The one flaw, which is not judgmental of your position either, but rather a fact that bears itself out over and over, as pointed out by Nicholas Nassim Taleb, having studied his materials very carefully, is that with the black swan manifesting itself, as a bad roll of the dice in Vegas, I could end up not only cash poor, but house poor too at the same time, and then really in a bad position. 

At the time of purchase, it seemed that they was promise of the place doing well and becoming a retirement community outside of Las Vegas but that didn’t happen and the properties have gone down in value and worth less than 10-20 percent of what she purchased them for.

I'd look at a couple of places...Gainesville due to proximity to the casinos where there is very little housing...and maybe Commerce where there is growing university.   

I'd suggest if you like the idea of a rental property then take your investment out of state, perhaps a high end 4 unit in Arizona or Las Vegas that could spread your risk over multiple units as well as being a rental owner in a much more landlord friendly location.I am originally from the bay and recently moved to Sac 3 years ago (West Sac to be specific) I love it out here :)

Vegas homes sell for double the tax appraisal everyday.

Vegas was getting overpriced, so I expanded my investing out-of-state.

I’m based in Las Vegas and I recently passed the necessary tests to get my license in Nevada.

Hoping someone could refer me to a good rental investment real estate agent in Las Vegas NV?

Our MLS in Las Vegas has search criteria for “foreclosure” and “short sale” functions.

Las Vegas Area is my region