Interesting thread, I just happened to move into a Basement apt last month in the middle of the clubbing district. I think am qualify to answer this question
Pros:
- Walking distance to clubs
- Can get ****faced drunk and able to get home ok
- Can party everyday
- Can bring girls home, bang em then go back to the club
- Get drunk, get high before going to club saving you money if you're into that sort of thing
- Lots of things to do
Cons:
- Waste a lot of money
- Renting is a waste of money, better to just buy a place
- You won't look too slick bring girls home in a basement apt, especially if you share it with other house mates
- Expensive to live
All in all Id say its the best place to live in for a young guy who wants to party, I personally wouldn live anywhere eles after living here. I feeling of just walking out of the house and into a club is nice, you dont have that feeling of "going out" so you are much more relaxed in the club.