looking to buy RE in reno area. 2 single family homes. Help and Advice needed !!

[Japnik Singh]

I am keen on acquiring two single-family homes that align with the following criteria. Looking to invest about 1 mil here:

Short-Term Rental Permissibility: The properties must allow for short-term rentals.

Rent-to-Value Ratio: While my immediate plan is to venture into short-term rentals, I foresee transitioning to long-term rentals, possibly within the next year. Therefore, a favorable rent-to-value ratio for long-term rentals is crucial. Which areas around reno do you guys think I should focus on? what do you think is typical rent to value ratio in reno sparks area. ( assume monthly rent/property price)

Building-to-Total Value Ratio: Ideally, the building value should comprise at least 70% of the total property value. A higher ratio is even more desirable. looking to get maximum deprecation for this year.

HOA Fees: I am open to properties with small homeowners association (HOA) fees, specifically, those less than $100ish per month.

New Construction : based on my research new houses and old houses are selling for pretty much the same price for similar config. I would obviously prefer new construction in that case.

Bedroom Count: A higher bedroom count is preferred. For instance, if a 4-bedroom property is priced at $500,000 and a 3-bedroom at $450,000, I would opt for the 4-bedroom. However, if a 4-bedroom is priced at $600,000 versus a 3-bedroom at $450,000, the latter would be more suitable. A marginal price difference would not be a deal-breaker.

Please let me know if you can help me out on this and also criticize the points I mentioned above.