It's a longer term hold play, so not much income to speak of this soon.

It's your agent's job to play nice with others while also keeping your best interest top of mind.

Of course capex does come into play, but I have a lot of factors on my side including most major components of the property have been replaced already, including roof replaced 2 years ago, water heater replaced 3 years ago, full house was just repiped, septic system is 5 years old, HVAC system replaced in last 7 years, i do not cover appliances with warranty in my rentals, and the tenant I placed in the property is a single dude who works 60 hours a week and just needs a place to sleep.

If its college students/young professionals @Nathan Gesner gave some solid idea.If there are a lot of tenants with young kids, maybe a safe play areaAll depends who lives there

OK, have fun with that.BiggerPockets does a great job of making it easy to get a first glimpse of someone.

and how will the $500k exemption play into it? 

@Kevin S.Great question legacy planning is hard enough with family dynamics, add in illiquid and non divisible property for another layer of fun!  

Or is it mostly just a play to decrease volatility in booking rates? 

MTR is our play there.Vegas can definitely be a tight market for flipping, with competition driving up prices and squeezing margins.

Play around with that with your more accurate estimates.Rentometer estimates that rents in the area for a 2/1.5+ are around $2500.