If you have a child that goes to, or will go to, this school - then I feel its OK. Re-sale: more than likely the next buyer for this home will be in the same situation as you. The re-sale should be fine, but lets think about you and right now, you can worry about the future later. Make sure this house has what you are looking for in a home. If this house has everything, then its the right house. As mentioned below, traffic will be an issue in the morning and afternoon, however, if the school is behind you, you may not hear it. As well as if you are walking your child to school you will not be stuck in it. Hopefully you will have a way in and out of your neighborhood without driving past the school during those times.
Hope this helps you with your desicion, good luck.
Brian Ripp, CRS, GRI
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Realtor since 1985