Here are some potential advantages and disadvantages of buying property in Selma, Indiana:

Advantages:
- Quiet and peaceful suburban lifestyle with easy access to urban amenities in nearby Muncie
- Affordable cost of living and relatively low housing prices compared to other areas in Indiana
- The village is located in a picturesque rural area with access to outdoor recreation opportunities, including parks, lakes, and trails
- A strong sense of community, with many local events and community organizations

Disadvantages:
- Limited job opportunities in the area, so residents may need to commute to nearby cities for work
- Low population density and limited development in the area may mean limited choices for shopping, dining, and entertainment
- Like many rural areas, Selma may experience lack of amenities and services and may have lower educational opportunities or standards than urban or suburban areas
- Living in a rural environment can also present additional costs and challenges, such as longer commute times, more moisture in the home or upkeep of the exterior of the home, and need for bigger space to store outdoor vehicles or equipment.

It's important to note, however, that these potential advantages and disadvantages may vary depending on your individual needs and preferences. It is advisable to do thorough research before making any real estate decisions.