Median home price in 2012: $137,000
Projected home price in 2015: $152,509
Projected annual rent in 2015: $11,366
Unlike most of the other cities on this list, Reno's market is more popular for investors looking to buy vacation -- rather than residential -- properties.
"Reno is much more of a second home market for people from Northern California," said Winzer.
As such, it tends to reflect the market trends of cities within an easy drive, including Sacramento, San Jose, and, especially San Francisco.
But while Reno's status as a major vacation destination can be attractive to investors, it can also be a risk.
"Vacation home markets tend to be volatile," said Winzer. The prices may track the trends of coastal markets but the swings can be much greater.
One saving grace for investors, however, is that home prices are much lower in Reno than they are in other major cities. At a median of $137,000, Reno homes sell for about a quarter the price of San Francisco real estate. And rents should bring in above average returns, about 2.5% percentage points higher than the nation as a whole.
NEXT: Tampa, Fla.
