A lot of Morgantown's 2-4 unit housing was never built as apartments. It started as large family homes on steep streets near campus, later split into units for WVU students. Those conversions are the core of the market, and they come with their own checklist.
In short: LendingStreet finances Morgantown duplexes, triplexes and fourplexes with DSCR loans that qualify on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed. Loans start at $150,000, purchases go up to 80% LTV and the standard minimum DSCR is 1.0x. Verify that every unit is registered and legal, budget West Virginia Class IV taxes inside city limits, and check how student leases will be read.
Converted houses dominate near the downtown campus. Sunnyside, South Park, Woodburn, Greenmont and First Ward have early 20th century homes split into two to four units, many on steep lots with stairs, retaining walls and limited parking. Wiles Hill and Suncrest near Evansdale have a mix of conversions and purpose-built duplexes.
Newer side-by-side duplexes and fourplexes are found in Westover, Star City, Granville and along the corridors toward Cheat Lake. These tend to rent to medical workers, graduate students and young professionals rather than undergraduates.
| Area | Typical 2-4 unit stock | Main tenant base |
|---|---|---|
| Sunnyside, South Park, Woodburn | Converted early 1900s houses | Undergraduates, often per bedroom |
| Wiles Hill, Suncrest | Conversions and older duplexes | Students, staff, medical workers |
| Westover, Star City, Granville | Newer duplexes and fourplexes | Medical staff, graduate students, professionals |
| First Ward, Greenmont | Older homes and duplexes | Mixed student and workforce |
The City of Morgantown's housing code generally requires rental units to be registered and inspected, and inspectors look at occupancy limits, egress, smoke detection and wiring. Zoning determines how many units and unrelated occupants a building can have. Ask the seller for current registration, the most recent inspection and any permits for the conversion.
Rent from an unregistered or unpermitted unit may not count toward the loan, and an over-occupied building can create legal and insurance problems. Westover, Star City and Granville have their own codes.
This example is illustrative and not a quote. Investor A buys a Woodburn duplex for $250,000, with two units renting for $1,050 each to young professionals. Investor B buys a Sunnyside fourplex for $480,000, with four two-bedroom units leased to students at $1,300 per unit.
At 75% LTV the duplex loan is $187,500, with estimated principal and interest of about $1,279. With $325 in taxes and $150 for insurance, the payment is about $1,754 and DSCR is about 1.20x. The fourplex loan at 75% is $360,000, with estimated principal and interest of about $2,456. With $624 in taxes and $280 for insurance, the payment is about $3,360 and DSCR is about 1.55x.
| Item | Woodburn duplex | Sunnyside fourplex |
|---|---|---|
| Purchase price | $250,000 | $480,000 |
| Loan amount (75% LTV) | $187,500 | $360,000 |
| Estimated principal and interest | $1,279 | $2,456 |
| Taxes and insurance | $475 | $904 |
| Total monthly payment | $1,754 | $3,360 |
| Combined monthly rent | $2,100 | $5,200 |
| DSCR | 1.20x | 1.55x |
Many student units near campus lease by the bedroom, on a 12-month term that starts in late summer, with parents often co-signing. Bring the signed leases for every unit and bedroom. The loan is generally sized on leases in place or market rent, depending on the program and the situation.
If you buy in spring, check how many leases are signed for the coming year. A building that is fully pre-leased for fall is easier to finance than one with several empty units heading into August.
West Virginia assesses property at a 60% assessment ratio. Rental property inside Morgantown and the other municipalities is taxed as Class IV, the highest class, while rentals outside town limits are Class III. Both pay more than an owner-occupied home in Class II. If the seller lived in one unit, the current bill may reflect Class II, so budget on the correct class.
West Virginia also charges a deed transfer excise tax at the state and county level. Your closing attorney or title company can estimate it.
Converted houses near campus often need attention: knob-and-tube or older wiring, original plumbing, porches and stairs that take a beating from student tenants, and retaining walls on steep lots. Insurers ask about roofs, wiring and heating systems, and some older buildings carry higher premiums.
Parking is scarce in Sunnyside and South Park, and units with off-street parking lease faster and for more.
Heating is another line to check. Some converted houses still run one furnace or boiler for every unit, with the owner paying the gas bill. That cost is not part of the DSCR payment, but it affects real cash flow through a West Virginia winter.
Duplexes and fourplexes in Westover, Star City and Granville rent to nurses, technicians and staff at WVU Medicine, to graduate students and to workers commuting toward Fairmont and Bridgeport. Tenants here tend to stay longer, and turnover follows the job market rather than the school year, which can make cash flow steadier.
These buildings are often newer, with better parking and simpler layouts, so maintenance and insurance costs can be lower than on century-old conversions near campus. Rents per unit may be a little lower than what a student fourplex earns by the bedroom, but vacancies tend to be shorter and less tied to one month of the year.
Many investors hold both: a converted house near campus for its higher rent, and a newer duplex across the river for its steadier tenants.
Small buildings with 5 to 8 units near campus can be financed with a residential DSCR loan, though max LTV can be lower and varies by program. See our page on 5-8 unit DSCR loans in Morgantown. Investors with five or more rentals can also combine them in a blanket portfolio loan.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price and rent roll through the form below, or call (877) 298-1001.
Yes. The loan qualifies on the combined rent of all units, with no W-2s or tax returns and LLC borrowers allowed.
Yes. Bring signed leases for each bedroom or unit. The loan is generally sized on leases in place or market rent.
The city's housing code generally requires rental registration and inspections. Confirm status before you close.
If the seller lived in the building, the bill may reflect owner-occupied Class II. Rentals in town are Class IV.
Usually not. Rent from unregistered or unpermitted units may be excluded.
Yes. Cash-out goes up to 75% LTV, and the combined rent must still clear the program minimum.
The minimum credit score is 620.
Yes. We finance 2-4 unit rentals across Monongalia County and West Virginia. Each town has its own codes and tax rates.
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