Sheridan is one of the most authentically Western and increasingly sought-after small-city investment markets in Wyoming — a ranching town at the base of the Bighorn Mountains where a nationally recognized historic Main Street of Western shops, saddleries, and restaurants sits alongside one of the most unexpected cultural phenomena in the rural West: a thriving polo season that draws players and spectators from around the world every summer. The Bighorn Mountains provide a dramatic natural backdrop and a growing outdoor recreation economy — world-class fly fishing on the Tongue River and its tributaries, hiking and mountain biking in the Cloud Peak Wilderness, and downhill skiing at Antelope Butte — while the dude ranch heritage that made Sheridan County famous in the early 1900s is experiencing a modern revival as STR investors recognize the demand for authentic Western ranch experiences.
A DSCR loan qualifies based on the property’s rental income — not the borrower’s personal tax returns or W-2s. For a full breakdown, visit what is a DSCR loan. Lendmire is a nationwide mortgage broker with access to the country’s top DSCR lenders. Explore our full DSCR investor loan programs in 40 states for details.
Why Sheridan Is an Emerging DSCR Investment Market
- Bighorn Mountains gateway — The Bighorn National Forest and Cloud Peak Wilderness provide world-class hiking, fly fishing, horseback riding, mountain biking, and hunting directly accessible from Sheridan
- Historic Main Street — Sheridan’s Main Street is one of the best-preserved Western downtown corridors in America. King’s Saddlery (home of the King Rope), the Mint Bar, the Sheridan Inn (where Buffalo Bill auditioned acts for his Wild West Show), and a walkable strip of restaurants and shops create genuine Western character
- Polo season — The Big Horn Polo Club has hosted polo matches since 1898 and draws players and spectators from around the world every summer. Polo tournaments create a niche high-net-worth STR demand that is unique among Wyoming towns
- Dude ranch heritage and modern revival — Sheridan County is the birthplace of the American dude ranch. Historic ranches like the HF Bar, Eaton’s, and the TA Guest Ranch are operating today, and the demand for authentic Western ranch experiences is driving a new wave of STR investment in ranch-style properties
- Fly fishing — The Tongue River, Little Bighorn River, and Bighorn Mountain streams provide trophy trout fishing that draws a dedicated angler demographic willing to pay premium rates for river-access accommodations
- Most accessible prices in Wyoming — Sheridan’s acquisition prices are dramatically below Jackson Hole and Cody, producing DSCR ratios that work across virtually every property type at every price point
- No state income tax — Wyoming’s zero state income tax maximizes net return on STR and LTR income
- VA Medical Center and healthcare — The Sheridan VA Medical Center and Sheridan Memorial Hospital provide stable healthcare employment and a professional rental demand floor independent of tourism
Top Sheridan Submarkets for DSCR Investors
Historic Downtown Sheridan
Downtown Sheridan’s Main Street corridor is the cultural and commercial heart of the city. The Sheridan Inn, King’s Saddlery, the WYO Theater, the Mint Bar, and a growing restaurant and brewery scene (Black Tooth Brewing Company is one of the most acclaimed craft breweries in the Mountain West) create year-round visitor appeal. Properties in the $250K–$450K range command LTR rents of $1,300–$2,000/month or STR rates of $120–$300/night during polo season, rodeo weeks, and summer tourism. For investors using DSCR loans for Airbnb investments, downtown Sheridan delivers walkable Western charm at the most accessible prices of any Wyoming destination.
Big Horn — Polo and Equestrian Country
Big Horn is a small community south of Sheridan that is home to the Big Horn Polo Club, the Bradford Brinton Memorial & Museum, and some of the most prestigious ranch properties in Wyoming. The polo season (June–September) creates a niche ultra-high-net-worth STR demand for properties that can accommodate visiting players, spectators, and equestrian enthusiasts. Properties in the $350K–$800K range command STR rates of $200–$600/night during polo season. Big Horn’s equestrian identity attracts a guest demographic that is genuinely global in scope.
Bighorn Mountain Corridor — Highway 14 and Red Grade Road
The highways climbing into the Bighorn Mountains from Sheridan (Highway 14 to Burgess Junction and Red Grade Road to the high meadows) provide access to fishing streams, hiking trailheads, and Cloud Peak Wilderness. Cabins and mountain properties in the $200K–$500K range command STR rates of $130–$350/night from fly fishermen, hikers, hunters, and families seeking mountain cabin experiences. Fall hunting season (elk, deer, antelope) is a significant demand driver with premium nightly rates.
Tongue River Valley
The Tongue River flows north from the Bighorn Mountains through Sheridan County, providing one of the best trout fisheries in northern Wyoming. River-access properties in the $300K–$600K range command STR rates of $150–$400/night from fly fishing guests. The river corridor’s pastoral ranch landscape and mountain views create a premium STR product for anglers and nature tourists seeking authentic Western river experiences.
