Living in Lincoln, Madison County, New York has its advantages and disadvantages.

One great thing about living in Lincoln is the convenience and proximity to larger cities. For example, Syracuse is only 30 minutes away, while Albany is an hour and a half away. This makes it easy to access larger cities for entertainment, shopping, or employment opportunities. Another great thing about living in Lincoln is that it has a strong sense of community with local businesses and events celebrating the area's history and culture.

However, one unappealing aspect of living in Lincoln is that the cost of living can be high compared to other places of similar size. The taxes are also quite high, making it difficult for some people to afford living in the area.

Some general pros and cons of buying property in any area:

Pros:
1. Potential financial gains through appreciation
2. Ownership and control of property
3. The option of renting the property for additional income
4. Potential tax benefits
5. Building equity over time

Cons:
1. Property taxes and upkeep can be costly
2. Home values may decrease due to changes in the local economy or natural disasters
3. Real estate is a long-term investment and can be difficult to liquidate quickly if needed
4. Uncertainty of future zoning laws or changes to property regulations
5. Market fluctuations and interest rate changes can impact the value of the property

Please keep in mind that these are only general pros and cons, and there may be more specific factors to consider based on the location and features of the property in the village of Lincoln, New York. It is always best to conduct thorough research and analysis before making any major financial decisions.