Is my room going to suck

I am looking for any advise for the room I am being banished to. Planning on doing this within the next couple of weekends. Currently I have an not ideal setup as I have a 7 month old that goes to bed at 7:00 and and our living room is open to the stairway and her room is right at the top. The other room is descent at around 16x22 but speakers and equipment would be in front of the fireplace so wife says no go. 
My best option is to move into the basement and rig it out best I can. Room is 15Lx8.5Wx10H with concrete floor and side walls. Just looking for suggestions on best way to wrangle the best sound out of here as possible. 
You can make any space work given the right acoustic treatments, gear, speaker placement etc..  I've had numerous dedicated audio rooms in the last several houses we've lived in, various sizes and I made them all work.  Some of course sounded better than others depending on what I had to work with.  Always a fun challenge.  
I just make that room a top priority up front before we move in so there are no "eminent domain" convos later.  ;o) 

My 3 kids aren't allowed in the audio room under any circumstances.  It's just easier and less stressful that way...

The auto EQ on your sub should help.
Maybe not your cup of tea, but you can get $100,000 SQ from $8000 in a good headphone/amp setup. (Think Abyss and Woo WA5LE)
No more 7 mo olds here, but the rest of the family is happier when I use my headphones late. Difficult room dimensions, for sure.
It should work out well. George Cardas has developed some very useful speaker placement formulas for rectangular rooms.  Check it out.

Best of luck
Update. Moved my gear into the basement. My merlins sound amazing down there. I'm glad they didn't sell when i had them posted. I have some oc703 panels hung around and a little bit of carpet I found. Next step is building some corner bass traps, hanging more 703s, and getting a close to room size carpet remnant. Thanks for the suggestions it turned out much better than I would have thought.