We bought a North Las Vegas house for $270,000 in 2005 and the plan is to move there 10+ years later to retire.
But like the most of Americans that we just glad we still have job now and have to delay our retirement.
The house in Las Vegas only worths about $100,000 now.
With the current rent that we still need to put out $400+ to cover the mortgage.
Not to mention the months we couldn't find the tenant and the money we spent to fix the damage from previous tenants.
That house is like a black hole to drain our saving and will be continue for many years.
We won't walk away from this property, no short sale nor foreclosure, as long as we can cover the lose.
I currently have almost additional $30,000 saving and am thinking to buy another house in Las Vegas, and hope to balance out our lost.
I mean with the low interest rate (may not really low for investment property) and low home price, we can get positive rental income to cover the rental from another property, but I understand there will be risk when we cannot find a tenant.

My questions are:

(1) Do you think if this is a good idea?
(2) Is anyone familiar with Las Vegas housing market? Is 2011 a good time to buy?
(3) Can I find a house with $150,000 ($30,000 down payment) in a good location, then rent it out for $1,100?
The house we may stay after 10 years. I always dream to have a house in the hillside to overlook the lights in Las Vegas Strip.
(4) How is the rental market in Las Vegas?
(5) Do we plan too early for our retirement? Should we invest $30,000 in some where else (where?) to get a better return?

Thanks.