When I was a kid my uncle brought a House for 160k in Long Island that very House today cost 700k I really believe the generation before the millennial had it better at least from an Economic standpoint.

For me those amenities include washer & dryer inside the unit (W/D supplied by landlord), SS appliances, granite or quartz counter tops, open floor plans, typically off street parking (not always, but it is a goal), quality hard surface flooring (hardwood or tile), kitchen island with seating or breakfast bar, private bedrooms (alot of older houses in my area are shotgun style houses, where one must walk thru bedrooms to get to other bedrooms), etc.  

If you can stretch your budget to get a 5+ single family home (some nice ones at Windsor island), or create a killer themed townhouse, you could get closer to $75k+ in annual revenue. 

I don't invest as heavily in what we call the "Lower Rio Grande Valley" (Brownsville/Harlingen/South Padre Island) as I do in the "Upper Rio Grande Valley" (McAllen/Edinburg/Mission/surrounding cities). 

@Reden Dionisio I have a rental in South Padre Island but be ready for taxes to increase every year.

There are also a lot of other bells an whistles, like loss of rents, which pays for your loss rental income in the event the house became uninhabitable for a time.

We are a local PM here in AMI and we manage exactly that, $1M+ SFH's right on the Island, so I can definitely share income data with you to help identify best cash flow areas.

While there are multiple drivers for increasing rents and prices, I will mention only five.Land shortageLas Vegas is an island of privately owned land surrounded by an ocean of federal land (87.5% of Clark County is federally owned; 85% of the entire state is federally owned).

Being a realtor on Long Island I can confidently say, money is defiantly being made in investments out here.

Our last turn over prior to this month was 2 units that caught fire almost 2 years ago and were uninhabitable.