Nice Place to Live -- IF you're a Railfan! first. But I guess after a couple weeks of rumbling and vibration interfering with everything from work to watching TV to sleeping, you'll get pretty tired of it.
I once visited a friend who lived right beside a metro interlocking. After an hour I got quite stressed from the constant screeching and rail clatter.
Knock on wood, but I'm not tired of it. I'm close enough to the tracks that I can sit on my couch and watch 50 EMUs and often 20 freights a day out my living room window. Granted, my place has some pretty good soundproofing.
A perfect home location is on a curve, complete with crossing gates, so you can totally enjoy the full ambiance of all of the RR sound effects, as a train lights up your windows at night, looking like it is: "Comming right at us", and thunders by, shaking your house to pieces, cracking the mortar, and shaking plaster from the ceiling ! :cool:
My brother had an office right up and over the Essex Street crossing in Andover, MA. The trains would blow their horns loudly and the building would shake.

There were some new houses built near the train tracks in my neighborhood, if you opened the window you could probably reach the train tracks, and the power pylons on top of them more speficially