Imo, Tustin Legacy will have to sell at a discount, just like Baker Ranch does because of the proximity to the jail and outside IUSD due to the following:
Close to flight paths. Not sure if planes will be heard, but I used to live in Tustin Ranch and there were times when planes could definitely be heard. I was sitting at a stop light the other day on my way to the District and watched planes on their way to John Wayne. My windows were closed, so not sure if I could hear them but they were most definitely visible.
Close to the train station. My first place was in Fullerton, farther from the train than Tustin Legacy and we could hear whistles frequently.
Not in Irvine School District.
Tustin Legacy was high on my list (as was Baker Ranch) but it's fallen considerably when I considered the above factors. A lower price would move it up on the list, but I would still have to love the floorplan and would even then think long and hard about it.