I'm currently considering whether to 1031 a couple of rental SFH's I have in the DFW area over to Vegas.Having lived in an owner-occupied house here for 3 years now and looking at my Clark County bill:- The assessed value is only 25% of the current "quick and dirty" market value (Redfin, Z)- There's a line item where property tax rate appears to be 3% of the assessed value- ... however, another line item subtracts a lot from this because of the lag from owner-occupied increase cap percentage of 3% annually (if I'm understanding correctlyAlso, despite changing hands 3 years ago, it's interesting that the assessed value didn't get re-assessed to the purchase price back then.

I am not necessarily scared of the age, but more so weary of the cap ex age and building materials.

I also factor in soft budgeted expenses like cap ex, maintenance, and vacancy.For example, if I had a $3k rental and the hard expenses were $2,200 you might view this as $800 cash-flow positive, but I am going to budget maybe 15% for those soft expenses and my cash-flow would be $350 per month.

That's terrible, considering I can get a CD for 4% for 10 years, or an annuity at 6% for 10 years.Management companies want 20%, and property taxes and home insurance keep rising, considering I have no homestead exemption, so I am capped at 10%, not at 3%, and home insurance can do what it wants.Could someone please tell me where I am wrong, because in this case, it does not seem that this real estate is a good investment at all.

Master key metrics like cash-on-cash return, cap rates, and IRR.

Regs can run the gamut:  STR licenses are unlimited and available immediately with no restrictions, STRs can only be rented so many nights/ stays a year, STRs can only be in designated areas, the number of STRs are capped and there is a waitlist for a license.As others have mentioned, typically an unregulated STR will have more revenue than a LTR, but it will require more consistent work and effort.  

Cash on cash returns of 33.74%, buying at a 7.42% cap rate, Proforma cap rate is 12.82%.

@Jack Mi: my first impression is anyone that is buying a deal at a 4.5% going-in cap rate with 7% interest rate is anything by conservative.Now, there are so many details missing that it is impossible to give any true thoughts.The things I like:No up front fees, so less motivation to simply transact10% Co-invest is pretty good80/20 (assuming there is no second hurdle) is fairly good.Things that give me pause, based on what is actually presented:Going-in cap rate is very slim.  

As Gino noted, if you buy a lot in cash, that can often be contributed as equity in the deal for the loan, but depending on the value and LTV ratios including your current mortgages on the existing properties, you may have very little equity available to tap into from a refi/HELOC.It has been a while, but the construction loans I have been quoted have been 80% LTV of after construction value, capped at 80% of actual cost.  

Is there appreciation growth potential or has that capped.2.