Hi Amy, The price you offer for a REO home depends on a number of things - the location, quality of the home, size, how long it has been on the market, etc. I like to do a Comparative Market Survey. That gives us homes of similiar size, etc. that are comparable to the REO. That should show you the value when it is in good repair. I don't know if there is any way to determine if the school district will be redirected. A call to the city of Middleton planning and zoning may be a good start.
If you are not working with a Realtor, I would love to work with you and answer all your concerns,
feel free to call or email me. Regards, Judy Braund, Keller Williams, 608-235-0431