Is it desirable to live across the street from a school?

There's a myth that it's a "real estate no-no."

A Dallas house-hunter writes and wants to know what’s so bad about buying or even renting across the street from a school:

I saw the interior of this fabulous Lakewood home when I was in town. Thinking we’ll apply. Do you think the middle school across the street would be a problem? I’ve always heard that buying or even renting across the street from a school is a huge real estate no-no …

I guess it’s the traffic generated by carpools, but that’s from what, 7:30 a.m. to 9 a.m. then again at 3:30 p.m.? I have murmured many a curse word when I inadvertently drive near St. Michael’s on Douglas at 3:30 p.m. — that area is a grid-locked with all the parochial schools come 3:30 p.m. Aside from that, you will have a few parent-teacher nights to deal with and maybe kids canoodling about after events. But I loved the year we rented a home near St. Mark's. When our dog got loose, she ran to the campus, not a major road, and my son walked to school. You can have extra parking on Saturday nights. I loved football games and could hear the pep rallies in my kitchen. Best of all, the football team got warm chocolate chip cookies after practice.

What’s not to like about living across the street from a school?