542 & 544 N. 5th Street

Two homes on one corner lot in the heart of Lander offer over $30,000 in potential annual rental income. Live in the beautifully remodeled main home while renting the second, lease both for immediate cash flow, or create an ideal multigenerational setup. Separate utility meters, off-street parking, an insulated garage, and a location just blocks from downtown add to the appeal of this versatile investment opportunity.

Land

Positioned on a corner lot in a quiet residential neighborhood, this property offers off street parking and the convenience of being just a few blocks from downtown Lander.

Improvements

This unique property includes two separate residences, each with its own address, creating exceptional flexibility for homeowners, investors, or multigenerational living. With potential rental income of over $30,000 annually and a strong rental history, the property offers an excellent investment opportunity. Live in one home and rent the other, lease both for continued cash flow, or use the second residence for family or guests.
The primary home at 542 N. 5th Street offers 1,652 square feet with two bedrooms and two bathrooms. Originally built in 1943, the home underwent an extensive remodel in 2019, blending modern updates with the character of an established home. The spacious main level features a large open kitchen, dining, and living area designed for comfortable everyday living. The primary suite with an ensuite bathroom is located on the main level, while the second bedroom upstairs provides a private space for family or guests. Central forced-air heating and air conditioning, an insulated one-car garage, and a durable metal roof complete the home.
The second residence at 544 N. 5th Street offers 884 square feet with two bedrooms and one and a half bathrooms. Built in 1983, it features an open kitchen, dining, and living area with the bedrooms and bathrooms situated on the opposite end of the home for added privacy. Comfortable and well maintained, it has a great rental history while also offering an excellent option for extended family or guest accommodations. It also features a metal roof for long-term durability.

Recreation

Living in Lander means having some of Wyoming’s best outdoor recreation just minutes from your front door. Sinks Canyon State Park, the Wind River Mountains, and the Shoshone National Forest offer endless opportunities for hiking, mountain biking, rock climbing, camping, fishing, horseback riding, and hunting. The nearby North and Middle Forks of the Popo Agie River are well known for trout fishing, while winter brings a large variety of outdoor adventures.

General Operations

Properties with two independent residences inside the City of Lander are increasingly difficult to find. Separate gas and electric meters simplify ownership and make each home easy to manage as an individual rental.
The smaller residence has historically rented for approximately $1,400 per month, while the larger home has rented for approximately $1,750 per month, offering strong income potential for investors seeking an established rental property. Buyers looking to reduce their monthly housing costs can live comfortably in the remodeled main home while generating income from the second residence, or continue leasing both homes as an income-producing investment. The layout also works exceptionally well for multi-generational living, providing privacy while keeping family close.

Region & Climate

Lander is consistently recognized as one of Wyoming’s most desirable places to live, offering a unique blend of small town charm and year round outdoor recreation. With four distinct seasons, warm summers, colorful autumns, mild winters compared to much of the state, and abundant sunshine, the area attracts residents who appreciate both an active lifestyle and a close knit community. Local events, quality schools, medical services, restaurants, and shopping all contribute to a lifestyle that balances convenience with Wyoming’s outdoor heritage.

Location

Located at 542 & 544 N. 5th Street in Lander, Wyoming, this property sits just a few blocks north of Main Street, allowing you to walk to restaurants, coffee shops, shopping, schools, parks, and community events while enjoying a quieter residential neighborhood away from downtown traffic.