Plan A: move
Plan B: buy it
Plan C: grass-roots petition requiring all single family homes to be owner-occupied. I believe Woodbury, NJ did this for reasons similar to what you're facing.
Sell yours (before that one sells) or buy it so you have some peace of mind. My first thought was for you guys to up & move. Not comfy with the house down the street from you being rented out to convicts!
I agree with the other who say you should move. Buying the other property will not cure the other problem. I don't think I'd want to stay in that neighborhood. Good luck!
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