Cody Investment, Wyoming | $35K-$65K/yr STR, Verified Specialist

The specialist we match to your Cody search works the investment pipeline here actively — off-market deals, yield data, and the permit cycles that published reports miss entirely.

Market Intelligence

Cody sits at Yellowstone's East Gate on US-14/16/20, serving as the primary commercial hub and overnight stay for the 4–5 million annual Yellowstone visitors approaching from the east. That traffic funnel drives short-term rental demand for Park County properties at a level that most Wyoming markets cannot replicate — $35,000–$65,000/year in gross STR income on $350,000–$600,000 acquisitions. Wyoming's $0 state income tax means STR gross income is not reduced by the 4.4% Colorado rate or Montana's 6.75% rate that investors in competing gateway towns absorb. Park County's 58.0 mill levy keeps annual property taxes on a $450,000 Cody STR near $2,500–$3,000/yr, preserving cash flow margins that compressed dramatically in Bozeman and Jackson. Investors from Montana and Colorado who have been priced out of other Yellowstone-adjacent markets are discovering Cody's East Gate positioning at entry prices 40–60% below Jackson Hole comparables.

What You Need to Know

Tax Mechanics. Wyoming's $0 income tax is the headline figure for Cody STR investors, but the mechanism matters: a Cody STR generating $50,000/year in gross rental income saves approximately $3,375/yr versus a Montana investor (6.75% rate) and $2,200/yr versus a Colorado investor (4.4% rate). Park County's 58.0 mill levy applied to 9.5% residential assessed value produces approximately $1,972/yr in property tax on a $360,000 property — modest relative to the gross income potential. Wyoming also does not tax business income from rental LLCs, simplifying entity structure. The combined effect of zero state income tax, low property tax basis, and no franchise tax on holding entities means Cody STR investors retain materially more of gross income than comparable operators in Bozeman, Gardiner, or West Yellowstone. STR platforms collect Wyoming's 4% state lodging tax and applicable county tax automatically, reducing compliance burden for out-of-state operators.

Structural Friction. Cody's primary STR friction is a compressed five-month peak season running May through September, with Memorial Day to Labor Day generating 70–80% of annual STR revenue. Investors must underwrite aggressive off-season vacancy — November through March occupancy rates typically fall to 15–25% even with winter hunting and snowmobile traffic. Acquisition timelines in Park County run 22–30 business days, with Cody-area title companies (First Wyoming Title, Basin Title) processing closings efficiently in summer but occasionally slower in winter months. Park County does not currently have a STR permitting ordinance, but municipal Cody city limits may require a home occupation permit — investors should verify zoning compliance before acquisition. Property management for Cody STRs runs 20–30% of gross revenue for full-service management including platform optimization, cleaning coordination, and maintenance dispatch.

Timing. Q1 acquisition (January–March) is the strategic window for Cody STR investors: sellers who did not achieve peak-season occupancy targets list in winter, and pre-Memorial Day closing allows a full first season of STR revenue to establish pricing history. Properties acquired in Q2 or Q3 during peak season typically carry inflated asking prices as sellers point to in-season bookings as valuation support. The annual Cody Stampede rodeo (July 4th week) and Buffalo Bill Days events create predictable demand spikes that boost STR pricing power — properties close to downtown or with mountain views command $300–$500/night during event weeks. Investors targeting the hunting and snowmobile shoulder season should evaluate properties with garage/equipment storage to attract off-season demand and extend revenue beyond the summer peak.

Competitive Context. Bozeman, Montana — serving Yellowstone's North Gate — is the most direct competing STR market. Bozeman median home prices for STR-eligible properties run $550,000–$800,000, compared to Cody's $350,000–$600,000 range — a $200,000–$300,000 entry cost premium for similar gateway positioning. Montana's 6.75% income tax rate reduces Bozeman STR net income by approximately $3,375/yr on $50,000 gross revenue versus Wyoming's zero rate. Gardiner and West Yellowstone (North/West Gate) offer lower entry prices but smaller commercial infrastructure and fewer visitor amenities to support premium nightly rates. Jackson Hole commands $1.5M–$3M+ entry prices for comparable STR-eligible properties — Cody's East Gate positioning at 30–40% of Jackson entry cost with similar Yellowstone access represents the market's core value proposition. Colorado mountain STR markets (Estes Park, Steamboat) carry 4.4% income tax drag and 30–40% higher acquisition costs.

