Walk the blocks between Marshall's campus and Ritter Park and you will see it: big early 1900s houses with two or three mailboxes and an outside stair. Huntington's 2-4 unit stock is mostly converted houses, with a smaller number of brick fourplexes, and both behave differently in an appraisal.
In short: LendingStreet finances Huntington 2-4 unit rentals with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers standard. Loans start at $150,000, purchases go up to 80% LTV, cash-out goes up to 75% LTV, the standard minimum DSCR is 1.0x and the minimum credit score is 620. Because many Huntington duplexes sell for under $200,000, the loan minimum is the first thing to check.
Most Huntington duplexes and triplexes started as large single-family homes. On the Southside, in Highlawn and near the Fifth Avenue corridor by Marshall, houses were split into upstairs and downstairs units decades ago. Purpose-built brick fourplexes and small apartment buildings are scattered through the West End, Westmoreland and parts of Barboursville.
Near campus, many units are rented to students by the bedroom or on academic-year leases. Farther out, tenants are more often hospital and service workers on 12-month leases.
| Type | Where you find it | What to check |
|---|---|---|
| Converted house, 2-3 units | Southside, Highlawn, near Marshall | Legal unit count; separate utilities; fire separation |
| Student-oriented duplex | Blocks closest to campus | Lease terms; summer vacancy |
| Brick fourplex | West End, Westmoreland, Barboursville | Roof, boiler or HVAC age; parking |
| Up-down duplex in a suburb | Kenova, Ceredo, Milton | Lower rents; flood zone near creeks |
Before you buy, confirm with the City of Huntington's planning and zoning office that the property's zoning allows the number of units it has, and that the conversion was permitted. A house that was split without approval may be valued by the appraiser as a single-family home, which lowers both the value and the rent used in the ratio.
Ask whether any city rental registration or inspection requirements apply. For buildings outside city limits, check with Cabell or Wayne County or the town.
This is the practical hurdle in Huntington. A duplex bought for $185,000 at 80% LTV produces a loan of $148,000, below our $150,000 minimum. A purchase of about $200,000 at 75% LTV reaches $150,000, right at the line.
Larger triplexes and fourplexes clear it more easily. If you own several smaller buildings, combining five or more into a blanket portfolio loan is another route. Run the loan amount first, before you spend money on inspections, so you know which structure the deal needs.
This example is illustrative and not a quote. An investor buys a four-unit converted house on the Southside for $265,000. The units rent for $3,300 a month combined.
At 75% LTV the loan is $198,750. Estimated principal and interest is about $1,383. Taxes are budgeted at $309 a month at the non-owner-occupied class and insurance at $210, for a total of about $1,902. DSCR is about 1.74x.
The ratio is strong because Huntington prices are low compared with rents. The bigger risks are older systems and vacancy, not the payment.
| Item | Amount |
|---|---|
| Purchase price | $265,000 |
| Loan at 75% LTV | $198,750 |
| Estimated principal and interest | $1,383 |
| Taxes | $309 |
| Insurance | $210 |
| Total monthly payment | $1,902 |
| Combined rent | $3,300 |
| DSCR | About 1.74x |
Student rentals can produce higher combined rent but come with turnover each year, more wear and a possible summer gap. Twelve-month tenants elsewhere in the city pay less per unit but stay longer. For a DSCR loan, signed leases and the appraiser's market rent estimate drive the number, so bring current leases for every unit.
If a building is partly vacant, the appraiser's market rent estimate is used for the empty units on most programs. Leases that start in August for the academic year are normal near campus, so time a purchase or refinance with that cycle in mind when you can.
West Virginia assesses property at a 60% assessment ratio, and rentals are taxed at higher levy rates than owner-occupied homes, with rentals inside cities generally in a higher class than rural ones. Confirm the class and current bill with the Cabell County Assessor.
West Virginia charges a real estate excise (transfer) tax on deeds at the state level, and counties can add their own. Ask your title company for an estimate.
Converted houses often have original framing, shared stairways and older electrical service. Insurers and appraisers look for working smoke detectors, safe exits and separate meters where units are separately rented. Some areas near the Ohio, Fourpole Creek and the Guyandotte River fall in flood zones; check the FEMA map.
Heating is another line to watch. Many older buildings share one boiler or furnace, and if the owner pays for heat, winter bills cut into what the building nets. Separately metered units with tenant-paid utilities are usually easier to underwrite and to manage.
Many Huntington owners bought small multifamily years ago with a local bank loan or seller financing that now has a balloon date coming up. A DSCR refinance can replace it with a 30-year loan qualified on the building's rent rather than your personal income. Rate-and-term goes up to 80% LTV on some programs, and cash-out up to 75% LTV, with seasoning that varies by program.
Investors who bought a tired converted house, renovated the units and raised rents often refinance once new leases are signed. Keep invoices and any permits; the appraiser will look at both the improvements and the new rents.
If several of your buildings are small enough that each loan would fall under $150,000, consider refinancing them together in a blanket portfolio loan once you have five or more properties.
A few Huntington buildings near campus have five to eight units. Those are still residential for our programs, with maximum LTV that can be lower and varies by program; see our Huntington 5-8 unit page. Nine or more units is commercial.
Send the address, price, unit count, leases and tax bill through the form below or call (877) 298-1001.
Yes, if the loan amount reaches the $150,000 minimum and the combined rent clears the program's DSCR minimum.
The loan may fall below $150,000. Larger buildings, or combining five or more properties in a blanket loan, are common solutions.
Only if the conversion is legal under city zoning. Otherwise it may be valued as a single-family home.
Yes. Student leases count as rent, though turnover and summer gaps should be part of your plan.
On most programs, the appraiser's market rent estimate is used for vacant units.
Generally yes. Non-owner-occupied property in West Virginia is taxed at higher rates than owner-occupied homes.
No. Our investor loans are business-purpose loans on non-owner-occupied property.
Yes. Cash-out goes up to 75% LTV and rate-and-term up to 80% on some programs.
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