Advantages of purchasing real estate in Pelican Bay, Texas, might include:

1. Affordability - Pelican Bay may be more affordable than other neighborhoods within the Fort Worth area, making it a good option for first-time homebuyers.
2. Access to Waterfront - Pelican Bay borders Eagle Mountain Lake, which provides residents with access to a variety of water activities such as fishing, boating, and swimming.
3. Small-town feel - Pelican Bay has a population of approximately 1,500 people, which makes it a close-knit community.
4. Proximity to Fort Worth - Pelican Bay is within a 30-minute drive of downtown Fort Worth, which makes it ideal for people who work or play in the city.

Disadvantages of purchasing real estate in Pelican Bay, Texas, might include:

1. Limited job opportunities - Pelican Bay is a small community, and there may not be a lot of job opportunities available within the village itself. Residents may need to commute to nearby cities for work.
2. Limited amenities - Pelican Bay has a small number of restaurants and stores, which may make it necessary for residents to travel outside of the village for shopping and dining.
3. Limited housing options - Pelican Bay is a small community, and there may not be a lot of housing options available at any given time. This could limit the choices available to potential homebuyers.
4. Natural disasters - Pelican Bay is located in Tornado Alley, which means that the area is at risk for severe weather, including tornadoes and hail storms. Homeowners may need to invest in additional insurance to protect their property.