Here are some advantages and disadvantages of buying property in the village of New Madison, Ohio:

Advantages:
- New Madison is a small, rural community with a low crime rate, which can make it a safe and peaceful place to live in.
- The cost of living in New Madison is relatively low, making it an affordable place to live.
- There are a number of local amenities and attractions in and around New Madison, including parks, shops, restaurants, and museums.

Disadvantages:
- As a small, rural community, there may be limited employment opportunities in New Madison. Many residents may commute to nearby cities such as Dayton for work.
- The village may not have the same range of services and facilities as larger towns or cities, which could be a downside to those looking for more robust local amenities.
- As with any real estate purchase, there is always the possibility that the property value will decrease, making it difficult to sell the property if needed.

It is important to note that these are general pros and cons of living in a small village, and may not be specific to New Madison. Before making any real estate purchase, it is recommended to do thorough research on the specific location to ensure it meets your needs and preferences.