It depends upon the officer. If they are engaged in the neighborhood and are willing to be "on duty" if something happens it can be good. On the other hand, police officers are people who work some long crazy days. I wouldn't blame one who kept to themselves and referred neighbors to call 911 if there was a minor issue. They are entitled to time off too.
I've lived near police officers and Fire Fighters, they were great neighbors in my experience, but they like to enjoy their time off and not automatically be on duty for minor things all the time.