Las Vegas has been a value-add market through every cycle since 2008. The combination of a young metro, continuous population growth, and a meaningful inventory of 1980s-1990s product means there’s always something worth flipping somewhere in the valley. This post covers the math, the operating system, and the neighborhoods most worth scouting.

The ARV equation

After-Repair Value times 0.70, minus repair costs, equals the maximum offer. The 0.70 factor covers acquisition (5-7%), holding costs (insurance, utilities, property tax, debt service for 3-9 months), resale costs (5-8%), and target margin. Adjust the factor up or down based on your specific cost of capital, expected hold time, and target margin. The single biggest novice mistake is overestimating ARV. Use weighted comps within 1/2 mile and 6 months, adjusted for plan match.

Vegas repair costs as of recent cycles

Directional, per project where applicable:

  • Full kitchen: $25K-$60K depending on cabinets and counters
  • Full primary bath: $12K-$25K
  • Secondary bath: $7K-$15K
  • LVP flooring throughout: $5-$10/sf
  • Interior paint: $3-$5/sf
  • Roof tile replacement: $15K-$35K depending on size
  • HVAC swap: $6K-$12K per unit
  • Pool resurface: $5K-$12K
  • Landscape refresh (front yard, modest): $3K-$8K

Budget 10-15% overage on every line. Your contractor network is your single most important asset.

Neighborhoods worth scouting

Eldorado (North LV) — older inventory in the $250K-$350K range with renovation upside. Older Spring Valley (Southwest LV) — under $400K entries with renovation paths. Selected Henderson 1990s-era streets with paint/floor/kitchen-only updates. For larger value-add plays, Mesquite and Pahrump offer different cap rate math (lower entry, smaller buyer pool on exit). Laughlin manufactured-home product trades at substantial cap rates for the right operator.

The sell-side play

When the flip is done and you’re ready to list, the typical Vegas seasonality matters — May-August moves fastest, December-February slowest. For flipped properties with any remaining buyer-side concerns (unusual layouts, lingering deferred items, atypical comps), Ian deploys the 2-Week Cash-Only Listing Strategy from the Seller’s Guide.

Full investor walk-through in the Investor & Fixer-Upper Guide. Call or text Ian at (702) 608-1292 to run the numbers on a specific deal.