Being the first home does add to the traffic going past the home, particularly if it is the only way into or out of the neighborhood. In a small neighborhood this is not so much of an issue so, again, it depends on the home's location.
I think it's safe to say being the first home on a corner does somewhat diminish the appeal of any home and the property will always have to be priced accordingly in order to appeal to buyers.
in place and paid forthis could be an additional burden
So it has pluses and minuses. Ask for history from your agents as to what other homes in this area have sold for recently and ask for a copy of the field card to review the home's assesment and other information as recorded at town hall. This will help you determine if the home is priced correctly or where to start your offer. Condition and design of the home greatly affect home values but they can be upgraded over time. The one factor that a home owner can not change is location so you will have to use comps to determine what this home's value is to you.
A corner house can be a positive, however being at the entrance of a development can mean increased traffic flow, which would mean its value could be lower than the identical house located further into the development. I have seen properties have their value "dinged" because of traffic.