Taxes (that were assessed twice of my purchase price) is currently at $400 per month.

I have friends in commercial real estate, but they are backed by dozens of rental houses.

Tax assessments (the amount you pay property taxes on) are generally only loosely connected to the real value of the property.

You may want to complete a capital needs assessment or at least get bids on the work that will need to be done.  

If you plan on doing some renovations & you know who the contractor will be, then more often than not they won't mind walking through the property & checking your electrical, & giving you an assessment on the plumbing, roof, siding, & structural items.

I wonder how this is handled with flood insurance risk assessment. 

Once you accumulate a few dozen rentals you will be running around like a chicken missing its head....Frank

The City has it assessed at less than $50k.

I've called a couple dozen other local lenders inquiring about their ability to finance manufactured or part site and part manufactured (on a permanent foundation, really nice homes), vacant land, and other situations without success regardless of value, LTV, rate, or term.  

And then lastly, Vegas just doesn't offer as high of returns or as many market benefits, and to me has more risk, than other markets around the US.Again, all just my own assessment and why I won't buy there.