Reno's best flips are usually not the old Victorians downtown. They are 1960s through 1980s ranches and split-levels in Sparks, northeast Reno and the North Valleys, where buyers who have moved in from California or for jobs at the industrial parks want an updated home without a new-construction price.
In short: LendingStreet makes fix and flip loans on 1-8 unit investment properties in Reno, Sparks and Washoe County from $150,000 to $5M+. Programs go up to 90% of total cost and up to 100% of rehab on some programs, with interest-only short terms and closings in as little as 10 days. You exit by sale or by refinancing into a DSCR loan.
Dated ranches with original kitchens, popcorn ceilings and tired landscaping are the core of the Reno flip market. Buyers here care about the same things everywhere, kitchens, baths and flooring, but a few local items carry extra weight: efficient cooling for hot summers, water-wise landscaping instead of thirsty lawns, garages for winter, and roofs and siding that look fire-conscious in foothill neighborhoods.
Sparks, northeast Reno near Wedekind Road, Sun Valley and the older parts of the North Valleys tend to offer the best spreads between purchase price and resale. Older Reno near Midtown can work too, but prices there already reflect the area's popularity.
Speed matters on the buy side. Well-priced fixer homes in Sparks and northeast Reno draw cash buyers and other investors quickly, and an offer that can close in two weeks with fewer contingencies often wins over a slightly higher one that depends on long-term financing.
A fix and flip loan is sized on loan-to-cost, meaning purchase price plus rehab budget. On some programs we fund up to 90% of total cost and up to 100% of the rehab budget, released in draws after inspections. The after-repair value from the appraisal also limits the loan, so your scope and comparable sales must support the resale price.
Payments are interest-only on the amount drawn. Investors with several completed projects usually get closer to program maximums than first-time flippers, who may need more cash in the deal or a contractor with a documented track record.
This example is illustrative and not a quote. An investor buys a 1970s three-bedroom ranch in Sparks for $395,000 and budgets $78,000 for a new kitchen, two baths, flooring, paint, a new evaporative cooler replaced with central air, and drought-tolerant front landscaping. Total cost is $473,000 and the ARV is $565,000.
The loan covers 85% of the purchase ($335,750) plus the full rehab, for $413,750, or about 87% of cost. The investor brings about $59,250 plus closing costs. Fully drawn, estimated interest-only payments are about $3,620 a month, or about $18,102 over a 5-month project.
Notice how much the holding period affects the result. Each extra month adds interest, utilities, insurance and taxes, so a project that slips from five months to eight gives up a real share of the profit. A tight schedule and a contractor who shows up are worth paying for.
| Item | Amount |
|---|---|
| Purchase plus rehab | $473,000 |
| Loan amount | $413,750 |
| Cash from investor (before closing costs) | $59,250 |
| Estimated interest, 5 months (fully drawn) | $18,102 |
| Taxes, insurance, utilities (5 months) | $2,250 |
| Selling costs at about 7% of ARV | $39,550 |
| Estimated profit before closing costs | $32,098 |
Reno houses have their own list of common surprises.
Set aside a contingency of 10% to 15% of the rehab budget. It often goes unused on a straightforward cosmetic job, but a sewer lateral or a foundation crack found after demolition can consume it quickly.
Reno, Sparks and unincorporated Washoe County each run their own building departments. Electrical, plumbing, mechanical and structural work need permits, and replacing an evaporative cooler with a ducted air conditioning system usually needs a mechanical permit. Some foothill areas have wildfire building standards for roofing and vents. Pull permits before your first draw request so inspections line up with your schedule.
Reno winters are cold but generally workable for interior rehab, and snow is usually brief on the valley floor, though not in Verdi or the higher foothills. Listings tend to move best from spring through early fall. Plan exterior work, roofing and landscaping for warmer months, and aim to list in spring if your timeline allows.
Appraisers compare your finished house with recent sales of renovated homes nearby. In Sparks and the North Valleys, the comparable pool often includes newer construction, which can make an older house look weaker unless its finishes and systems truly compete. Pull three to five recent sales of updated homes within a mile, with notes on square footage and condition, and share them with your loan request.
Most single-family flips in Reno sell, because newer houses rarely produce enough rent to carry a long-term loan at high leverage. Duplexes and fourplexes are different. A renovated small multi-family building in older Reno can often be leased and refinanced into a 30-year DSCR loan that qualifies on rent, returning part of your cash while you keep the asset.
Decide the exit before you finalize the scope, because finishes for a rental and finishes for a resale buyer are not the same. A rental can use tougher, simpler materials; a house meant for a buyer relocating from the Bay Area usually needs more polish.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, scope of work, budget and ARV comps through the form below or call (877) 298-1001. For statewide details, see our Nevada fix and flip page.
Include photos of the current condition if you have them.
Up to 90% of total cost and up to 100% of rehab on some programs, limited by the after-repair value and your experience.
In as little as 10 days with a complete file, clear title and a scheduled valuation.
Yes. Flip loans are short-term and interest-only on the amount drawn.
You complete a stage of work, request a draw, an inspector confirms progress and funds are released for completed items.
Yes. We lend on 1-8 unit investor rehabs throughout Washoe County.
Yes, though leverage may be lower and a contractor with a track record helps.
It can affect insurance cost during the project and buyer interest at sale. Get an insurance quote early on foothill properties.
Yes. Once finished and leased, you can refinance into a DSCR loan qualified on rent.
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