Las Vegas! My rental search....

You'd think if you put in 7 cash offers all between 10-30% above list price, you'd have several if not all in escrow, right? No, not in Las Vegas .... investors have flocked to the region and homes especially sub $50k are the ultimate elusive animal right now.  I spent last weekend looking at 16 homes all under $50k before putting in 7 offers.  Just got confirmation they all have died.  The Las Vegas market is close to 90% REO's.  The whole city appears to be resetting to the 1990's. Banks are listing low and creating bidding wars.  My Agent warned me it takes about 10 offers before getting one accepted.  Here's my list of what I offered on:

                List                    Offered                 Bed/Bath                 SF

• $32k                 $35k                  3/2                    1196
• $32k                 $38k                  4/2                    1598
• $27k                 $32k                  3/1                     958
• $35k                 $44k                  3/1                    1144
• $29k                 $33k                  4/2                    1720
• $40k                 $45k                  3/2                    1162
• $36k                 $42k                  3/2                    1390

These homes (as estimated by my agent/PM) would rent between $740 and $1000 a month.  Note: these are in marginal neighborhoods.  Not war zones but not somewhere I'd have a young daugher live alone.  I was planning on lease/option them so I'd tack on $200-$300 a month as a rent credit along with a $1500 option fee. Estimates to get them 'rent-ready' were from $500 to $6,000. I wasn't prepared to get involved in any major fixers being out of state. 

My search continues .....All was not lost on the trip.  I had a great time and secured some great contacts.  I also know exactly what I want so will continue my search from Oregon and go down for the inspection should I get that far.  I also had coffee with Richard Warren, a frequent contributor on this site.  Great to hear his perspective as he's a LV resident.  Once I land one, I'll submit the details including how the tenant search goes.