Buying first home. Am I crazy for looking at this house?

[Jesse Easter]

Hi everyone, thanks so much for the warm welcome I have received so far from the BP community. I have been looking to buy my first house which I will be living in. I found a house that I like and meets pretty much all of my criteria and well inside my price range ($87,500) 2B 1 1/2B and 2 car garage with room for a pool table :). The problem is that construction has started on a bypass that raps around the main city that will cut so close to the back of the house that the right of way goes across the back yard. The construction has not reached this area YET but, it is only a matter of time. This being said I for see a major value drop on the house even though it makes the neighborhood FAR more accessible that it ever has been before. I think it would even be possible to wind up being upside down on the mortgage but, that is just speculation. So I have a couple of question if you guys have the time and thank you in advance for taking time out of your day to reply.

1. Is this the right idea on property value?

2. Is taking this risk out of the question for your first home? (i am pretty sure it is but would like some reassurance)

3. Would this be a good rental property in the future and if so should that way into my evaluation on buying the property or not?