As a commercial real estate broker in a sub-sub market (Reno being a sub-market of the Bay Area, and Carson City being a sub-market of Reno), the majority of our firm's transactions are relatively "small," meaning under $5 million in volume, and a surprising number of these transactions are below $500,000. Sometimes investors purchase these smaller investments simply because that represents their price range. Often wealthier investors may reduce their risk by spreading their wealth amongst multiple small properties, and may additionally hedge their risk by spreading their investments amongst multiple markets, as well, in the hopes that if the …