As I’m sure you know, Las Vegas is SUPER cheap compared to most of California, Miami, or NYC.

Today is very different as it is all about the management (and not appreciation) compared to past where management could suck but you still had superior apprecation.This will not crash housing of course but all those "creative" deals where people are paying more than market value are going to realize they have no exit. 

How are values changing compared to the rest of the local market? 

The biggest difference is having the patience to wait until what feels like the last minute to book folks compared to LTRs.

Rents are up  compared to 2020 in my area.

A fourplex means four times the appliances, plumbing, HVAC, water heater, and other repairs, driving up maintenance expenses compared to a single family.In Las Vegas, multi-family properties attract transient tenants, like singles or couples without children, who typically stay 1 to 2 years.

When you are comparing a condo to a SFH there aren't many pros but there are a lot of cons.

The two examples you need to compare are: 1.

Find comparable rentals on various websites.

I've attached the median list price for Detroit here as well to compare to something like Cincinnati.