Casper's housing stock is full of solid 1950s through 1970s homes: ranches, bi-levels and split-levels with good bones and dated everything else. Buying them right and finishing them well works in any year, but in Casper the timing of your sale matters as much as the scope of work.
In short: LendingStreet funds fix and flip loans for 1-8 unit investor rehabs in Casper and the surrounding towns, from $150,000 to $5M+. Some programs cover up to 90% of total cost and up to 100% of the rehab budget, loans can close in as little as 10 days, and payments are interest-only over a short term. You exit by selling the home or refinancing into a DSCR loan if you decide to rent it.
Most Casper flips are single-family homes from the postwar decades, found in central Casper, along the CY Avenue corridor, in parts of Paradise Valley and in Mills and Evansville. Bi-level homes with a walkout or garden-level lower floor are common, and finishing the lower level is one of the best ways to add bedrooms and value.
Resale buyers include local families, medical and education workers, and energy workers buying during strong years. Many use FHA, VA or USDA financing, so the finished home has to pass those appraisal standards: working systems, safe stairs and railings, and no peeling paint on older homes.
Homes on the edges of Paradise Valley and in established parts of west Casper often resell faster than those in older central blocks, but they also cost more to buy. Match the scope to the neighborhood so the finished price fits what local buyers pay.
When oil and gas activity is strong, Casper resale demand rises and days on market drop. When activity slows, listings can sit and buyers negotiate harder. A flip planned on a four-month resale can take longer in a slow stretch.
Build in extra holding months, keep your ARV conservative and know your rental numbers in case you need to hold. A loan that fits both a sale and a DSCR refinance gives you options if the market turns while you are mid-project.
We look at total cost, meaning purchase plus rehab, and at the after-repair value the appraiser supports. Some programs fund up to 90% of cost and up to 100% of rehab. The purchase portion funds at closing and the rehab funds are released through draws after work is inspected.
Because Casper prices are moderate, check that your total loan clears the $150,000 minimum. Lower-priced homes with light rehab budgets may fall under it, while a fuller renovation or a small multi-unit project usually does not.
Payments are interest-only on the amount drawn, so your monthly cost rises as rehab funds are released. Budget for the full draw amount in the later months of the project.
This example is illustrative and not a quote. An investor buys a bi-level for $205,000 with a $60,000 budget for a new roof, kitchen, two baths and a finished lower level. The loan covers 85% of the purchase ($174,250) plus 100% of rehab, for $234,250, about 88% of cost.
Estimated interest-only payments at full draw are about $2,050 a month. The investor sells after five months at $320,000.
| Line | Amount |
|---|---|
| Purchase price | $205,000 |
| Rehab budget | $60,000 |
| Loan amount | $234,250 |
| Estimated interest, 5 months at full draw | $10,248 |
| Buy-side closing costs (assumed) | $7,500 |
| Selling costs, about 7% (assumed) | $22,400 |
| Sale price (ARV) | $320,000 |
| Cash needed for down payment and costs | $38,250 |
| Estimated profit before taxes | $14,852 |
Older Casper homes have a familiar list of issues. Budget for them before you make an offer.
Get contractor bids on the big items before you close. In a small market, good trades book up during busy energy years, which can stretch your timeline and your interest budget.
Building, electrical, plumbing and mechanical work inside city limits generally requires permits from the City of Casper. Mills, Evansville and Bar Nunn are separate towns with their own rules, and county properties go through Natrona County. Pull permits before work starts and close them out before listing.
Buyers' appraisers and inspectors notice unpermitted bedrooms and electrical work, and that can slow or kill a sale.
If resale slows, a finished three-bedroom home with a garage can often rent well in Casper. Refinancing into a DSCR loan replaces the short-term loan with a 30-year payment the rent can cover. Run that math before you buy so you know the property works both ways.
A finished home that rents for enough to clear a DSCR loan at 75% LTV gives you real flexibility if the resale market softens.
Wyoming does not require sale prices to be public, so appraisers rely on MLS data and their own files. For your ARV, ask your agent for closed sales of similar renovated homes in the same area and price range, and avoid using the highest sale as your target.
Older homes with lower-level bedrooms sometimes lack egress or permits; appraisers may count those rooms differently, which affects your ARV.
Send the purchase contract, scope of work and budget, your ARV comparables and a summary of past projects. Call (877) 298-1001 or use the form below, and our financing team will confirm leverage and a closing timeline.
In as little as 10 days once title, insurance and your documents are in place. Having your LLC documents, insurance and scope of work ready shortens the timeline.
Yes, $150,000. Very low-priced homes with small budgets may not reach it.
Some programs fund up to 100% of the rehab budget, released in draws after inspections, with total funding up to 90% of cost. Each draw is released after an inspector confirms the completed work.
Yes. Fix and flip loans use an appraisal that includes the after-repair value.
Yes. We lend across Natrona County, and each town has its own permit office. Mills, Evansville and Bar Nunn each have their own permit offices.
Experience helps leverage, but some programs work with first-time flippers who have a solid plan and contractor. A licensed contractor and a detailed budget help first-time flippers most.
Yes. Once the home is leased, a DSCR loan can pay off the flip loan. The rent must cover the new payment at the program minimum.
No. Every loan we make is a business-purpose loan on non-owner-occupied investment property; we do not finance a home the borrower lives in.
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