Here are some potential pros and cons of purchasing real estate in the village of Malvern, Iowa:

Pros:
- Malvern is a small, quiet community that may provide a peaceful place to live.
- The cost of living in Malvern is lower than the national average, making it an affordable place to live.
- The village is located in close proximity to larger cities, such as Omaha and Council Bluffs, which may provide access to more job opportunities and entertainment options.
- There may be potential for property value growth over time, as the Malvern area and the state of Iowa continue to develop.

Cons:
- Malvern is a small community, which may mean fewer job opportunities and limited access to certain resources and amenities.
- Due to its small size and rural location, Malvern may not have a diverse range of housing options and real estate may be more limited.
- As a small community, Malvern may be less diverse and less socially or culturally active compared to larger cities.
- The cost of property may still be relatively high compared to other rural areas in Iowa.

It's important to keep in mind that these are general pros and cons, and the decision to purchase real estate in Malvern, Iowa will depend on your individual needs and circumstances. It's always a good idea to thoroughly research any location you're considering and talk to a local real estate agent for more information.