Annual return is 12% and you get your principal back after 3 years I believe. 

Las Vegas's average annual population increases by 40,000 to 50,000 per year.

My take: Gather intel on the area (neighborhoods, tenant demand, property management), have a game plan for your numbers (cash flow, maintenance reserves), and adapt as you go.

You’re asking for less than 4% annual appreciation to get over 20% equity.

One more I can add is the note investor who thought that holding the note gave him the right to determine how the subject property was managed, with approval of tenants, leases, and maintenance contracts.  

what about landscape/yard maintenance?

A few things to keep in mind:Section 8 requires the property to pass an inspection based on HUD’s Housing Quality Standards (basically making sure it’s safe and well-maintained).The rent you charge has to align with Fair Market Rents (FMRs) in your area, so it’s good to check what similar properties are renting for.You’ll still be responsible for maintaining the property, but the upside is that a chunk of the rent is guaranteed by the government, which can provide steady income.Check with the local housing authority about any specifics for your area—every jurisdiction does things a little differently.This could be a great niche if you can find a good deal on the land and make sure your expenses (like maintenance, insurance, and occasional vacancies) are covered by the rental income.

Most of the time, you're not doing anyone any favors by keeping rents too low - you're running a business and taxes / insurance / HOA / Maintenance are likely to continue to increase.

No maintenance fees or monthly fees which is nice.

They typically charge to find a new tenant, renew leases, and upcharge on maintenance.