couple other things to think about -
how long do you plan to live there? with the housing market in the toilet right now you can pick up those huge houses in fancy places pretty dirt cheap. Hold on to that for about 2 years and you might find yourself making a large profit selling it for something you want in a better location.
Resale value of either house? school districts? even though you don't have kids a potential buyer might.
You mentioned renovating the smaller house, how much will that cost you? if you're going to spend 30K on renovations why not get a house that doesn't require that?
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