How are investors making money in Las Vegas rentals?

[Jack B.]

I'm looking at houses in Las Vegas that unless you pay cash, don't cash flow at all, and in most cases are a loss. So how are people making money with rentals in Vegas on 20-25% down financed properties? Appreciation only?

I ask because I've visited the area twice recently and can't seem to find any real estate there that cash flows worth a damn, if at all.