I am wondering if you bought a house in LV already. I am also thinking of buying, but as a vacation home. Some areas of S and NLV have very cheap houses- under $50 grands-are these high crime areas or what?
Please let me know if your investment is working for you. Thanks.

thanks to all that have responded thus far. My biggest concern is the HUGE supply of homes in the sub-$100k range...makes me wonder why anyone would rent when buying should be a viable (and cheaper)option.

Regarding homes near Nellis AFB, maybe people in the service aren't in good positions to buy since they have limited amounts of time at any particular base?

Dollar, Perhaps you might find these interesting ... http://www.zilpy.com/US/Nevada/Clark_County/Las_Vegas/Rentals/

http://www.zilpy.com/US/Nevada/Clark_County/Las_Vegas/

http://www.rentometer.com/

Good luck, Dunes

Finding a renter in any area of Las Vegas is about price versus the home. If you buy a home at 50% of what it sold for 2 years ago you should be able to get a positive cash flow with a reasonable rate of return in almost any area of Las Vegas.
We are currently moving form a 60% home ownership to a 40% home ownership penetration in the Las Vegas market of 2 million people. This means that approximately 20% of our market (400,000 people) will be renting instead of owning. This could be a fantastic opportunity for investors that wish to buy and hold property for at least 5 years.
I specialize in helping buyers find units that they can rent quickly and with positive cash flows. There is too much to consider here but invite you to contact me for more detailed help with your specific interests.
Thank you for allowing me to answer your question.
Max Schmidt

Dollars -

I have not been actively licensed in Vegas since Aug of 08, but the word I am getting is that home rental is doing well compaired to apartment complexes.

What you do have is a large number of individuals and families looking for rentals due to foreclsoure. Now many people would run from this but please keep in mind that these were individuals that were making payments until their ARMs started adjusting in 2006/07. Just make sure your application process is good. Check references and job status.

I have several good Realtors I can put you in touch with if you wish.