Pros for purchasing real estate in Stephenson, Michigan may include:

1. Affordable real estate prices: The cost of living in Stephenson, Michigan is 17% lower than the national average, which means that you can find reasonably priced real estate that won't break the bank.

2. Small-town charm: With a population of just over 800 people, Stephenson has a small-town feel where everyone knows each other. It's also surrounded by beautiful natural landscapes.

3. Low crime rate: Stephenson has a relatively low crime rate compared to other areas in the state, which can provide peace of mind for those concerned about safety.

Cons for purchasing real estate in Stephenson, Michigan may include:

1. Rural location: Stephenson is located in a rural area, which means that it may be difficult to access certain amenities like shopping centers, hospitals, or other critical services which may require a longer drive time.

2. Limited job opportunities: Rural areas typically have fewer job opportunities than urban areas, so finding work in the area may be challenging.

3. Harsh weather conditions: Due to its northern location, Stephenson experiences long, cold winters which can be difficult for some residents to manage.

Overall, when considering purchasing real estate in Stephenson, Michigan, it's essential to weigh the pros and cons, and determine if the area's unique features align with your lifestyle and needs.