Hi Floydboy, I grew up in that area and was so glad when they started restoring the old neighborhood. I was born in St. Phillips Hospital which at the time was located on the corner of N. Confederate Avenue and Pendleton St. where those apartments are now located. The hospital was operated by The Franciscan Sisters of Peoria and due to lack of funding had to close up in the late 1950s.
The area that is close to downtown is not bad. Main St, White St, Confederate Ave, Reid St. have some beautiful homes. A former TV weatherman and his wife bought one of the homes on Main St in the district and opened a B&B. I would be a little leary of the Marshall St, Workman St and those areas further from the downtown area.
All of the homes in that area have character and beauty. You can contact someone with the Historic East Town group for the restrictions and guidelines on the homes.
During my younger days the train came through twice a day with no problems ... I have been gone for many years now so I don't know how things are with the trains ... it is freight trains not passenger trains like Amtrak.
They have a website which you may have visited if not here it is:
East Town Neighborhood Home Page