If tourism doesn't come back Las Vegas will suffer for a few years and prices may come back to reality for the market/economy.

I think as the pandemic dissipates we will see a coiled spring effect on city traffic, tourism, return of expats, students and professionals.

I suggest vacation areas that thrive on tourism economy, and have been doing this a long time over metro areas that are still in earlier phases of airbnb. 

If your were ever thinking of investing up there, I think AirBnB / short term rentals is a great niche especially once normal tourism is allowed again.As far as getting going in Houston, if you find a good realtor or PM (if not using a realtor) who works with investors, they will be able to connect you with the rest. 

But if you see in many Asian countries and also other western developed countries, an 0.67-1.0 cap rate is normal in places like Singapore, Hongkong, China or even Vietnam.

That area is actually holding up pretty well with tourism during COVID because there are a lot of little cabins up in the mountains so you can social distance well there while enjoying the mountains.

Employment is largely blue collar and tourism focused.

However, growth in this area is highly supported by other massively growing sectors such as the tourism, service, construction, and medical industries.

My AIRBNBs are in areas that need tourism and have had rental houses for longer than AIRBNB has been a thing. 

I feel like that is the future to balance increased tourism revenue and taxes but not letting real estate prices get too far beyond what locals can afford.