I have a good friend in Sparks.MichaelYes, I have two rentals in Northwest Reno and live in Sparks.

That seems optimistic for a two story building.

Nowadays, code in NJ is something like an outlet on every wall and no more than 6' apart --- so a 13' wall requires two sets of outlets. 

Never stop looking at deals, I made lowball offers on two other homes off market before I got this one accepted.

Are two bedroom and one bathroom houses not very desirable/rentable?

It couldn't have been on the market for more than a day or two.

A home two blocks away sold for$340000 4 bed 2 bath.

., like Chris notes, there are a lots of things that can go wrong, but also things that could pay off.To stay very high level, the two biggest risks, or points of understanding: what is the developers capabilities and what is the market demand for this product?

I can agree 100% with these two:2.

I have two tenants that pay through etransfers (again seems to be a Canadian thing, but it is through the banks) and one who gives me postdated checks once a year so I have everything on the first of the month.