There are several advantages and disadvantages to consider when purchasing real estate in the town of Oceano, California.

Advantages:
1. Location: Oceano is located just a few miles south of Pismo Beach, which is a popular tourist destination. The town is also located near the Oceano Dunes State Vehicular Recreation Area, which is a popular spot for off-road enthusiasts, campers, and beachgoers.
2. Climate: Oceano has a mild coastal climate with temperatures that rarely exceed 75 degrees or drop below 45 degrees. This makes it a popular place to live for those who enjoy a mild climate.
3. Cost of living: The cost of living in Oceano is lower than in many other California cities.

Disadvantages:
1. Flood risk: Oceano is located near the ocean and as such, is at risk of flooding. This can make it difficult and expensive to obtain insurance coverage for a home in the area.
2. Industry: Oceano is primarily an agricultural town, which can lead to issues with pesticides and other chemicals being used nearby. It can also be noisy at times due to the agricultural machinery being used.
3. Traffic: During the summer months, Oceano can experience heavy traffic due to its proximity to Pismo Beach and other tourist destinations.

It is important to weigh the pros and cons carefully before making a decision on purchasing real estate in Oceano. It is also recommended to consult with a local real estate agent who has knowledge of the area and can help you make an informed decision.