Reno in 2008 is kind of like a dirty version of Las Vegas in 1960… tacky mid-20th-century casinos that have never quite got super outrageous and ridiculously overscaled, sprawling tracts of ranches, condos, and the like. This Reno ranch, built in 1960, is listed for $149,900. The foreclosee paid $251,000 for this house less than three years ago, at the height of the bubble (12/7/2005); Zillow.com now estimates that this REO property is worth $172,500.This house could be rented for about $1,000 per month, which would probably not cover the mortgage and other expenses of an investment property. However, it could be a decent place for an owner-occupant; as the population of Nevada will likely continue to grow in coming decades, property values will likely grow with it. The Reno/Tahoe area offers great recreation opportunities in both summer and winter, so the region is worth a look.
The basics...
Address: 1790 Castle Way, Reno, NV 89512
Current Listing Price: $149,900
PREVIOUS Sale Price: $251,000 (12/7/2005)
Size: 3 Bedrooms, 1 Bathroom; 973 square feet
Lot: .13 acres
http://www.realtor.com/realestate/reno-nv-89512-1099224247/
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