you. That will give you a good indicator as to the worth of the property. Unfortunately, many buyers get wooed by the new smell of new construction and stop paying attention to the pricing differences involved.
If the home is an older 2 story home in need of rehabbing, pay close attention to the costs involved in remodeling these types of homes. Most of the older homes in The Heights have very little updating. The costs involved with redoing the plumbing, electrical, roof, etc can be astronomical. Keep that in mind.
Champions Real Estate Group