Las Vegas rental properties

[Joel De Jesus]

Hi there BP experts,

I'm a part time real estate agent here in soCal focusing on real estate investing.

I'm currently looking at buying a multi family income property in the Las Vegas area since I'm planning to visit soon. I chose it because of proximity, price for property value, and cashflow opportunity. I'm also looking to invest in other states that has a great rental cashflow opportunity.

For Las Vegas, I'm researching price history and the better areas for rental market. I know that price is not as low as back in 2011 and I wonder if the price is nearing peak or there's a possibility of a correction soon.

So the params I'm looking are:

--- 200k-250k, quadruplex or bigger, cap rate of > 7%, low or no HOA

and of course in a good rental market area. 

From what I see, a good NOI for these properties range from 18k or more.

I hope somebody knowledgeable in the Las Vegas area can share any insights if the above params are right on track? And what areas do you suggest to consider as a good rental market?

Thanks!

Joel