This is a terrific area. The house you are considering is on over an acre in an old section of Chapel Hill. The 3 schools for this area are Glenwood for elementary. Glenwood has a dual language program for Chinese/English. Smith Middle school is fairly new, and East Chapel Hill High is considered a very desirable high school. It was the 2nd one built, around 2000 and Carrboro High is the most recent, open 2-3 years.
One of the great things here is that there are school buses for all schools, all grades. There are still parents who drive their kids so that they can get a little more time in the morning. My kids took the bus along with most of the others in the neighborhood.
The older areas of Chapel Hill have lush green vegetation, well established landscaping and gorgeous hardwood trees that required no maintenance.
The house you've chosen is lovely; I think of it as a California style house from that era--well designed with lots of light.
Feel free to call me with any questions.