If your goal is to buy a house for resale price and the house you are considering buying in the old neighborhood is above the values of that neighborhood, then this may not be a wise choice. If it's similar or lower in price, it shouldn't be a problem because pricing should be considered in relation to the local neighborhood, not in comparison to homes in other neighborhoods (mostly).
Plus, is it a neighborhood in decline, or will others fix things so it's a thriving neighborhood? It can be a very good deal as long as you don't "overpay" due to recent developments.
Remember that you, too, are buying a home that has value to you as a “home,” and that is another thing to consider. In which neighborhood would you and your family feel most comfortable?