Advantages of purchasing real estate in Phelps, Kentucky are:

1. Affordability - Real estate in Phelps, Kentucky is relatively affordable when compared to other areas, making it a great option for those on a tight budget.

2. Scenic Location - The village is located in a picturesque location, surrounded by beautiful scenery.

3. Peaceful Environment - Phelps is a small, peaceful village with a low crime rate, making it a good place to raise a family or retire.

Disadvantages of purchasing real estate in Phelps, Kentucky are:

1. Limited Job Opportunities - Phelps is a small village with limited job opportunities, so it may not be the best place for young professionals or those seeking career advancement.

2. Limited Amenities - Due to the small size of the village, it may be lacking in certain amenities like shopping centers or healthcare facilities.

3. Extreme Weather - Phelps is located in a region that is prone to extreme weather conditions, including flooding, tornadoes, and heavy snowfall. This can be a significant factor to consider when deciding to invest in real estate in the village.