The Bottom Line

Cody's Yellowstone East Gate positioning drives $35,000–$65,000/year STR income on $350,000–$600,000 acquisitions, with Wyoming's $0 income tax preserving margins that Montana and Colorado gateway competitors cannot match. Off-market activity in Cody runs 15–25% of transactions including pre-market and pocket listings — STR investors with documented Park County closing history access off-market properties before peak-season pricing inflates valuations. Q1 acquisition executing before Memorial Day demand is the proven entry strategy. Wyoming's $0 income tax on Yellowstone East Gate STR income — versus Montana's 6.75% rate — creates a compounding annual yield advantage that makes Cody's Park County the gateway market with the most favorable investor math.

Investors targeting Cody also consider Cody Retirement Guide, Sheridan Investment Guide, and Cody Specialist.

Begin through verified specialist matching with documented closing history in this submarket. Also see investment property intelligence, off-market investment pipeline, the National Wealth Inflow Index™, the Tax Bridge™ program, and verified credentials.

Cody investment returns depend on Cody Yellowstone East Gate tourism + dude ranch gateway driving Park — requiring a specialist with documented investment closing history in this exact submarket at $35K-$65K/yr STR income on $350K-$600K SFR. Verified through the 5% Performance Audit™ — documented closing history within Cody's submarket boundary in the trailing 12 months. One direct introduction. No competing names.

Frequently Asked Questions

What annual STR income can a Cody property realistically generate?

Properties well-positioned for Yellowstone visitor access — particularly those within 10 miles of the East Gate or with mountain/river views — generate $35,000–$65,000/year in gross STR income depending on bedroom count, amenities, and platform optimization. A three-bedroom property near downtown Cody typically achieves $40,000–$50,000/year with professional management. Underwrite conservatively using five-month peak-season occupancy of 70–80% and off-season occupancy of 15–25%.

How does Wyoming's zero income tax compare to competing Yellowstone gateway markets?

Montana's 6.75% income tax costs a Bozeman STR investor approximately $3,375/yr on $50,000 gross rental income. Colorado's 4.4% rate costs a comparable investor $2,200/yr. Over a 10-year hold, the Wyoming tax advantage compounds to $22,000–$33,750 in retained income versus competing gateway states — a material return enhancement on a $450,000 acquisition.

Does Cody have STR regulations or permitting requirements?

Park County does not currently have a county-level STR ordinance. Properties within Cody city limits may require a home occupation permit depending on zoning classification. Wyoming collects a 4% state lodging tax and applicable county lodging tax through STR platforms automatically. Investors should verify zoning compliance at the parcel level before acquisition, particularly for properties in residential zones near downtown Cody.

What is the off-season revenue strategy for a Cody STR?

Winter revenue anchors include hunting season (October–November), snowmobile access to the North Fork corridor, and Cody's western arts and rodeo calendar. Properties with garage storage for equipment, proximity to Shoshone National Forest trailheads, or hot tub amenities command premium off-season rates. Investors who diversify beyond summer-only marketing typically achieve 25–35% annual occupancy in shoulder months versus 15% for summer-only positioned properties.

Is Cody STR entry significantly lower than Jackson Hole?

Yes — Jackson Hole STR-eligible properties typically start at $1.2M–$1.5M and frequently exceed $3M for prime locations. Cody entry for a comparable STR-capable property starts at $350,000–$500,000. While Jackson commands higher nightly rates ($400–$1,000+/night peak), Cody's lower acquisition cost produces superior cap rates and requires substantially less capital deployment for first-time Wyoming STR investors.

Related Market Intelligence

• Cody Retirement Guide
• Sheridan Investment Guide
• Cody Specialist

Your Cody investment specialist works this pipeline daily. Off-market inventory, yield data, permit cycles — the layer beneath this page. One introduction connects you to it.