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What word can I use for a thing with positive and negative consequences? For example, taking a cab rather than driving has its advantages and disadvantages.

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I'm not sure of a single word. You might use the phrase double-edged sword, e.g.

Taking a cab is a double-edged sword. You don't have to worry about parking, but it is more expensive.

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For intermingled positive and negative emotions, I would use bittersweet. Clearly though, the phrase "taking a cab is bittersweet" doesn't really hit the mark, unless you're discussing the conflict of leaving vs going. The best I can come up with is "taking a cab rather than driving has mixed/conflicting/divergent consequences." I'll think more though, those still feel off the mark to me.

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If you're saying that two things have the same chances they will turn out well, or both are equally appealing choices, you can call it a toss-up.

"Should we take a cab or drive?"

"A cab sounds expensive, but I'm really tired. It's a toss-up."

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Mixed bag:

one having both positive and negative qualities or aspects

Also spelled mixed-bag, to meet the single word criterion.

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  • I like both mix-bag and toss-up for declaring that something has positive and negative consequences. Any idea of a single word to use to refer to the actual consequences (the things in the mixed-bag)?
    – ow3n
    Commented Dec 2, 2017 at 11:32
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Dichotomy - when presented with the choices

Merriam-Webster defines Dichotomy as

something with seemingly contradictory qualities it's a dichotomy, this opulent Ritz-style luxury in a place that fronts on a

So in the current example, it could be used such as

Driving is a dichotomy with increased comfort but long term disadvantages.

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