Las Vegas Deal...Should we buy?

[Justin Brophy]

Hello all,

I have a possible deal in the works and would like to get some feedback from the BP community.

The condo is located in the Summerlin area, 89145 area code.  It is a 1 bedroom/1 bathroom condo; great location with good schools in the area and quite a bit of amenities in the community.  There is a solid tenant in the property who pays 500.00 per month for rent (This property can rent for approximately 600.00).  My business partner and I can most likely secure the deal between 60k - 65k.  (This property will be buy and hold for at least a few years) 

**Comps in the same complex have sold for 73k as of last month.

Would you guys suggest paying all cash or securing a 15 year loan on such a deal?  I realize the 1 bedroom/1 bathroom is a tough sale but it is almost too good of a deal to pass up considering the Las Vegas market has been hot as of late.  My business partner and I have the inside track on this particular deal because we have a friendly relationship with the current owner. 

Any insight/feedback on this deal would be much appreciated.  Thanks again.