It's located downtown in the City of Las Vegas (which MIGHT be able to be made into a vacation rental, more research is required).

I lived in AZ for a number of years and know that market very well, and its market is also promising, especially in the location i am looking at.

Where are you located

The best and most accurate way is to have a realtor pull comps for you.The next best way is to look up recent sales on Realtor.com, Redfin, Zillow, etc.Make sure you look for properties that are similar in size, condition, location ,etc.You want the properties you're using as comps to be as similar to your property as possible.The best comps to use will be the CLOSED sales within the past 12 months.

The house is in a great location,   and it can be lived in as is, although it needs a ton of work.

Where are you located?

Buy properties and in locations where the risk of not being able to pay the mortgage for extended periods is zero regardless of market conditions.Stress test your deal analysis for worst case scenarios.

I am very interested in the property and it's in a GREAT location.

Would you happen to know the details of the location and date would you? 

I would locate interested sellers who have >40% equity in their SFH and do not have a contract with a RE professional to sell their house.