Cody is Yellowstone National Park’s original gateway town and one of the most authentically Western tourism destinations in America — a city founded by Buffalo Bill Cody himself in 1896, where the Buffalo Bill Center of the West (five world-class museums under one roof) draws over 200,000 visitors annually, where the Cody Nite Rodeo runs every single night from June through August (the only nightly professional rodeo in the country), where the Wapiti Valley corridor along the North Fork of the Shoshone River provides the most scenic approach to Yellowstone’s east entrance, and where acquisition prices are 50–70% below Jackson Hole while accessing the same 4.5-million-visitor Yellowstone demand pool — producing DSCR fundamentals that are dramatically more favorable than any other Yellowstone gateway market.
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As of Jul 30, 2026 · General Freddie Mac market benchmark, not a Lendmire loan offer. Rent, nightly rate, occupancy, taxes, and insurance are editable estimates. Short-term rental figures are estimates only and vary significantly by season, property type, management approach, and local short-term-rental rules — confirm local regulations before relying on them. Qualifying income for short-term rentals varies by program — some use appraisal market rent, others use documented STR history or projections — and is confirmed in underwriting. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
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 mortgage broker with access to the country’s top DSCR lenders. Explore our full DSCR investor loan programs in 41 markets.
Why Cody Is a Top DSCR Investment Market
- Yellowstone east entrance gateway — The east entrance via the Wapiti Valley is the most scenic approach to Yellowstone and one of the park’s busiest entrances, funneling hundreds of thousands of visitors through Cody annually
- Buffalo Bill Center of the West — Five museums (Plains Indian, Natural History, Western Art, Firearms, Buffalo Bill) under one roof make this the Smithsonian of the West, drawing 200,000+ visitors annually as a standalone destination
- Cody Nite Rodeo — every single night — The only nightly professional rodeo in America runs June through August, creating a unique nightly entertainment anchor that fills STR properties throughout the summer
- 50–70% below Jackson Hole prices — Cody delivers Yellowstone gateway STR income at acquisition prices that produce dramatically stronger DSCR ratios than Jackson Hole, West Yellowstone, or Gardiner
- Authentic Western heritage — Cody’s identity as Buffalo Bill’s town, the Irma Hotel (built by Buffalo Bill in 1902), Old Trail Town, and a working cattle ranch culture create a guest experience that Jackson Hole’s luxury resort atmosphere cannot replicate
- Wapiti Valley — The 50-mile corridor between Cody and Yellowstone’s east entrance follows the North Fork of the Shoshone through one of the most dramatic river canyons in Wyoming. Dude ranches, fishing lodges, and STR cabins line the corridor
- No state income tax — Wyoming’s zero state income tax maximizes net return on STR and LTR income
- Growing shoulder seasons — Fall wildlife viewing (elk rut, grizzly activity), spring bear emergence, and winter snowmobile access to Yellowstone are extending Cody’s traditional June–September peak season
Top Cody Submarkets for DSCR Investors
Downtown Cody — Sheridan Avenue and the Irma Hotel District
Downtown Cody’s Sheridan Avenue is the town’s main commercial corridor — anchored by the historic Irma Hotel (Buffalo Bill’s original hotel, still operating), Western shops, galleries, restaurants, and the nightly gunfight reenactment on the Irma porch. Properties within walking distance of Sheridan Avenue and the Cody Nite Rodeo in the $250K–$450K range command summer STR rates of $150–$400/night. The walkability to the rodeo, downtown shops, and the Irma creates a guest experience that drives strong repeat bookings. For investors using DSCR loans for Airbnb investments, downtown Cody delivers the best walk-to-everything STR value in any Yellowstone gateway.
Wapiti Valley — The Scenic Yellowstone Corridor
The Wapiti Valley stretches 50 miles west from Cody along Highway 14/16/20 to Yellowstone’s east entrance, following the North Fork of the Shoshone River through dramatic canyon scenery. This corridor is home to historic dude ranches, fishing lodges, and a growing inventory of STR cabins. Properties in the $300K–$700K range command summer STR rates of $180–$500/night. The river access (cutthroat trout fishing), horseback riding, and proximity to the park entrance create a quintessential Wyoming experience. Theodore Roosevelt called this corridor the most scenic 50 miles in America.
West Cody and Beck Lake Area
The west side of Cody along Highway 14/16/20 toward the Wapiti Valley offers residential properties with mountain views and proximity to both the Buffalo Bill Center of the West and the Yellowstone corridor. Properties in the $280K–$480K range command summer STR rates of $130–$350/night and year-round LTR rents of $1,300–$1,900/month. The dual STR/LTR optionality and proximity to Cody’s main attractions make west Cody a versatile investment zone.
