There are several potential advantages and disadvantages to consider when buying property in Osceola, Indiana, and here are a few:

Advantages:
- Cost of living: The cost of living in the village of Osceola, Indiana, is generally lower than most cities in Indiana. You may find that your money goes further here, and properties may be priced more affordably.
- Small-town community feel: Osceola has a clear small-town feel with a tight-knit and friendly community.
- Proximity to larger cities: It is situated in close proximity to larger cities such as South Bend, Elkhart, and Mishawaka.

Disadvantages:
- Limited amenities: While there are some amenities in Osceola village, it is a relatively small town so there might be limited options for shopping, entertainment or other amenities that you may require.
- Commuting: If you work or plan to visit larger cities on a regular basis, you may have to commute since the village is relatively far from the larger metropolitan areas in the state.
- Weather: Indiana's weather can be unpredictable, with cold snowy winters and hot and humid summers. It is important to be prepared for extreme weather in this region.

Of course, the advantages and disadvantages of buying property in Osceola depend on individual preferences, lifestyles, and priorities. It is always best to do thorough research, visit the area yourself, and speak to locals before making a final decision.