While it's true that many investors are drawn to the Midwest for favorable cap rates and the 1% rule, Las Vegas still holds potential, especially for short-term rentals like Airbnb due to its high tourism volume.

It's not unusual to find true 10% cap rates in Bing.

I have enough personal income that I can pay for cap ex and repairs if I need to (most people can't, and shouldn't, do this unless their W2 income can support it).

For cap ex, same thing.

You will likely need to pull out and cap the bathroom plumbing if the bathroom was not approved and remove the stove since the city is already on notice of it.

Second, we start with a 7.5 cap.  

Aside from restrictions, the thing that is surprising me is the low cap rates. 

I am very happy with the performance of my portfolio - all my properties are between a 10-13% cap rate.

Try Rent Caps- he used to manage my partners units in Gary and did the rehab. 

@Vivian Yip  We just use a very generous utility cap.