"Vegas prices have been going up year after year since the end of 2011.
2012-2013 we saw huge appreciate around 30% annually.
2014 and 2015 we have seen a slow down in appreciation although we are still appreciating just not at the scary rate of 30%.
Rental rates have not changed very much over those years so with the cost of purchasing being so much higher and rental rates not changing much the CAP rates of 12% etc are VERY hard to find now. If you are ok with 6-8% you can still find that.
Flipping is not bad or impossible it is just hard to find deals that have enough meat on the bone to still turn a profit after covering all expenses. In most cases if you are looking to flip you will want to find off market deals. The MLS properties tend to sell for just under appraisal value leaving you very little room to turn a profit after the closing costs, commissions, and rehab costs.
I hope this is helpful."