Unless you live in Las Vegas, I recommend to stay away from SFR rentals in Las Vegas.
(Multifamily is probably worse, but I have never owned any.)
I bought 2 SFR in L.V. in 2003 & 2004. Should have sold in 2005 for a profit, but I had bought them for cash-flow.
The houses were OK built, newer construction, not many issues. The one that was built in 1996 had PEX tube plumbing, that should’ve been a negative. GOOD.
The property management companies - I went through 3 or 4 in the 13 years, not good. BAD. Presumably I had been exposed to the better ones. An associated who used to live in LV had real horror stories, criminal behavior.
The tenants - the WORST. One of my houses, bought in 2003, sold in 2014, which means I owned it a little over 11 years, had 12 tenants in 11 years. House was in best school district, not fault of property. As an example, one lease was broken with a note “We need to leave the state of NV because of my husband’s gambling addiction”.
Las Vegas is a destination for people who are looking for a second chance in life. They think they left their problems wherever they came from but the reality is, they bring their bad habits/ poor choices with them. They are still the same person.
I bought that high-turnover house for 160k, and could’ve sold in 2005 for 330k.
I could’ve bought the exact same model on the same street in 2011 for 95k (MLS) or 60k (trustee sale). I did not because I already realized that I wanted to get out of there due to the environment.
I sold in 2014 and 2016.
Besides being a 2nd-chance city, Las Vegas is also a very transient city. People move there, stay for less than 5 years, and leave. It is not good for neighborhoods. I’ve heard the same about Phoenix.