Should I invest in the house at the end of my street?

[Corey P.]

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I'm interested in finding a good first investment (buy-and-hold / self-managed) and during my search the house across the street from me became available.  It fits my criteria - single family, in good condition, newer build, desirable neighborhood, could do with some updating/cosmetic work which I can handle, and there is expandability in that the basement is partially-finished and could double the useable space.  Unfortunately the numbers are not working even using a rent that is fairly high.  Is there a creative way to make this particular home happen, or should I give up and just be excited to get some new neighbors?  Thanks!