Buying a short sale or condo... (Raleigh: for sale, rental, condos)

[librarySue]

Okay, so I have some equity from the sale of my house. I was planning to rent in Raleigh until I get settled, but I do want my kids to go to Broughton/Martin which is limiting my rental options considerably. Once my youngest finishes Middle school I'll have more choices.

Just found some condos for sale for an affordable price in that school district (please, no cautions about school borders changing for the sake of this question).

So now I'm thinking I could buy a condo, live in it long enough to get kid #2 through middle school (3 years), then keep it as an income property and rent or buy elsewhere.

The condos are at the Arbors, so if anyone knows anything about the neighborhood, I'd be interested to hear it. Newly renovated, close to campus.

But also, thoughts about the plan in general (good investment?) are welcome, there are other short sales in the area that might work also.