Pros of my 'hood (a rough area of T.O.):

1. low rents, great deals on food, clothes, etc.
2. high multiculturalism -- lots of awesome foods from many countries, a Tibetan restaurant just opened up down the street over the weekend
3. close to grocery stores, library, restaurants, drugstores, convenience stores, etc.
4. close to Lake Ontario
5. streetcar and bus routes

Cons:

1. no subway line
2. high crime - drugs/violence/prostitutes
3. no movie theatre within walking distance
4. it's becoming gentrified which means the artists may have to move elsewhere as rents may increase