McIntosh (ND) Investor Pulse Report (2025-Q4)

Investors hold a substantial 44.7% of the total 1,033 Single-Family Residential properties in McIntosh County, indicating a high level of rental market penetration.

The ownership structure is overwhelmingly dominated by 572 individual landlords, who control 425 properties (92.0% of the investor portfolio), compared to just 47 company landlords owning 48 properties (10.4%).

A strong preference for all-cash holdings is evident, with 423 properties owned outright versus only 39 properties that are financed. This suggests investors in this market are well-capitalized and have low debt exposure.

The portfolio is almost entirely dedicated to rental income, with 458 of the 462 investor-owned properties being non-owner-occupied, underscoring the business focus of these holdings.

The ratio of individual to company landlords is approximately 12 to 1 (572 vs 47), highlighting a market composed almost exclusively of small-scale, local operators rather than larger corporate entities.

Pricing comparisons between landlords and traditional homeowners in McIntosh County are highly volatile, reflecting a market with very few transactions. This makes it difficult to establish a consistent purchasing advantage for either group.

In Q3 2025, the few landlord acquisitions occurred at a significant premium of $93,233, with an average price of $167,844 compared to the homeowner average of $74,611.

This trend reversed dramatically from earlier in the year. In Q1 2025, landlords acquired properties at a $40,358 discount (46.4% less) than homeowners, paying an average of $46,667 versus the homeowner price of $87,025.

The average landlord acquisition price during the 2020-2023 period was $59,987, substantially lower than any quarterly average seen in 2025, highlighting significant price fluctuations in the post-pandemic market.

With zero landlord property purchases recorded in Q4 2025, recent pricing trends could not be established, signaling a complete pause in acquisition activity at year's end.

The investor market in McIntosh County experienced a total freeze in Q4 2025, with landlords acquiring 0 of the 3 SFR properties sold during the period.

This inactivity was universal across all investor sizes. Mom-and-pop landlords (1-10 properties), who constitute the entirety of the local market, made no new purchases.

Similarly, there was no entry or expansion from mid-size or institutional investors, who remain entirely absent from this market.

The lack of acquisitions means no new landlords entered the market in Q4 2025, a significant slowdown from previous periods of activity.

This halt in purchasing suggests a potential market equilibrium, a lack of desirable inventory, or a wait-and-see approach from local investors in response to current market conditions.

The investor landscape in McIntosh County is exclusively controlled by mom-and-pop landlords (1-10 properties), who own 100% of the 462 investor-held SFRs.

First-time or single-holding investors are the definitive backbone of the market, with the '1 property' tier alone comprising 403 properties, or 85.4% of the total investor portfolio.

The concentration at the small end of the scale continues with the '2 properties' tier holding 42 properties (8.9%) and the '3-5 properties' tier holding 25 properties (5.3%).

There is a complete absence of large-scale investors; the '1000+ properties' institutional tier has no ownership stake in the county.

This ownership structure highlights a market driven by local, small-scale capital rather than national or institutional investment trends.

Individual investors are the dominant force across all portfolio sizes in McIntosh County, reinforcing the mom-and-pop character of the market.

In the foundational single-property tier, individuals own 371 of the 403 properties, a commanding 90.0% share.

Companies have a minimal footprint even at the smallest scales, owning just 41 properties in the single-property tier and 6 in the two-property tier.

The trend of individual dominance solidifies in larger portfolios, with individuals owning 96.0% of properties in the 3-5 unit tier and 100% in the 6-10 unit tier.

Unlike in larger urban markets, there is no crossover tier where company ownership surpasses individual ownership, highlighting the deeply local and personal nature of real estate investment in the county.

Investor ownership in McIntosh County is not evenly distributed, showing heavy concentration in specific postal codes. The zip code 58413 alone is home to 255 investor-owned SFRs, representing over half (55.2%) of the entire investor portfolio.

Together, the top two zip codes, 58413 (255 properties) and 58495 (143 properties), contain 398 properties, which is 86.1% of all investor holdings in the county.

Some areas exhibit extremely high investor saturation. In zip code 58581, investors own 62.0% of the total SFR housing stock, indicating a market heavily skewed towards rentals.

High penetration rates are also seen in 58413 (50.6%) and 58460 (48.5%), where roughly half of all single-family homes are investor-owned.

This geographic clustering suggests that investors are targeting specific communities, likely driven by local economic factors, rental demand, or housing affordability.

Historical data from 2024 shows a period of aggressive accumulation by landlords in McIntosh County, a stark contrast to the market freeze in late 2025.

Investors acted as decisive net buyers throughout 2024, with a buy-to-sell ratio of 7.5 to 1, based on 30 acquisitions versus only 4 dispositions.

This activity resulted in a net portfolio expansion of 26 properties for the landlord community, signaling strong confidence in the local rental market during that year.

The complete absence of transactions from institutional investors (1000+ tier) in all historical periods confirms their non-participation in this market.

The sharp drop from 30 buys in 2024 to 0 in Q4 2025 illustrates a dramatic and recent shift in investor sentiment or market opportunity.

The final quarter of 2025 was marked by a complete lack of investor transaction activity in McIntosh County. Landlords were not on either side of the 3 SFR transactions that occurred.

This inactivity was consistent across all tiers, with mom-and-pop investors (Tiers 01-04) recording zero transactions for the quarter.

As there were no purchases, there is no data on Q4 acquisition prices by tier, preventing any analysis of recent purchasing strategies.

The absence of buying also meant there was zero inter-landlord trading, where one investor sells a property to another. This indicates a lack of portfolio churn within the existing investor community.

This transactional silence suggests that current owners are holding their assets, and no new investors are deploying capital, leading to a period of market illiquidity.