Waterloo is a small village located in California, and like any other location, it has its own set of pros and cons when it comes to buying property. Here are some of them:

Pros:
- Peaceful and quiet lifestyle: Living in a small village like Waterloo can offer a calm and serene way of life, away from the hustle and bustle of the city.
- Beautiful natural scenery: Waterloo is surrounded by stunning natural scenery, which can be great for outdoor activities such as hiking, camping, and fishing.
- Lower cost of living: Generally speaking, the cost of living in smaller towns and villages is lower than in larger cities, so you may be able to enjoy a lower cost of living in Waterloo.

Cons:
- Fewer job opportunities: As a smaller village, there may be limited job opportunities available in Waterloo. If you are seeking employment, you may need to commute to nearby cities.
- Limited amenities: Since it is a small village, there may be limited amenities available such as shopping centres, entertainment spots, and medical facilities.
- Fewer housing options: As a small village, there may be limited options for housing styles, which may limit your choices.

Overall, buying property in Waterloo can be a great option for people who prefer a quieter lifestyle and enjoy the natural scenery. However, if access to amenities or job opportunities are important to you, it is important to consider whether Waterloo would meet your needs.