Exploring the Reno market & looking to connect
Hi everyone
I'm Nick - reasonably new to the game with 1 deal in Arkansas. I'm looking to relocate to Reno in the next few months and do a house hack. I've carved out some time to do some 'boots on the ground' exploring in the first week of October.
I'm very keen to connect with others who are active in the Reno market and may have looked at multi-family properties in the last ~12 months and discuss pros and cons and help me dial in my numbers. I'm also trying to wrap my head around which way the path of progress is heading and had a few questions.
Anyone up for a coffee? Either in person or virtual?
A few of the questions I have right now are:
1. Midtown looks like its booming, and pushing east towards S Wells Ave, and south towards Plumb Ln? Do I have this right? Is there a line in either direction that people generally don't want to go beyond?
2. North of 80 seems near the university to have a lot less multi-family, is it all students splitting SFHs?
3. Ballpark rents for a 1/1 look to be about $1000-$1200, or a 2/1 maybe $1200-$1400. There seems to be a pretty big gap between property prices and rental rates (very few properties get close to the 1% rule) which I guess means that either rents need to catch up a bit or values have appreciated due to a lack of supply. Bit of both or are there other forces at play?
Cheers!