There isn't a hard and fast rule that applies here. It depends on the home, neighborhood and school. Certainly, your common sense on the pros and cons of the particular home you're looking at are a good start. If you're working with a buyers agent, they should be trustworthy and helpful, too. Often, the data speaks for itself. Hard data helps us make decisions based on what we know instead of what we think. In situations like this I do a market analysis for my clients, comparing the sales prices and cumulative days on the market for similar homes, which in this case would be adjacent to the school, compared to the surrounding neighborhood. This type of analysis will give you hard data you can use to make a better decision. If you would like a free analysis done on the home you're considering -- there's no obligation -- please let me know.