The terms of your search - three bed/two bath with price cap of $350k - will greatly determine commodity availability. I don't see many other areas with such proximity to downtown with this space at this price. Having said this, though, it is important to recognize that condo values in 2007 in Humboldt Park fell through the floor. At the same time single family values in the area kept tracking up as folks migrated west from areas like Bucktown.
Here's the thing, though - your intent to remain in the area five or so years may prove to your advantage with respect to your home serving as the age old notion of real estate serving as an investment. By the time you are ready to move on it is entirely conceivable that the area will have "arrived" more than it has already.
At the end of the day your interests will be best served by working closely with a city realtor who knows the area and is able to advise you intuitively and factually about the pluses and minuses of various areas that match your price point.
Feel free to click here to see the statistics regarding Humboldt Park - http://www.atproperties.com/marketReport/Humboldt-Park.
Best of luck making a decision.
Ron @ 773 330-2353 cell
Saffron Realty Group