Audrey - Dave might disagree or add more context, but I think that predicting 5-year rent growth is a bit like forecasting the stock market 5 years from now. 

I would consider keeping it if you can weather the -$700 a month. 

Do you manage the finances of your lawn care business yourself, or do you have someone that helps you, particularly when you're trying to forecast your numbers?

🥢🌦️ January Weather in VegasHighs: 56°F–60°FLows: 38°F–41°FHistorical extremes:Warmest: 77°F (Jan 26, 1975)Coldest: 8°F (Jan 13, 1963; Jan 25, 1937)Average January precipitation is just over 0.5 inches.

If you were limited in cash reserves atleast you'll have the HELOC as a 2nd or 3rd back up source of funds to weather storms.

However, if I take my resources and spread it around, I can weather bad times better.

Those that cannot weather the storm get wiped out.Having cashflow positive properties provides a margin of safety you just do not have with negative cashflow.Why are you focused on buying in your backyard? 

Real estate is a people business and only after you master the people can you weather your business with finess.

My parents have finished paying off the mortgage on their home and are wondering weather it would be more profitable to sell their home or rent it out. 

We're right next to CA but get the benefits of no state income tax, 4th lowest property taxes, much more friendly landlord/tenant laws, no serious weather, proximity to Lake Tahoe, stable job growth/population growth, etc.