What's the seller's motivation to sell it below market enough so that it's attractive to an investor?

This area I think would attract good tenants if we had a multifamily property here but there do not seem to be any on the market currently and our timeline is tight. 

This is a market where the right cash flow numbers will attract droves of buyers at market value. 

You can check out new homes for sale in your area to see what the trends are and what buyers are looking for.As far as helping you as a designer, Absolutely.

And make sure you go ahead and take another long look at the current lease to know the ins and the outs, and start designing your own lease for when it is time to either renew the current tenants, or get new ones.

You can use a Fannie Mae Homestyle renovation on a rental, but the additional hoops and closing costs are not as attractive as the HELOC into a fix n flip would be?

In terms of attracting other major industries, you've got the Tesla stuff going on in northern-NV but that doesn't really help the Vegas economy much.  

Also, multi families tend to be more attractive for income-oriented investors rather than the capital gains-oriented SFH investing.

They fail to maintain the property because they live far away and didn't want to own rental property in the first place, it no longer attracts desirable tenants because of it's rundown state, and the long-distance landlord eventually lets the property go back to the bank so they don't have to worry about it any longer.

Of course that's just an appraiser - tenants won't mind at all unless it's dark and dingy.Why don't you provide a little more detail of your design plans and we can be more helpful.