Property values in Las Vegas has significantly rebounded since the crash and I doubt you're going to continue to see 30%+ appreciation in the coming years - I'm expecting a more modest 5%.

Most states require you to hang your license underneath a more experienced agent for two years before being able to strike out on your own, so start looking for an agency that allows part time agents.You are in the right place to start learning about real estate.

There are different qualities of appraisals and due to the significant difference between the negotiated price and what the appraisal came in at, it may be worth a few hundred to you to get a more detailed appraisal funded by you that digs deeper and takes into account mechanicals and other minutia that many market appraisals don't cover.

Of course in a property that cheap, Ive got to think your repairs are going to be a higher percentage than in a more normalized priced property.  

My numbers actually reflect higher percentages for vacancy and capex - I like 10% and 7% respectively, but I know those are high percentages so I'll also run numbers for 7% vacancy and 5% capex, so I get a more standard pro forma calculation as well (I split the difference for my numbers in this thread).  

Spend a little bit of money, you'll have a more attractive looking place that good tenants will appreciate. 

As you mentioned it has a more favorable GRM than other areas mentioned above.  

Great posts above,thanks guys, as mentioned above avoid mls but you need to build a relationship with an agent to help you evaluate a property and get a more accurate ARV.

In fact, I think it's pretty presumptuous of me to think that anyone would have any idea of who I am or what my reputation is. 

Or we should not risk with complex projects right from the start, and actually get something in a little better for a more expensive price?