Yes, Palmyra is a small unincorporated community in Harrison County, Indiana. Here are some potential pros and cons of buying property in Palmyra:

Pros:
- Affordable prices: One of the main attractions of Palmyra is its affordability. Compared to major cities, real estate prices in Palmyra are relatively low. This could make it an attractive location for those looking for a more affordable place to live.
- Tight-knit community: Palmyra is a small village with a real sense of community. There is a local school, several churches, and plenty of small-town events throughout the year, which can be a pro for those who value a close-knit community.
- Quiet rural lifestyle: Palmyra is a rural community, which gives residents a chance to escape the hustle and bustle of city living. This could be especially appealing to those who enjoy quiet living and the natural beauty of the countryside.

Cons:
- Limited career opportunities: Like many small rural communities, Palmyra does not have a lot of job opportunities, especially in comparison to larger cities. This could be a con for those who need consistent employment.
- Limited entertainment options: While Palmyra has a few small town attractions like the county fair and various parks, it doesn't have a lot of entertainment options in comparison to larger cities.
- Limited amenities: Because Palmyra is a small village, it may lack amenities such as large grocery stores, specialty shops and other services that people are accustomed to in larger cities.

It's important to do your own research and visit Palmyra to see if it is a good fit for your needs and lifestyle.