Some potential advantages of purchasing real estate in Lincoln, North Dakota may include:

1. Affordability: Compared to other larger cities, real estate in Lincoln can be more affordable, making it a potential place for first-time buyers to get started in homeownership.
2. Natural beauty: Lincoln is situated in the Midwest and surrounded by vast landscapes that offer natural beauty along with outdoor activities like hunting, fishing, and hiking.
3. Economic stability: Lincoln has a diverse economy with a mix of farming, energy, and manufacturing industries. Thus, job opportunities are also diverse in the town.
4. Simplicity: Life in Lincoln may be less hectic than big-city living with less traffic, noise, and pollution.

Some potential disadvantages of purchasing real estate in Lincoln, North Dakota may include:

1. Limited amenities: Compared to bigger cities, Lincoln may be lacking in amenities such as fine dining and luxury shopping.
2. Extreme temperatures: North Dakota can be quite cold in winter months, so it is essential to know that Lincoln is no exception.
3. Isolation: Lincoln may be considered remote with limited transportation options available, making travel south for the essentials, including medical needs, more difficult.
4. Lack of cultural diversity: Lincoln is a mostly homogenously white town with limited diversity.

It's essential to weigh the advantages and disadvantages carefully before making a decision to purchase real estate in Lincoln, North Dakota.