Dayton and Ranchester
Dayton and Ranchester are small communities south and west of Sheridan along the Tongue River at the base of the Bighorn Mountains. These towns offer the most accessible acquisition prices in the Sheridan area with direct mountain and river access. Properties in the $200K–$380K range command LTR rents of $1,100–$1,600/month or STR rates of $100–$250/night. For DSCR investors seeking Sheridan-area exposure at the lowest entry point with fly fishing and mountain access, Dayton and Ranchester deliver value.
Story — Mountain Village Character
Story is a tiny mountain community 15 miles south of Sheridan along Highway 87, nestled in the foothills of the Bighorn Mountains. The Story Fish Hatchery, Wagon Box Fight historic site, and proximity to both the mountains and Sheridan create a quiet village STR market. Properties in the $250K–$450K range command STR rates of $120–$300/night. Story’s small-town mountain character attracts guests seeking solitude and nature at a pace even slower than Sheridan.
Buffalo — I-90 Corridor and Bighorn South Access
Buffalo sits 35 miles south of Sheridan on I-90 at the junction of I-90 and Highway 16 (the route to the southern Bighorn Mountains and Ten Sleep Canyon). The Clear Creek Trail, historic Occidental Hotel, and Jim Gatchell Memorial Museum create a small-town Western tourism identity. Properties in the $200K–$350K range command LTR rents of $1,000–$1,500/month or STR rates of $100–$250/night. Buffalo’s I-90 position captures through-traffic between Yellowstone/Cody and the Black Hills/Mount Rushmore corridor.
DSCR Loan Benefits for Sheridan Investors
Sheridan’s investor profile — Western heritage STR operators, fly fishing property buyers, polo season investors, dude ranch revivalists, and Bighorn Mountain recreation property owners — is precisely where DSCR loans outperform conventional financing. For a full comparison, see DSCR vs conventional investment loan.
- No W-2s, tax returns, or personal income documentation required — out-of-state investors, ranch property buyers, self-employed professionals, and portfolio operators qualify on property income alone
- LLC and entity ownership fully supported — essential for Sheridan investors managing ranch STR properties, mountain cabins, and downtown rentals
- Short-term rental income accepted — critical for polo season, fly fishing, hunting season, and downtown STR operators. See DSCR loans for Airbnb investments
- No state income tax — Wyoming’s zero state income tax maximizes net return
- Closings in as few as 15 days — via DSCR loans in 40 states with 15-day closing
- Refinance options — DSCR refinance loans, cash-out refinance on investment property, and pulling equity from a rental property
- Hard money exit — refinancing hard money into DSCR, how to refinance out of hard money, and BRRRR strategy refinance
Why Sheridan Investors Choose Lendmire
Lendmire is a nationwide mortgage broker recognized as a 2026 Scotsman Guide Top Workplace — an honor that reflects the team culture, lender relationships, and operational discipline Western mountain investors rely on.
- Multi-Lender Network Access — A downtown Sheridan walkable STR, a Big Horn polo-season property, a Bighorn Mountain cabin, a Tongue River fly fishing retreat, and a Buffalo I-90 corridor rental each get matched to the right lender
- Western Heritage & Outdoor Recreation Expertise — Lendmire understands seasonal ranch tourism, polo, hunting season income patterns, and fly fishing STR documentation
- No Income Documentation — Qualify on property rental income alone
- LLC and Entity Closing — Sheridan ranch and STR operators regularly close in LLCs
- 15-Day Closing Capability — Sheridan’s best mountain and river properties sell fast. Closings in as few as 15 days
Explore More DSCR Guides
Sheridan investors building across Wyoming and nationally can explore Lendmire’s full library of DSCR guides. Through our broker network, you have access to DSCR investor loans nationwide across 40 states.
Wyoming: Wyoming · Jackson Hole · Cody
Montana: Montana · Whitefish & Glacier · Big Sky & Yellowstone · Bozeman · Missoula
Mountain & Western STR: Broken Bow & Hochatown · Gatlinburg & Pigeon Forge · Asheville · Lake Tahoe
Colorado: Colorado · Denver · Colorado Springs
Core Resources: What Is a DSCR Loan? · DSCR vs Conventional · DSCR for Airbnb / STR · DSCR Loans in 40 States · 15-Day Closing · DSCR Refinance Guide · Cash-Out Refi · Refinance Hard Money to DSCR
For informational purposes only. This is not a commitment to lend or extend credit. Information and/or dates are subject to change without notice. All loans are subject to credit approval.
Brandon Miller
Founder & CEO, Mortgage Loan Originator, Lendmire LLC
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Disclosures. The information presented in this article is general market commentary, not financial, legal, or tax advice. Lendmire is a mortgage brokerage (NMLS# 2371349) — not a direct lender or depository institution — and loan placement is subject to lender underwriting. Nothing in this content represents a commitment to lend. Loan terms, pricing, and program availability vary based on borrower qualifications, property characteristics, and state of subject property, and are subject to change at any time. Lendmire complies with Equal Housing Opportunity requirements. Consumer access: nmlsconsumeraccess.org.
