I am not familiary with Las Vegas market. here is jsut two points for reference.
1. the actual return for investment depends on how good your deal is. I bought two hosues in phoenix last year, :100K and 106K, both rent for $1150. I think this is close to your Las Vegas number. So deal is very important (it is difficult to find those deals now)
2. not sure Las Vegas ecnomics, phoenix is good at high tech especially in IC. Those are high paid job with anually salary >80K~100K. it is much more than to support the current housing price in phoenix. The high paid job will bring low paid job and works like train engine.
