Small multifamily in Cheyenne is mostly duplexes. You will find side-by-side and up-down units in South Cheyenne and around downtown, newer duplexes on the east side, and only a scattering of triplexes and fourplexes, which makes each one worth a careful look.
In short: LendingStreet finances Cheyenne 2-4 unit rentals with DSCR loans that qualify on the combined rent of all units, without W-2s or tax returns, and LLC borrowers are standard. Loans start at $150,000, purchases go up to 80% LTV and cash-out refinances up to 75% LTV, with a 1.0x standard minimum DSCR. In Cheyenne, confirming the legal unit count, the insurance quote and the tenant mix are the main early steps.
The older parts of town around downtown, the Avenues and the Rainsford Historic District have houses converted to two or more units and a few small brick multi-unit buildings. South Cheyenne has many modest side-by-side duplexes built in the post-war decades. Newer duplexes and paired homes have gone up on the east side, closer to the Dell Range retail corridor and newer schools.
| Area | Typical 2-4 unit property | Main renter pool |
|---|---|---|
| Downtown and the Avenues | Converted older homes, small brick buildings | Downtown and state government workers |
| Rainsford Historic District | Older homes split into units | Single professionals, couples |
| South Cheyenne | Side-by-side duplexes, some triplexes | Workforce households, railroad and industrial jobs |
| East Cheyenne | Newer duplexes and paired homes | Military families, newer residents |
| Near F.E. Warren | Duplexes and small buildings | Airmen and contractors |
Cheyenne's Unified Development Code sets which zones allow two-family and multi-unit buildings. Older conversions near downtown sometimes predate current rules, and a building advertised as a triplex may only be approved as a duplex. Ask for permits and certificates of occupancy, check the zoning on the city map and look for separate meters and entrances.
Underwriters generally count only legal units. A basement unit without permits or proper egress may not count toward the rent, and in a cold climate, safety items like egress windows and heating matter to both the appraiser and the insurer.
F.E. Warren Air Force Base supports steady rental demand, and many tenants receive a housing allowance. That can make well-located duplexes easy to lease, but military moves also mean more turnover. Many leases include military clauses that let tenants leave early with orders.
For DSCR purposes, we look at the current leases and the appraiser's market rent. Plan for turnover costs in your own budget, especially for units close to the base where moves cluster in summer.
Outside the base, Cheyenne Regional Medical Center, state and county government, the railroad and newer data center and energy employers add a broader tenant pool, which helps duplexes in South Cheyenne and the east side lease steadily between military moves.
This example is illustrative and not a quote. An investor buys a side-by-side duplex in South Cheyenne for $395,000. Each unit has two bedrooms and a single-car garage and rents for $1,450, for $2,900 a month combined.
At 80% LTV the loan is $316,000. Estimated principal and interest on a 30-year term is about $2,183. Taxes are budgeted at $220 and insurance at $195, for a total payment of about $2,598. DSCR is about 1.12x, above the 1.0x minimum.
| Item | Amount |
|---|---|
| Purchase price | $395,000 |
| Loan amount (80% LTV) | $316,000 |
| Combined rent | $2,900 |
| Estimated principal and interest | $2,183 |
| Taxes | $220 |
| Insurance | $195 |
| Total monthly payment | $2,598 |
| DSCR | About 1.12x |
Wyoming taxes residential property on a 9.5% assessment ratio, and Laramie County bills tend to be low compared with many states. Insurance is a different story. Hail is frequent in Cheyenne, and a policy on a duplex with an older roof can carry a high premium and a percentage wind and hail deductible. Ask for a quote early.
Many older duplexes share a water meter, and some have a single boiler. Owner-paid utilities reduce your net income even though they are not part of the DSCR payment, so make sure the rent you underwrite reflects who pays what.
Wyoming does not make sale prices public, so appraisers depend on MLS records and other data. With few triplexes and fourplexes trading in Cheyenne, the appraiser may need to use older sales or properties farther away. Recent rent comparables and a clean rent roll help support both value and market rent.
If you bought the building off-market or from a family owner, share the contract, any inspection report and photos of each unit. Those details help the appraiser compare condition fairly when the nearest sales are not perfect matches.
Buildings with 5 to 8 units are still residential for our DSCR programs, with maximum LTV that can be lower and a more detailed review, varying by program. Cheyenne has a limited number of them, mostly older buildings near downtown and newer small buildings on the east side. Our Cheyenne 5-8 unit page covers those. Nine or more units is commercial multifamily.
If you own several duplexes rather than one larger building, a blanket portfolio loan can combine five or more of them under one payment, qualified on the portfolio's combined cash flow.
Many Cheyenne owners bought duplexes years ago with conventional or bank financing and now want to pull out equity or move the property into an LLC. A DSCR cash-out refinance goes up to 75% LTV, with seasoning rules that vary by program, and qualifies on the combined rent rather than your personal income.
A rate-and-term refinance can also replace a balloon or adjustable loan with a 30-year term. Either way, current leases and a fresh insurance quote are the two items that most often change the final numbers.
Send the address, price, unit mix, rents and target leverage through the form below, or call (877) 298-1001. We will run the ratio on the legal units, check how the insurance quote affects it and tell you what the file needs, usually the purchase contract or mortgage statement, leases, a rent roll, the insurance quote and your LLC documents.
Yes. We qualify on the combined rent of both units with no W-2s or tax returns.
We use the lease rent and the appraiser's market rent. If a tenant pays with a housing allowance, the lease amount is what counts.
Unpermitted units generally do not count toward rent. Confirm the legal unit count before you rely on that income.
Up to 80% LTV on a purchase and 75% on a cash-out refinance, subject to the 1.0x standard minimum DSCR. Loans start at $150,000.
Generally no. Wyoming uses a 9.5% assessment ratio for residential property. Insurance is often the larger cost.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes. Five or more properties can go into a blanket portfolio loan.
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