Graham (KS) Investor Pulse Report (2025-Q4)

In Graham County, investors hold a significant 368 Single-Family Residential (SFR) properties, accounting for 38.9% of the total 946 SFRs in the market.

Individual investors are the cornerstone of this market, owning 316 properties, which constitutes a commanding 85.9% of the investor-owned portfolio. In contrast, company investors hold a much smaller share with 52 properties (14.1%).

The ownership structure is similarly skewed towards individuals when looking at landlord entities, with 427 of the 459 total landlords being individuals (93.0%) versus just 32 companies (7.0%).

A defining characteristic of the Graham County investor market is its complete reliance on cash financing. All 368 investor-owned properties are owned outright, with zero recorded as being financed, indicating a low-leverage, high-equity environment.

The portfolio is heavily geared towards generating rental income, with 359 of the 368 properties classified as rented, confirming that the vast majority of investor-owned homes serve as rental housing for the community.

Analysis of acquisition pricing in Graham County is constrained by a complete lack of recent transactional data. No SFR properties were purchased by landlords during the 2020-2023 period.

Similarly, there were no recorded purchases by either landlords or traditional homeowners in Q4 2025, making a direct price comparison impossible.

The absence of sales data prevents any analysis of a potential price gap between what investors and homeowners might pay in this market.

This lack of activity is the primary insight, suggesting that Graham County is a buy-and-hold market with very limited inventory turnover rather than an active, transactional environment.

Without transaction data, it is not possible to determine price appreciation trends or compare buying patterns between different investor types or timeframes.

The Graham County real estate market showed no purchase activity in Q4 2025, with a total of 0 SFR properties changing hands.

Consequently, landlords accounted for 0.0% of the market's acquisitions, as there were no transactions to participate in.

This market stillness extends across all investor tiers; mom-and-pop landlords (1-10 properties) made up 0.0% of landlord purchases, and institutional investors also recorded zero acquisitions.

The data indicates that no new landlords entered the market in Q4, as there were no purchases by single-property (Tier 01) investors.

The complete lack of Q4 activity for all buyer types underscores a deeply stagnant or illiquid market, where properties are tightly held and rarely come up for sale.

The investor market in Graham County is overwhelmingly dominated by small-scale, mom-and-pop landlords (1-10 properties), who collectively own 95.3% of all investor-held SFRs.

The foundation of this market is the single-property landlord, with this tier alone controlling 290 properties, representing a remarkable 75.5% of the entire investor portfolio.

Mid-size investors (11-50 properties) hold a minor stake, with a combined ownership of just 18 properties, or 4.7% of the total.

There is a complete absence of large-scale or institutional ownership. Investors in the 1000+ property tier (Tier 09) own 0.0% of the market, reinforcing its character as being entirely locally or individually driven.

The tier distribution highlights a market structure built on small, independent investors rather than consolidated, large-scale rental operations.

Ownership patterns in Graham County show a distinct split between individuals and companies across different portfolio sizes. Individual investors form the backbone of the smallest tiers, owning 268 of the 290 single-property portfolios (92.4%).

This individual dominance continues into the 2-property tier (87.1% individual-owned) and the 3-5 property tier, which is 100% controlled by individual landlords.

A dramatic shift occurs at the 6-10 property tier, which serves as the crossover point. In this segment, companies become the majority owners, holding 8 of the 9 properties (88.9%).

This pattern suggests that while individuals are the primary entry point into the market, investors who scale beyond 5 properties are more likely to operate under a company structure.

The data reveals a clear structural divide: portfolios of 1-5 properties are almost exclusively the domain of individual landlords, while the small number of larger local portfolios are managed as corporate entities.

Investor activity in Graham County is not evenly distributed but is instead highly concentrated in specific zip codes. The 67642 area, encompassing Hill City, has the largest absolute number of investor-owned properties at 219.

However, the highest rates of investor penetration are found in smaller communities. The 67625 zip code (Bogue) leads with an investor ownership rate of 69.7%, where 76 of the area's SFRs are investor-owned.

Following closely is the 67650 zip code (Morland), which has an investor ownership rate of 65.3%, with 64 properties held by landlords.

The 67645 zip code (Penokee) also shows a high concentration with a 50.0% investor ownership rate, though on a much smaller scale with just 1 investor property.

This geographic distribution indicates that certain towns within the county have a housing stock that is primarily composed of rental properties, pointing to significant renter populations in those specific areas.

The historical transaction data for Graham County is empty, revealing a market characterized by long-term holds rather than active trading.

The absence of buy-and-sell activity for all landlords indicates that investors in this area are not frequently entering or exiting the market, pointing to a stable, non-speculative environment.

Consequently, it is not possible to determine a buy/sell ratio or assess whether landlords are net buyers or sellers over time.

Similarly, with no transactions, the level of inter-landlord trading is zero, meaning there is no evidence of properties being exchanged between investors.

This lack of liquidity and transactional velocity is a core feature of the Graham County investor market, where the primary strategy appears to be acquiring properties for long-term rental income.

Q4 2025 was a period of complete market dormancy in Graham County, with a total of 0 real estate transactions recorded for SFR properties.

As a result, landlords were involved in 0.0% of market transactions, reflecting the total absence of buying and selling activity from any party.

This inactivity spanned all investor portfolio sizes, with mom-and-pop landlords (Tiers 01-04) and any mid-size landlords recording zero transactions for the quarter.

No inter-landlord trading occurred, as there were no purchases from any source during this period.

The data confirms that the market was effectively frozen in Q4, with no new acquisitions or dispositions by investors, reinforcing its character as an illiquid, buy-and-hold environment.