Baraga (MI) Investor Pulse Report (2025-Q4)

Landlords in Baraga County collectively own 1,640 Single Family Residential (SFR) properties, representing a significant 38.9% of the total SFR market. This high rate of investor ownership highlights a robust rental market within the county.

Individual landlords overwhelmingly dominate the market, holding 1,379 properties, which accounts for 84.1% of all investor-owned SFR. Conversely, company-owned properties total 296, making up only 18.0% of the portfolio, challenging narratives of corporate dominance in this specific county.

The ownership structure is predominantly individual-driven, with 1,886 individual landlords compared to just 239 company landlords. This 7.9:1 ratio of individual to company entities further underscores the prevalence of mom-and-pop operations.

A striking 100% of landlord-owned properties (1,640 properties) were acquired with cash, with no properties listed as financed. This indicates a strong capital base and a preference for debt-free investment among landlords in Baraga County.

The vast majority of landlord holdings, 1,620 properties, are designated as rented, confirming that the primary objective for these investors is income generation through property leasing. The low number of non-rented properties suggests high occupancy or immediate rental conversion for acquired units.

Baraga County recorded no landlord acquisitions in Q4 2025, signaling a complete halt in new property investments by landlords for the quarter. This absence of activity stands out compared to historical periods.

The most recent comparative pricing data from 2025-Q1 shows a theoretical average landlord acquisition price of $32,000. This is an astounding $143,000 (81.7%) less than the average traditional homeowner price of $175,000 for the same period.

Despite the significant price difference, it's crucial to note that the $32,000 landlord average for 2025-Q1 is based on zero distinct SFR properties purchased. This indicates that while price gaps could be substantial, no actual landlord transactions contributed to this average.

Historical data for Years 2025, 2024, and 2020-2023 also show zero distinct properties purchased by landlords, making it challenging to establish concrete acquisition price trends over time for this county. The $128,262 average for Year 2024 and $134,480 for 2020-2023 are also based on zero property acquisitions.

The lack of consistent acquisition data across multiple timeframes suggests either extremely low market liquidity for investor-type properties or specific reporting limitations for Baraga County.

In Q4 2025, Baraga County experienced a complete absence of SFR purchase activity, with both total SFR purchases and landlord SFR purchases recorded at zero. This signifies a profoundly stagnant acquisition market for the quarter.

The lack of any landlord purchases means landlords held a 0.0% share of the market in Q4 2025. This indicates that no new investment properties were added to landlord portfolios during this period.

As a direct consequence of zero landlord purchases, there was no activity from mom-and-pop landlords (Tier 01-04), who accounted for 0.0% of landlord purchases for the quarter. Similarly, institutional investors (Tier 09) also showed 0.0% of landlord purchases.

The absence of any purchase data by tier means no specific tier was more active than others, as all activity ceased. This paints a picture of a market frozen in Q4 2025, offering no insights into recent tier-specific buying trends.

This zero activity extends to the number of entities active in each tier and the average properties per entity, as no new entities entered the market through Q4 purchases, nor did existing entities expand their portfolios.

The investor-owned SFR market in Baraga County is overwhelmingly dominated by mom-and-pop landlords, with Tiers 01-04 (1-10 properties) controlling a combined 97.0% of all landlord-held properties. This structure highlights a local, individual-driven investment landscape.

Single-property landlords (Tier 01) alone account for 1,380 properties, representing a substantial 81.5% of the entire investor portfolio. This makes first-time or single-property investors the most significant segment in the county's rental market.

In stark contrast, institutional investors (Tier 09, 1000+ properties) hold only one property, comprising a negligible 0.1% of the total investor-owned SFR. This debunks any notion of significant corporate or large-scale institutional influence in Baraga County.

The distribution reveals a steep drop-off after single-property owners: two-property landlords (Tier 02) own 143 properties (8.4%), and small landlords (3-5 properties, Tier 03) hold 112 properties (6.6%). This concentration indicates a market built on smaller, localized investments.

Despite the clear distribution of properties, the provided data lacks specific acquisition price variations by tier for All Time, Q4, 2024, or 2020-2023. This prevents a detailed analysis of how larger or smaller investors' buying prices might differ over time in this county.

