unincorporated community and cencus designated place

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Hello again,

I came across these two phrases while doing some research on the demographics of an place to invest.  Unincorporated community and census designated area.  Has anybody ever invested in such a community?  What are the pros and cons?  Based on statistics, it would be an ideal place to invest... very low crime rate (lower than national average),  low poverty level, good wages, (higher than national average) majority of residents are well educated and work in services, good schools, some universities near by.  (Only thing, majority of residents are home-owners.)  Oh, and the population is growing!   

Thanks,