North Valleys is the umbrella name for the string of basins north of Peavine Peak: Lemmon Valley, Golden Valley, Stead, Panther Valley, Cold Springs and the ground between them. They share a feature that shapes basement work more than anything else here, which is that several of them are closed basins. Water that arrives has no river to leave by.
That is not a theoretical concern. The Swan Lake area of Lemmon Valley has mapped floodplain, and Washoe County has remapped it using more recent data than the 2009 maps it replaced. Roughly 154 residential properties sit within the 1% annual chance floodplain there, of which about 42 were newly added by the remapping and around 11 were removed. If you are anywhere near that basin, the flood zone for your specific parcel is the first thing to establish, before anyone talks about flooring.
Housing across the North Valleys is mixed. Stead grew up around the airfield that is now Reno Stead Airport, so there is mid-century stock beside much newer building. Cold Springs sits higher at about 5,059 feet and grew fast in the 2000s, so most of its housing is young and largely slab-on-grade. Where ground rises toward Peavine, drainage improves and daylight basements start to appear.
Permitting is genuinely split here. Some North Valleys addresses fall inside Reno city limits and some are unincorporated Washoe County, and the line does not follow what the postal address suggests.