Fred gave you an excellent answer, however if your looking for an investment property that will pencil out . Check out this condo http://realestate.yahoo.com/Nevada/Reno/175-e-grove-st:a54c7
Good luck on your search,
The property is currently listed for $500,700. The $306,353 in RealtyTrac is actually what the bank bought it back for in forclosure. The price is for both units. Here is a link to the MLS listing.
A showing can be set up anytime.
I hope this helps,