Advantages of buying property in Ranchester, Wyoming include:

1. Affordable cost of living: Ranchester has a relatively low cost of living compared to other areas in the US.

2. Recreational opportunities: Ranchester is located near the Bighorn Mountains, making it a popular destination for outdoor activities like hiking, camping, and fishing.

3. Rural charm: Ranchester has a small-town feel that appeals to people wanting to avoid the hustle and bustle of city life.

Disadvantages of buying property in Ranchester, Wyoming include:

1. Distant location: Ranchester is located in a remote area of Wyoming, which can make it difficult to access amenities like medical services, groceries, and shopping.

2. Weather: The weather in Ranchester can be harsh, with cold winters and hot summers, making it less appealing to some people.

3. Limited job opportunities: Ranchester has a small job market and limited opportunities for career growth, which can be a concern for those looking to settle permanently or for those who need to find work.

Please note that these are just general advantages and disadvantages based on Ranchester, Wyoming's location and characteristics. Ultimately, whether buying property in the area is a good decision depends on personal circumstances and preferences.