South Fork and the Absaroka Range
The South Fork of the Shoshone River corridor runs south from Cody into the Absaroka Mountain Range — some of the most remote and dramatic wilderness in Wyoming. Guest ranches, hunting lodges, and backcountry cabins in the $350K–$800K range command STR rates of $200–$600/night from hunters (fall elk and deer seasons are major demand drivers), fly fishermen, and backcountry recreation visitors. The South Fork captures a high-net-worth outdoor adventure demographic distinct from the mainstream Yellowstone tourist.
Powell — Accessible Agricultural Hub
Powell sits 25 miles northeast of Cody in the Bighorn Basin — an agricultural community anchored by Northwest College and irrigated farming. Properties in the $180K–$300K range command LTR rents of $1,000–$1,500/month. Powell offers the most accessible entry point in the Cody area for investors seeking stable LTR cash flow independent of tourism seasonality. The rent-to-price ratios produce strong DSCR fundamentals.
Meeteetse — Small-Town Western Character
Meeteetse is a tiny ranching community 30 miles south of Cody with a historic Main Street, the Meeteetse Museums, and access to the Absaroka and Owl Creek ranges. Properties in the $200K–$400K range offer a niche STR market for guests seeking authentic small-town Western experiences — horseback riding, ranch stays, and wildlife viewing at prices and pace that Cody’s growing tourism infrastructure can’t replicate.
DSCR Loan Benefits for Cody Investors
Cody’s investor profile — Yellowstone gateway STR operators, Western heritage tourism investors, dude ranch and fishing lodge buyers, and value-oriented national park investors priced out of Jackson Hole — 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 Yellowstone investors, self-employed buyers, and ranch property operators qualify on property income alone
- LLC and entity ownership fully supported — essential for Cody investors managing STR cabins, dude ranch operations, and Wapiti Valley properties
- Short-term rental income accepted — critical for Yellowstone gateway, rodeo-district, and Wapiti Valley 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 41 markets 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, the guide “Refinance Out of Hard Money Loans”, and BRRRR strategy refinance
Why Cody Investors Choose Lendmire
- Multi-Lender Network Access — A downtown rodeo-district STR, a Wapiti Valley fishing cabin, a South Fork hunting lodge, a west Cody dual-strategy property, and a Powell LTR value play each get matched to the right lender
- Yellowstone Gateway & Western Tourism Expertise — Lendmire understands seasonal national park gateway income, rodeo and heritage tourism patterns, and dude ranch STR documentation
- No Income Documentation — Qualify on property rental income alone
- LLC and Entity Closing — Cody STR and ranch operators regularly close in LLCs
- 15-Day Closing Capability — Cody’s best Wapiti Valley and downtown properties sell fast during the spring buying window. Closings in as few as 15 days
Explore More DSCR Guides
Cody 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 in 41 markets.
Wyoming: Wyoming · Jackson Hole · Sheridan
Montana: Montana · Whitefish & Glacier · Big Sky & Yellowstone · Bozeman · Missoula
National Park Gateway: Gatlinburg & Pigeon Forge · Sevierville & Wears Valley · Olympic Peninsula
Colorado: Colorado · Denver · Colorado Springs
Core Resources: What Is a DSCR Loan? · DSCR vs Conventional · DSCR for Airbnb / STR · DSCR Loans in 41 markets · 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.
About Lendmire
Lendmire is a non-QM mortgage brokerage (NMLS# 2371349) arranging DSCR investor loans in 41 markets, including Washington, D.C. DSCR eligibility is generally reviewed around property-level rental income rather than personal income, subject to lender and program guidelines, making it a fit for self-employed investors and LLC-owned portfolios. Scotsman Guide named Lendmire a Top Mortgage Workplace in both 2025 and 2026.
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Informational only. Not a Loan Estimate, approval, or commitment to lend. Program availability and eligibility are subject to lender guidelines, credit approval, property review, and underwriting.
This article is part of Lendmire’s DSCR loan program — full qualification details, guidelines, and scenarios live on the program page.
Related reading: DSCR Loans Wyoming: Investor Financing for Jackson Hole, Yellowstone, Cody, and Real Estate Investors · DSCR Loans Jackson Hole: Investor Financing for Grand Teton, Teton Village, Yellowstone South Entrance & Real Estate Investors · DSCR Loans Sheridan: Investor Financing for Bighorn Mountains, Dude Ranches, Polo Season, Fly Fishing & Real Estate Investors
Guides: DSCR Loans in Cody, WY · DSCR Loans in Wyoming
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Disclosure information. Lendmire is a state-licensed mortgage brokerage under NMLS# 2371349. Lendmire is not a depository institution, direct lender, or financial advisor — all loans referenced are placed through wholesale lender partners and are subject to each lender's underwriting standards. This article is provided for general informational purposes and is not a commitment to lend, nor does it constitute financial, legal, or tax advice. Loan programs, terms, rates, and qualification standards change without notice and depend on borrower profile, property type, and the state in which the subject property is located. Equal Housing Opportunity provider. NMLS Consumer Access: nmlsconsumeraccess.org.