Investing in Las Vegas?

[Will F.]

I've brought this up before. About a year ago I was looking at apartments in Las Vegas to purchase, but most of the replies I got were that the market is too pessimistic.

I was looking to buy and hold for 5-10+ years (possibly longer). I also already have experience with 1-4 unit and some small commercial properties here in Los Angeles.

Anyways what do you think of purchasing Las Vegas houses or 2-4 unit properties versus apartment buildings?

Why I'm asking again? Well I came upon 2 articles this week:

http://trends.truliablog.com/2013/05/trulia-bubble-watch/
this one puts Las Vegas as #1 in "undervalued" markets

http://www.theatlanticcities.com/housing/2012/03/where-buy-and-where-rent-now/1545/
This article doesn't show it in top 10 but marks Las Vegas as affordable.

Would it make sense to invest out of state? I'm in the metro Los Angeles area where housing is not so affordable and there's not great value or ROI on investment properties for buy and hold.

If not Las Vegas where would you recommend near the Los Angeles area? Inland Empire/Riverside?

Any other ideas are appreciated