Why do you want to spend $275k? I went into buying my house with a set number in mind ($250k) and really wish I had bought a lot less house. I think it is a decent investment, but I would have bough cheaper and saved the rest in my stash if I had found this site before the house purchase.
I often think that the bank, even just this year, qualified me to spend more than $100k more than I did. That is crazy talk. You may have already done this, but think about your savings rate, and how much of your income you want to dedicate to a house. You could sell this one at a tidy profit, buy something cheaper, and add to your stash.