Coming from Australia, I see $3.5m home selling for 500k in Vegas

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Hi everyone. 

I'm new to this forum, to America and to real estate. Please go easy on me. 

This is what $1.3m buys in Sydney https://www.domain.com.au/447-liverpool-road-strathfield-nsw-2135-2013169427

20% down = $260k, mortgage = $1m, repayments at 5% = $4166/m, rents for $2500/m
"net" $-1.6k/m or -$19k/y

This is what $500k buys in Las Vegas http://www.realtor.com/realestateandhomes-detail/2364-Hot-River-St_Las-Vegas_NV_89134_M24116-00983

20% down = $100k, mortgage = $400k, repayments at 5% = $1666/m, rents for $2400/m
"net" $740/m or +$8.8k/y

The house is 10x nicer, 4x bigger, decades newer and 1/2 the price. People invest in Sydney for capital gains and here in Las Vegas you can invest for both. I thought cashflow positive properties were a thing from 1999 and I'm amazed by what I found here. 

Is this common? What am I missing? On top of all this I can get a fixed 30 year mortgage while in Sydney it's only fixed for 5 years.