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.
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.