KP11, Home Buyer in Nevada

Investment property in Reno

Asked by KP11, Nevada Wed Jul 31, 2013

Does anyone have experience in the Smithridge condos as investments? I see there are several available wuth different HOA. Are these condos easy to rent? If so what price per month? Any know defects,litigation or financial issues? Are there better or newer investment property near the casinos? I have been using HOMEFACTs to rate the area. Looking for newer homes 1985 as well with HOA under $165. Also are condos on E Ninth Street Reno, NV 89502 and Delucchi Lane Reno, NV 89502 a good rental area for ROI and vacancy factors? Any HOA restrictions with tenants?

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Dear KP11,
We're a retired couple and live in one of the 3-bd Smithridge townhouses (townhouses have a private yard, but condo's do not???). We also have another unit a few doors down that I picked up for a song from the bank a few years back, refurbished it and now lease out for a little extra tee money. It wasn't always so, but right now there is good demand for these units as the renter gets a lot of space (1220 sq ft) and parking for their rental dollar ($750-$800). The stairs definitely help to keep you in shape, not sure if that is good or bad. Trulia, CL (or "zee" other real estate website) will tell you current rental rates, they vary depending on condition of unit. The $150 HOA dues can seem a little steep - but on last check, street sealant, siding, roofing and lush landscaping is still not free. Crime has gone down dramatically since we installed the iron fencing between the walkways (no cross traffic), and the mature landscaping is beautiful.
In the end though, I would agree with the RE experts here and ask you to please consider the Delucchi units over the Smithridge units for your rental needs.
Regards,
Old Parnell
0 votes Thank Flag Link Fri Aug 2, 2013
Do you have any information on the WildCreek garden condos? Near Clear Acre Lane? Trulia price vary steeply from $25k to $45k. Any know issues with HOA & solvency and crime>?
Flag Tue Aug 6, 2013
No they are not. I am not a real estate agent but I own a condo across the street and its difficult renting on and by Neil road everyone seems to think its ghetto
0 votes Thank Flag Link Wed Jul 31, 2013
My opinion of Smithridge is very lukewarm. Almost all the units are electric heat- very expensive in the winter around here, and we've had trouble renting because of that. Also, ALL units are 2 story, with the bedrooms upstairs. That also limits the appeal. I think the HOA there is a bit high. So, not my #1 pick.

E 9th st. is not a terrific location.

Delucchi is my recommendation. Sold and manage many many units there- all single level, some with fireplaces. Good location, nice units, no downside. About $750 for a nice unit, $650 for not so nice. Easy to rent.

No HOA restrictions, most of the units are investments.

Only new units are downtown. HOA fees there tend to be really really high.

Feel free to contact me with regards to investing and managing properties in Reno/Sparks. It's what we do.
0 votes Thank Flag Link Wed Jul 31, 2013
One more question. Are the high-rises worth the ROI. I see the Montage selling for low price but rents claim $1500 month for 1 bedroom. HOA 285-300 .Is there a realistic rent range?
Flag Thu Aug 1, 2013
I am not a financial professional, but it is my opinion that Smithridge condos can be a good place to invest, pending of course, the purchase price. My experience is that they fly off the market when advertised. Two bedroom units go for 800-850 pretty easily. Check with the HOA management before investing.
clarkriel@gmail.com
0 votes Thank Flag Link Wed Jul 31, 2013
I will be listing a condo just north of the university, great for collage kids. It's very nice, with granite, and a garage. HOA is $125/month, and they are newer. If you would like more info please call me.
Shawn Kirby
775-830-2692
Thank you.
0 votes Thank Flag Link Wed Jul 31, 2013
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