Cheyenne rentals lean on a steady base of tenants: airmen and families from F.E. Warren Air Force Base, state employees in the capital, and people who work in Northern Colorado but pay Wyoming rents. A DSCR loan lets you buy or refinance those rentals on the property's income.
In short: LendingStreet offers DSCR loans on 1-8 unit rentals in Cheyenne and the rest of Laramie County, qualified on the property's rent instead of your W-2s or tax returns. Loans start at $150,000 with no stated maximum, purchases go up to 80% LTV and cash-out up to 75% LTV, with a 620 minimum credit score and LLC borrowers welcome. The standard minimum DSCR is 1.0x, and in Cheyenne the insurance quote is usually the number to pin down first.
Three groups carry most of the long-term rental demand. F.E. Warren Air Force Base brings military households who move on regular orders and often rent for two to three years. State government, the county, the railroad and the newer data center campuses east and south of town add steady civilian employment. And some households work in Fort Collins or Loveland, about 45 minutes south on I-25, and rent in Cheyenne.
That mix favors three- and four-bedroom homes with garages, duplexes close to the base and major roads, and newer townhomes on the east side. Lease-up timing around military transfer season is worth building into your plan.
Older brick bungalows and two-story homes fill the blocks around downtown, the Rainsford Historic District and Holliday Park. Postwar and 1960s-70s ranches and split-levels make up Sun Valley, much of south Cheyenne and the Fox Farm area. Western Hills and areas near the base have mid-century homes with basements. East Cheyenne along Dell Range Boulevard, Saddle Ridge and Buffalo Ridge hold newer subdivisions and townhomes.
North of town, the Ranchettes are county acreage lots, often on wells and septic, which changes the appraisal and insurance questions.
DSCR is the monthly rent divided by the full monthly payment: principal, interest, property taxes, insurance and any HOA dues. A 1.0x ratio means the rent covers the payment exactly. We use a signed lease or an appraiser's market rent estimate, whichever the program allows, and a property that falls a little short may still fit a sub-1.0 program.
Because Wyoming property taxes are moderate, the tax line rarely sinks a Cheyenne file. Insurance and the purchase price usually decide whether 75% or 80% leverage works.
This example is illustrative and not a quote. An investor buys a three-bedroom ranch with a finished basement for $365,000 and leases it for $2,325 a month. At 75% LTV the loan is $273,750. Estimated principal and interest on a 30-year term is about $1,891, and the taxes and insurance shown are assumptions.
The total payment is about $2,256, so the DSCR is about 1.03x, above the 1.0x standard minimum. At 80% LTV the payment rises and the ratio gets thinner, which is why many Cheyenne buyers settle at 75%.
| Item | Amount |
|---|---|
| Purchase price | $365,000 |
| Loan amount (75% LTV) | $273,750 |
| Estimated principal and interest (30-year) | $1,891 |
| Property taxes (monthly, assumed) | $195 |
| Insurance (monthly, assumed) | $170 |
| Total monthly payment | $2,256 |
| Monthly rent used | $2,325 |
| DSCR | 1.03x |
Cheyenne is one of the windiest cities in the country and sits in a hail-prone stretch of the Front Range. Roofs, siding and fences take a beating, and carriers price that in, often with separate wind and hail deductibles.
Get a quote early, ask about roof age and the deductible structure, and use that number in your ratio rather than an average.
Wyoming has no state income tax and no real estate transfer tax. Residential property is valued using a 9.5% assessment ratio, and the local mill levy is applied to that assessed value. Recent legislative changes to property tax relief are aimed mainly at owner-occupied homes, so budget an investment property without those exemptions and confirm with the Laramie County Assessor.
Wyoming is a non-disclosure state, so sale prices are not always public. Appraisers rely on MLS data and their own files, and you should expect them to dig for comparables on unusual properties.
Cheyenne Frontier Days fills the city every July, and some investors chase that week. Year-round nightly demand is thinner than in Wyoming's mountain resort towns, so most Cheyenne rentals are underwritten on 12-month leases. Furnished mid-term stays for traveling nurses and military families between houses are another option.
If you plan nightly rentals, check City of Cheyenne or Laramie County licensing, zoning and lodging tax rules first. Some programs can use projected short-term revenue; see our STR page.
Send the address, purchase price or current payoff, rent or lease, and your target leverage. Useful extras:
Our financing team runs the ratio at a few loan amounts and comes back with options, including 30-year terms and sub-1.0 programs where they fit. Call (877) 298-1001 or use the form below. For statewide guidance, see our Wyoming DSCR page.
Yes. A signed lease to a service member counts like any other lease. Many include a military clause that allows early termination on orders, so lenders still look at market rent to confirm the number holds.
Often, yes, if the home is a standard rental and the acreage is within program limits, which vary. Wells and septic should be in working order, and the appraiser needs comparable sales. Lot size and outbuildings like shops or barns can affect how the property is valued, so share those details up front.
The minimum is 620. Stronger scores and more equity usually improve terms.
DSCR loans start at $150,000 with no stated maximum. Purchases go up to 80% LTV and cash-out up to 75% LTV, subject to the rent covering the payment.
Only if it is a legal unit under city zoning and the appraiser treats it as one. Otherwise the property is valued and rented as a single-family home. Unpermitted basement units are common in older Cheyenne homes, so check before you count that rent.
Yes. LLC borrowers are standard, and members sign for the loan personally.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so a home you or your family will live in does not qualify.
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