The most annoying part about getting cabs in Vegas (or anywhere, for that matter) is the wait. If you're calling for a pickup from home it takes anywhere between 5 minutes and 55 minutes for them to show up in my experience. And I'm told they often take more than 55 minutes if you call at really peak times or from incompletely classy neighborhoods. On the return trip, if you pick a busy weekend evening, or want to leave just as a big show is ending, the cab line will be an hour long. So cabs are ok for a now-and-then sorta trip. Not so good for daily use...I'd go nuts waiting for cabs daily.
Bus 201 looks to run about every 15 minutes during the day and 30 minutes at night (Google suggests the condo is at Rainbow/Tropicana--
http://www.rtcsouthernnevada.com/cat/routes/201/ ). You'll be among normal working stiffs, few of whom are going to try to slit your throat and take your roll while you're on the bus. At the same time, sitting alone at a bus stop for 20 minutes at 2am might not be a keen idea in that neighborhood (or any neighborhood served by the bus, for that matter). But if you normally leave during busy hours and return late, you will only have to loiter at night at the Strip stop which should be fairly busy so your window of vulnerability will be short.
After you settle into a routine, let us know what you end up doing. "How do I get around Vegas without a car" is something of an FAQ.
Still... neither of these options sounds good to me AT ALL.