My business partner and I are looking to invest in the Reno, Nevada area.
We are looking for at least a 3bed/2 bath single family home in the range of $325,000.
Does anyone know any good areas or zip codes we can run some numbers on?
Thank you in advance for your recommendations!
Josh, depends what you are looking for. Long term tenant or possible university rental, etc...Lived in Reno for several years, now in Tahoe, and there are many viable but very different neighborhoods in and around Reno.
@Josh Rodriguez , I have to agree with Michelle that it depends on your goal/what you’re looking for with your rental property. Different areas of town will serve different types of renters.
As always, it depends. Are you looking for a turn key unit at that price point or is that your purchase price with a full rehab needed? Median sold price for December was $450k for Reno/Sparks. SFR's in that price range are becoming increasingly harder to get.
Hey Josh, I've got a 3 SFRs in the Reno market that cashflow $700 - $1000 a month. The $325,000 price range is a bit low for that market but if you are ok with putting in some renovation work, it could be possible. If you are ok with buying something on the Sparks side (894236/89512), which is an adjoining municipality just East of Reno, I think you could find something that wouldn't take too much work. In Reno proper will be tough to find a property with decent ROI in that price range.
I have lived here and been investing here for the last 5 years. I would love to connect and share my contacts with you. I know a fantastic, investor focused realtor who invests out her herself who can put together some pro formas for you. Happy to connect and discuss the market.