There are several factors to consider when evaluating the pros and cons of purchasing real estate in Felicity, Ohio. Here are a few:

Pros:
1. Lower cost of living compared to larger cities or urban areas;
2. More peaceful lifestyle: As a village, Felicity is a much calmer and less hectic place to live than an urban city.
3. Great schools: Felicity has many great schools that offer quality education to students.

Cons:
1. Employment opportunities may be limited: Since it is a small village, it may be more difficult to find suitable employment opportunities.
2. Limited entertainment options: While there are a few options for entertainment in the village, the entertainment options may be limited when compared to larger cities or towns.
3. Distance from larger cities: Felicity is located about 30 miles east of Cincinnati, so regular access to big-city amenities may be limited.

Ultimately, whether purchasing real estate in Felicity is right for you will depend largely on your individual needs and preferences. It's important to visit the area, get a sense of what daily life is like, and evaluate how it meets your needs and expectations.