Contractor · Pikeville, KY · Member since 2012 · 80 posts · 9 votes
Possibly looking into purchasing a couple of units in Las Vegas - zip code 89108, and was wondering if any locals could give me their "view" on the particular market. I've found some information on varying sites, but the information is fluctuating quite a bit - so it would be nice to hear from someone who knows first hand. Any insight as to future appreciation/depreciation, growth/decline, true rent ratios, vacancy rates, market demand, social aspects, and/or anything else important would be greatly appreciated.
Contractor · Indianola, WA · Member since 2008 · 72 posts · 6 votes
13y
According to IRR report on apartment market cycles Las Vegas is just coming into recovery, which should mean it's an excellent time to invest - plenty of deals available and lots of appreciation to come. Bring me along!
property manager · Las Vegas, NV · Member since 2012 · 502 posts · 171 votes
13y
Vegas zoning PTB created "Pocket Clusters" for multi family. Most have become blighted areas. Many do not have an HOA, which I would typically applaud, so you may keep your place in great shape and be next door to a slum lord. Resulting vacancy is traditionally a major issue as the turn over is quite high. Some landlords tenant screen and some dont, just what you want next door, right? Nothing like 3 cars on blocks with a dog chained to one of them in the parking lot when you go to show your newly rehabbed unit. This and similar issues caused us to divest of the clustered rental units in the 1990's. My office is in 89108.
Contractor · Pikeville, KY · Member since 2012 · 80 posts · 9 votes
13y
Thanks for the responses guys. Tiger, I sent a colleague request to ask a few more "direct" questions about a more defined area in the zip code - if you don't mind.
PS: Anyone else is still welcome to chime in with other information if they have anything to add. I appreciate the help.