How will the new construction next to my house affect my property value?

[Andrea Lopez]

Hi guys- 
I'm closing on my first 2-family investment this week. As someone who did put in quite a lot in over-ask (the property was selling for $580k and I got it at $620k), I'm wondering how a new construction will affect my property value? There's a new multifamily right on the side of my house and then there's 2 vacant plots of land right across the street that looks like they'll be building new soon. My current 2-family investment is  a turnkey investment so not much work was needed to renovate, except the basement I will be renovating since it's unfinished. Would love some experienced foresight here