Individual investors maintain a commanding presence across all reported landlord portfolio tiers in Baraga County. For single-property owners (Tier 01), individuals comprise 1,209 properties (85.9%), compared to 199 properties (14.1%) held by companies.

This individual dominance extends consistently into larger tiers. For two-property owners (Tier 02), individuals hold 118 properties (82.5%) against 25 company-owned properties (17.5%). Similarly, in the 3-5 property tier, individuals own 94 (82.5%) and companies 20 (17.5%).

Companies do not achieve majority ownership in any tier within Baraga County based on the provided data. The highest individual concentration is observed in the 6-10 property tier (Tier 04), where individuals own 7 properties (87.5%) compared to just 1 property (12.5%) owned by companies.

The consistent pattern of high individual ownership across all tiers underscores the mom-and-pop nature of the investor market in this county, with corporate entities playing a comparatively minor role even in slightly larger portfolios.

Without acquisition price data split by owner type and tier, it is not possible to analyze how individual versus company buying strategies or price points differ within these specific portfolio sizes in Baraga County.

Investor-owned properties in Baraga County are highly concentrated within specific zip codes. MI-Baraga-49946 leads by count with 604 landlord-owned SFR properties, establishing it as the primary hub for investor activity in the county.

While 49946 has the highest count, MI-Baraga-49962 boasts the highest investor ownership rate, with a remarkable 56.9% of its SFR properties held by landlords. This indicates a very high saturation of rental properties in that specific area.

Other zip codes also show significant investor penetration, such as MI-Baraga-49861 where 54.5% of SFR properties are investor-owned, and MI-Baraga-49919 with 48.9%. These rates are significantly higher than the county average, pointing to key sub-markets for investor focus.

The top five zip codes by count (49946, 49908, 49962, 49861, 49958) collectively represent 1,462 landlord-owned properties. This substantial concentration within a few areas suggests that investment opportunities or existing portfolios are geographically clustered.

There is a notable overlap between zip codes with high property counts and high ownership percentages, such as 49962 and 49861 appearing in both top five lists. This indicates that areas with more investor properties also tend to have a higher proportion of their housing stock controlled by landlords.

Landlords in Baraga County were overwhelmingly net buyers in 2024, purchasing 76 SFR properties while selling only 2. This represents an exceptionally high buy/sell ratio of 38.0x, indicating a strong period of portfolio expansion.

The net acquisition of 74 properties in 2024 signals a robust and aggressive investment strategy among landlords in the county during that year. This level of accumulation reflects confidence in the market's long-term potential.

However, the data for Q4 2025 shows a complete absence of buy and sell transactions for all landlords, indicating a sharp cessation of activity in the most recent quarter. This stark contrast suggests a significant shift or reporting gap compared to the prior year.

Information regarding institutional investor (1000+ tier) transactions is entirely absent, precluding any analysis of their net position or how their activity might compare to the overall landlord market in Baraga County.

Similarly, data on the percentage of transactions occurring between landlords (landlord-to-landlord) is not provided, making it impossible to assess the liquidity and internal trading dynamics of the investor market.

Q4 2025 in Baraga County saw a complete absence of SFR transactions involving landlords, with both total transactions and landlord transactions recorded at zero. This signifies a dormant or entirely halted market activity for the quarter.

As a result of no activity, the landlord share of total Q4 transactions was 0.0%. This means no properties were either bought or sold by landlords in the county during this recent period, offering no insights into current market momentum.

The lack of Q4 transaction data extends across all investor tiers; therefore, there is no information on which tiers were most active, nor are there average purchase prices by tier. This makes it impossible to assess recent buying strategies or price points across different investor sizes.

Similarly, without any transactions, there is no data on inter-landlord trading activity (properties bought from other landlords) for Q4 2025. This prevents an analysis of market liquidity and the prevalence of investor-to-investor sales.

The complete cessation of recorded transaction activity in Q4 2025 stands as a critical finding for Baraga County, suggesting either an extreme market slowdown or a reporting anomaly that impacts recent market insights.