It skews it a little bit when you are comparing apples to oranges due to future expected maintenance costs. 

Apples to apples if the same condo that is warrantable is selling for 500k I'm thinking this should be 470k - 475k. 

You really need to look at all the details,  and determine what's the best option, as it's not a quick apples/apples.

Get educated on the local market, look at prices, cost per sq. ft. and what finishes, lot sizes, etc. are so that you're comparing apples to apples.

When a tenant doesn't pay their utilities separately (which will obviously fluctuate in price depending on the season), they have less of an incentive to conserve resources and won't think twice to leave the AC running, lights and TV on, or take long showers, resulting in higher costs for you.

So many people are jumping into flipping, thinking how easy it looks on TV.

There are no beds, or TV  I use the computer to research properties, check email and enter details in my excel that has property information  I may play some free cell from tome to time   

We’ll make some other assumptions in order to keep this as close to an apples-to-apples comparison, too: You don’t have to invest a dime of your own moneyYou paid the same amount the REITs didVacancy Rate stays static at 15%You hire a property manager at 11%Repairs and maintenance are a very reasonable 7%Capex is about 8% since the homes are reasonably newYour mortgage rate on a 30-year fixed is 4.138% (more on why I picked that number in a bit)No PMI (no particular reason--I just like you)The numbers should look roughly like this:As you can see, you’re going to have to come up with a bit of cash each year, if you want to own them outright in 30 years. 

You also may have some advantages for Vegas being in Apple Valley as far as out of state goes. 

@Derek Tonn, very much like the TV show of the same name, you won't know - until you sell.