Apples to apples if the same condo that is warrantable is selling for 500k I'm thinking this should be 470k - 475k. 

2 acres that has a 4/2bath 1700 sq ft house and a 3/2bath 2006/2007 model trailer on property plus a barn.

You really need to look at all the details,  and determine what's the best option, as it's not a quick apples/apples.

Get educated on the local market, look at prices, cost per sq. ft. and what finishes, lot sizes, etc. are so that you're comparing apples to apples.

My wife and I have the goal of building a wedding barn on our acreage. 

We’ll make some other assumptions in order to keep this as close to an apples-to-apples comparison, too: You don’t have to invest a dime of your own moneyYou paid the same amount the REITs didVacancy Rate stays static at 15%You hire a property manager at 11%Repairs and maintenance are a very reasonable 7%Capex is about 8% since the homes are reasonably newYour mortgage rate on a 30-year fixed is 4.138% (more on why I picked that number in a bit)No PMI (no particular reason--I just like you)The numbers should look roughly like this:As you can see, you’re going to have to come up with a bit of cash each year, if you want to own them outright in 30 years. 

You also may have some advantages for Vegas being in Apple Valley as far as out of state goes. 

Comparing a single family to a four unit is apples to oranges.

It's not apples to apples.

Since the house is pretty close to public transpiration and Google/Apple/Hi-Tech company bus station, so we were thinking that maybe finish up the basement to have more bedrooms and bathrooms, would attract those high-tech working professionals to share the house and bump up the rent?