Wyoming has few large apartment complexes outside Cheyenne and Casper, so the 5 to 8 unit building plays an outsized role in the rental market. Prices are moderate, taxes are low and the energy economy shapes rents in several towns.
In short: Yes. LendingStreet finances 5 to 8 unit rental buildings in Wyoming with DSCR loans that qualify on the building's rent, with no W-2s or tax returns and LLC borrowers standard. Loans start at $150,000 with no stated maximum, the standard minimum DSCR is 1.0x and the minimum credit score is 620, while maximum LTV on 5 to 8 units can be lower than on 1 to 4 units and varies by program. In Wyoming, low property taxes and no transfer tax help the numbers, while winter costs and rent swings in energy towns are the items to check.
Cheyenne has small buildings near downtown, the Capitol and F.E. Warren Air Force Base, many from the 1950s to 1980s. Casper has small complexes near downtown and in older neighborhoods. Laramie has them near the University of Wyoming.
Gillette, Rock Springs and Rawlins have buildings tied to coal, oil and gas, and rents there have moved with the energy economy. Jackson has very few buildings for sale, at very high prices.
| Area | Typical buildings | What to check |
|---|---|---|
| Cheyenne | Small complexes near downtown and base | Winter, roofs, military turnover |
| Casper, Gillette, Rock Springs | Energy-town buildings | Rent swings, occupancy history |
| Laramie | Student-oriented buildings | Lease cycles, summer vacancy |
The ratio is simple: total monthly rent from all units divided by the monthly payment, which includes principal, interest, property taxes, insurance and any HOA dues. On standard programs it has to reach 1.0x, and a higher ratio can improve terms. Sub-1.0 programs exist for buildings that fall a little short.
Appraisers on 5 to 8 unit buildings usually look at both comparable sales and the income the building produces, and they give an opinion of market rent for each unit. If the in-place rents are well below market, underwriting generally works from the leases you actually have, so a building with old below-market leases may size smaller than its potential suggests.
For our programs, 5 to 8 units is still residential, so the loan is underwritten like a larger version of a fourplex loan rather than a commercial apartment loan. The difference is that maximum LTV can be lower on 5 to 8 unit properties and on larger balances, and reserve requirements can be higher. Both vary by program.
| Term | What to expect |
|---|---|
| Property type | 5 to 8 unit residential rental |
| Loan amount | From $150,000, no stated maximum |
| Purchase LTV | Up to 80% on some programs; often lower on 5-8 units |
| Cash-out LTV | Up to 75%; varies by program |
| Minimum DSCR | 1.0x standard; sub-1.0 programs exist |
| Credit score | 620 minimum |
| Income documents | None; qualifies on rent |
| Borrower | LLC standard; sign for the loan personally |
Wyoming does not charge a real estate transfer tax, and it has no state income tax. Closing costs on a 5 to 8 unit purchase are mostly title, recording, appraisal and lender costs.
Property taxes in Wyoming are low compared with most states, because mineral production pays a large share. Residential property is assessed at a fraction of market value, and the state has adopted some relief in recent years. Use the county assessor's figures.
Wyoming's high winds and heavy snow are hard on roofs, siding and windows. Insurers look at roof age and claim history, and hail is common in the southeast. Get a quote early.
Winters are long and cold, and many older buildings have owner-paid heat. Freeze protection for vacant units matters. Ask for a year of utility bills.
This example is illustrative and not a quote. An investor buys a Cheyenne six-unit building for $780,000. Each unit rents for about $1,100 a month, so gross rent is $6,600. Property taxes are budgeted at $375 a month and insurance at $350. The owner also pays about $400 a month in utilities and common-area costs, which affect cash flow but are not part of the DSCR payment.
At 75% LTV the loan is $585,000. On 30-year amortization, principal and interest is about $4,090, so the payment with taxes and insurance is about $4,815 and the DSCR is about 1.37x.
That clears the 1.0x standard minimum. After the owner-paid costs, about $1,385 a month is left before vacancy, repairs and management, which is why a realistic expense budget matters as much as the ratio.
| Item | 75% LTV |
|---|---|
| Purchase price | $780,000 |
| Gross monthly rent | $6,600 |
| Loan amount | $585,000 |
| Principal and interest | $4,090 |
| Property taxes | $375 |
| Insurance | $350 |
| Monthly payment (PITI) | $4,815 |
| DSCR | About 1.37x |
Wyoming's landlord-tenant statutes are short and set basic rules for deposits and notices. The state does not have local rent control.
Laramie buildings rent on academic-year leases. Jackson and Teton County regulate short-term rentals tightly. Most 5 to 8 unit buildings are underwritten on 12-month leases.
In Gillette, Casper and Rock Springs, rents rose and fell with energy prices and mine and field activity. Underwriting looks at current leases and market rent, but it helps to show a full year or more of occupancy.
Cheyenne and Laramie have steadier demand from state government, the base and the university, and many buildings there clear the ratio at standard leverage.
A complete package gets a faster, clearer answer on a 5 to 8 unit building.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, rent roll and the loan amount you want. The team will run the ratio on realistic taxes and insurance, check it at a few loan amounts and come back with options, including sub-1.0 DSCR programs where they fit. Use the form below or call (877) 298-1001.
Buildings with nine or more units are commercial; for those, see our multifamily page.
No. Wyoming does not charge a real estate transfer tax.
Mineral production pays a large share of local taxes, and residential property is assessed at a fraction of value.
It can be if rents have swung. Expect a close look at leases and occupancy.
Teton County and Jackson regulate STRs tightly. Check local rules first.
On our programs, 1 to 8 units is residential, so 5, 6, 7 and 8 unit buildings qualify for a DSCR loan on rent. Nine or more units moves to commercial financing.
Purchase loans go up to 80% LTV on some programs, but 5 to 8 unit buildings and larger balances often get less. Plan for 20% to 30% down plus reserves, depending on the program and the ratio.
No. The loan qualifies on the building's rent. You need a 620 or higher credit score, reserves and entity documents if you buy in an LLC.
Vacant units can often be counted at a market rent the appraiser supports, but some programs want a minimum number of units leased. It varies by program, so tell us about vacancies up front.
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