Advantages of purchasing real estate in the village of Cambridge, New York could include:

1. Small-town charm: Cambridge is a small, historic village with a tight-knit community. It's a great place to escape the hustle and bustle of city life.

2. Quality of life: Residents of Cambridge enjoy a relatively low cost of living and a good quality of life, with access to outdoor recreational activities like hiking, fishing, and skiing.

3. Historic architecture: The village is home to many well-preserved historic buildings, which can add a lot of character to a property.

4. Proximity to other areas: Cambridge is located within driving distance of several larger cities, including Albany, NY and Boston, MA.

Possible disadvantages of purchasing real estate in Cambridge could include:

1. Limited job opportunities: Cambridge is a small village, and employment opportunities may be limited, which could make it difficult to find work.

2. Harsh winters: Winters in upstate New York can be long and extremely cold, which may not be appealing to everyone.

3. Rural location: While some may see the rural location as an advantage, others may find it isolating or inconvenient, particularly if they need access to urban amenities.

4. Potential property maintenance issues: Historic properties may require more maintenance and upkeep, which could add to the cost of owning the property.