You may just think about befriending the dog. By how you described the way it approached you, it sounds like it may be friendly. Good dogs can be a neighbors best friend too- scaring off potential burglars and such.
As mean as it sounds, I doubt this dog is a "Good Dog". Good dogs have healthy owner relationships and know their place. This dog was raised by people who (I assume according to the OP) give it no correction, boundaries, or purpose. These are the dogs, not matter how friendly, that become a real liability.