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Buy! I'm jumping into the market with less than half of what you have buying for nearly twice as much, and am just going to work it. I'll have to pick up a second job, and plan to start making furniture out of skis and selling it and I'll still be extremely house-poor. In my case, the value of my property has already gone up and the foundation has not even been poored yet.
If the value in your area is stagnant, at least you will be putting equity into a home, and not paying someone else's mortgage. Keep $10-20K aside for remodel/repairs before you do decide to sell it, and hopefully you can reap some positive income from that money spent. The only reason I would say no is if you're in an area where the real estate market looks like it's going to take a huge hit and house prices will drop like bricks, or if mowing really is a problem for you.
As far as picking up chicks in a small town. Where I live, it's tough... The good ones are married, the others that are old enough seem to leave for a real college town, and either don't come back, or come back married, the rest are still in high school.
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