You might also consider your holding costs and legal expenses, then decide it is easier to offer an incentive to move out by X date in exchange for a handful of $100 bills upon handing over the keys to a broom clean property. 

Henderson and Summerlin are the best and most expensive areas.

Look at the market, if an investor or homeowner bought this, will they collect enough in rent to cover the expenses they have ?

i live in long island, new york and it is notoriously expensive, even the cheapest of areas could still run around 160,000.

This is most likely higher than it will cost, as a good plumber will be in and out with that in less than a day, and his parts and material wouldn't be terribly expensive.

Question: all home expenses are paid by me personally.

Additionally, being in the first year of the rental, I'm not sure what the hit is going to be come tax season, with the rental income received minus the property's expense write-offs and any depreciation that can be claimed, other factors that I'll need to consider going forward as well. 

Because we live in such expensive areas, when a property appreciates the taxes rise with it. 

Tenant's General Responsibilities: Tenant, at Tenant's expense, must:pay any periodic, preventive, or additional extermination costs desired by Tenant, including treatment for bedbugs, unless otherwise required by law;"I would double check, but as long as you have been reasonably proactive to try and help with pest control, the tenant doesn't have the right to cancel the lease for pest issues. 

Other expenses?