Seven Saturdays a year, every hotel room in Morgantown is gone. WVU home football, graduation and parents' weekends set the calendar for short-term rentals here, and the investors who do best plan for the other 300-plus nights too.
In short: LendingStreet finances short-term rentals in Morgantown, Cheat Lake and the surrounding Monongalia County area with DSCR loans that can qualify on projected short-term rental revenue on some programs, 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. Check city rental registration and zoning, register for hotel occupancy taxes, and test the deal against Morgantown's event-driven calendar before you buy.
The City of Morgantown regulates rental housing through its housing code, which generally requires rental units to be registered and inspected, and through zoning, which determines where different types of residential use are allowed. The city has also looked at how short-term rentals fit into those rules. Before you buy in South Park, Woodburn, Wiles Hill or Suncrest expecting nightly income, confirm with the city that short-term rental use is allowed at the address and what registration or inspections apply.
Areas outside city limits, including Cheat Lake, Westover, Star City and Granville, may follow county rules or their own municipal codes. HOAs in Cheat Lake subdivisions sometimes restrict rentals under 30 days. If a property cannot legally operate as a short-term rental, we can look at it as a long-term rental.
West Virginia University drives most short-term rental demand. Home football games at Milan Puskar Stadium, basketball at the Coliseum, move-in, family weekends and May commencement all fill the city. WVU Medicine's J.W. Ruby Memorial Hospital and the region's medical campus bring patients' families and traveling clinicians year-round, and federal research and energy employers in the region add business travel.
Summer brings visitors to Cheat Lake, Coopers Rock State Forest and the rail-trails along the Monongahela River. Winter outside of basketball season is the slowest stretch.
Cheat Lake, east of the city along Interstate 68, has lake homes and newer subdivisions that appeal to families visiting WVU and summer guests who want water access. Fairmont, about 20 minutes south, has Fairmont State University and lower prices. Farther afield, investors look at Preston County, the Canaan Valley and Davis area in Tucker County, and Deep Creek Lake across the state line in Maryland, each with its own permits and taxes.
Our West Virginia short-term rental page covers mountain and ski markets elsewhere in the state.
| Area | Main draw | What to check |
|---|---|---|
| Morgantown city (South Park, Woodburn, Suncrest) | WVU events, medical stays | City rental registration, zoning, inspections |
| Cheat Lake | Lake access, family visits | HOA covenants, county rules |
| Westover, Star City, Granville | Close to campus at lower prices | Each town's code and taxes |
| Fairmont | Fairmont State, lower prices | City rules, demand depth |
This example is illustrative and not a quote. An investor buys a four-bedroom home in the Cheat Lake area for $420,000, in a subdivision with no rental restrictions. A third-party projection estimates $46,000 a year in revenue, about $3,833 a month.
At 75% LTV the loan is $315,000, with estimated principal and interest of about $2,149. Property taxes are budgeted at $420 a month and insurance at $140. The total payment is about $2,709, so DSCR on the full projection is about 1.42x. At 80% of the projection, DSCR is about 1.13x.
| Item | Full projection | 80% of projection |
|---|---|---|
| Purchase price | $420,000 | $420,000 |
| Loan amount (75% LTV) | $315,000 | $315,000 |
| Estimated principal and interest | $2,149 | $2,149 |
| Property taxes | $420 | $420 |
| Insurance | $140 | $140 |
| Total monthly payment | $2,709 | $2,709 |
| Monthly revenue used | $3,833 | $3,067 |
| DSCR | 1.42x | 1.13x |
West Virginia assesses property at a 60% assessment ratio and taxes it by class. An owner's primary residence is Class II, which carries the lowest levy. Investment property is Class III if it sits outside a city or town, or Class IV if it sits inside municipal limits, and both carry higher levies than Class II, with Class IV the highest.
That makes the same house cost more to hold inside Morgantown city limits than just outside it. If the seller lived in the home, the current bill reflects Class II and will understate yours. Check the Monongalia County assessor's records and budget on the right class.
Short-term stays in West Virginia are generally subject to state sales tax and local hotel occupancy taxes set by cities and counties. Booking platforms collect many of these taxes, but confirm what yours remits, and register for anything you must file directly, including on direct bookings.
On some programs, the loan can qualify on a third-party revenue projection instead of a long-term lease. The ratio compares projected monthly revenue to the full payment, including principal and interest, taxes, insurance and any HOA dues. Programs may adjust projected revenue.
Morgantown revenue is lumpy. A handful of football weekends can produce a large share of the year's income, and the schedule changes each season. Test the deal at lower revenue, and keep reserves for quiet months. Some owners pair nightly event bookings with furnished stays for visiting faculty, medical residents or traveling nurses to smooth the year, where local rules allow.
Morgantown is built on steep hills, and many homes near campus are older, with tight parking and long stairs. Guests notice. Guests in South Park and Woodburn pay attention to parking, and a driveway can lift nightly rates on game days. Winter brings snow and ice on steep streets, so plan for clearing and guest access.
Older houses may need updated wiring, smoke detectors and egress windows to meet rental code. Budget for those before listing.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price and your plan through the form below, or call (877) 298-1001, and the team will tell you how the file is likely to be read.
In many areas, subject to city zoning, rental registration and inspections, and any HOA rules. Confirm for the exact address before you buy.
A lot. Game weekends often bring the highest nightly rates of the year, but they are only a few weekends, so the rest of the calendar has to carry the property too.
On some programs, yes, using a third-party projection, as long as the property can legally operate as a short-term rental.
West Virginia taxes investment property inside municipalities as Class IV, which carries a higher levy than Class III property outside town limits.
Yes, as a non-owner-occupied investment property. Check HOA covenants and county rules first.
Generally yes. State sales tax and local hotel occupancy taxes usually apply. Confirm what your platform collects.
It can be financed as a long-term rental based on market rent, if the numbers work.
No. Our loans are business-purpose loans on non-owner-occupied investment property.
2-3 competing quotes from 30+ capital sources. No credit pull. No commitment.
By clicking, you provide express written consent to be contacted by LendingStreet (NMLS #1734316) via SMS, phone, or email, possibly using automated technology, regarding your loan inquiry. Reply STOP to opt out. Consent is not required to obtain services. See our Privacy Policy and Terms.