Sullivan (NH) Investor Pulse Report (2025-Q4)

Landlords in Sullivan County, NH, control a substantial portfolio of 5,822 SFR properties, accounting for 40.1% of the total SFR market. This signifies a significant investor presence within the county's housing landscape.

Individual investors represent the dominant force in the county's rental market, holding 5,235 properties, which is 89.9% of all investor-owned SFR. Companies, in contrast, own 878 properties (15.1%), indicating that individual landlords are the primary providers of rental housing.

A striking 99.5% (5,795 properties) of the landlord-owned portfolio is designated as rented, demonstrating a clear and overwhelming focus on rental income generation. This high percentage underscores that investors are holding properties primarily for tenant occupancy rather than speculative flips or short-term gains.

Property financing reveals a preference for cash purchases, with 3,540 properties acquired without financing compared to 2,282 financed properties. This suggests a significant portion of investors have strong capital reserves or seek to minimize debt obligations in their holdings.

The sheer number of individual landlords, totaling 7,955, far surpasses the 824 company landlords, establishing a ratio of approximately 9.65 individual landlords for every company. This highlights that the landlord market is primarily driven by smaller, individual entities rather than large corporate players.

In a significant market shift, landlords in Sullivan County, NH, acquired properties for an average of $410,992 in Q4 2025, securing a notable $30,087 discount compared to traditional homeowners who paid $441,079. This represents a 6.8% price advantage for investors in the latest quarter.

The landlord-homeowner price gap experienced considerable volatility throughout 2025. Landlords paid a 3.0% premium in Q1 ($405,189 vs $393,203), which surged to a 14.5% premium in Q2 ($424,357 vs $370,718) and a substantial 23.7% premium in Q3 ($456,430 vs $369,053). The dramatic swing to a 6.8% discount in Q4 indicates a significant change in market dynamics or buying strategies.

Despite the recent discount, acquisition prices have appreciated since the pandemic era. The average landlord acquisition price in Q4 2025 ($410,992) shows a $26,028 increase, or 6.8% growth, from the 2020-2023 average of $384,964. This indicates underlying value appreciation over the past few years.

Annual trends also show price increases, with the average acquisition price for Year 2024 at $434,036 and Year 2025 at $426,532. Although Year 2025 saw a slight dip from 2024, both years reflect higher prices than the 2020-2023 period.

The absence of recorded landlord acquisitions (0 properties) in the specific `LANDLORD ACQUISITION PRICES BY TIMEFRAME` data for Q4 2025, despite explicit landlord purchases in other sections, highlights a data reporting inconsistency. However, the comparative prices provided in the `LANDLORD vs HOMEOWNER PRICE COMPARISON` table offer critical insights into investor pricing strategies relative to the broader market.

Landlords in Sullivan County, NH, captured a dominant share of the housing market in Q4 2025, purchasing 62 SFR properties. This accounted for a significant 60.2% of all 103 SFR purchases during the quarter, signaling strong investor confidence and activity.

The Q4 purchasing landscape was entirely shaped by mom-and-pop landlords (Tier 01-04), who accounted for 100.0% of all landlord acquisitions. This highlights the overwhelming absence of larger, institutional investors (Tier 09) from new purchases in the county during this period.

Single-property landlords (Tier 01) were the primary drivers of Q4 activity, acquiring 61 properties, which constituted 98.4% of all landlord purchases. This indicates a robust influx of new or nascent investors into the market.

A substantial 92 distinct entities became single-property landlords in Q4 2025, suggesting a healthy entry rate for first-time or small-scale investors. This underscores the grassroots nature of investor growth within Sullivan County.

The remaining landlord purchases were made by small landlords in Tier 03-05, contributing a single property (1.6% of landlord purchases). This confirms that Q4 investor activity was concentrated almost entirely at the smallest end of the portfolio spectrum.

The investor-owned SFR market in Sullivan County, NH, is overwhelmingly dominated by mom-and-pop landlords (Tier 01-04), who collectively control an astounding 99.8% of all investor-held properties. This figure profoundly challenges any narrative of institutional dominance in the county.

Single-property landlords (Tier 01) form the vast majority of this market structure, owning 5,465 properties, which represents 92.1% of the entire investor-owned SFR portfolio. This highlights that individual homeowners investing in a single rental property are the most prevalent type of landlord.

The concentration of ownership rapidly declines with portfolio size; two-property landlords (Tier 02) hold 274 properties (4.6%), and small landlords with 3-5 properties (Tier 03) own 160 properties (2.7%). These numbers further emphasize the market's reliance on small-scale investors.

Larger investor tiers, such as 6-10 properties (Tier 04), 11-20 properties (Tier 05), and 21-50 properties (Tier 06), collectively account for a minimal 0.6% of the market (25, 7, and 5 properties, respectively). This tapering off demonstrates a severe lack of mid-sized and institutional presence.

Notably, institutional investors (Tier 09, 1000+ properties) hold 0.0% of the investor-owned SFR properties in Sullivan County. This confirms that large corporate landlords have no footprint in the county's single-family rental market, which is a key distinguishing feature of this geography.

While individual investors are the predominant owner type in Sullivan County's SFR market, a distinct crossover point emerges where companies begin to take majority control as portfolio sizes increase. This shift occurs at the small landlord (6-10 properties) tier (Tier 04).

Individual investors overwhelmingly dominate the smallest tiers, representing 88.0% of single-property (Tier 01) ownership with 5,014 properties and 66.8% of two-property (Tier 02) ownership with 189 properties. This reflects the mom-and-pop backbone of the county's rental market.

Even within the 3-5 property tier (Tier 03), individual ownership maintains a slight majority at 53.9% (89 properties) compared to companies at 46.1% (76 properties). This tier represents a near-even split before the company majority takes hold.

The critical crossover happens at the small landlord (6-10 properties) tier (Tier 04), where company ownership rises to 56.0% (14 properties) while individual ownership drops to 44.0% (11 properties). This marks the threshold where larger portfolios are more likely to be company-held.

The data clearly illustrates that while individual investors initiate the vast majority of landlord activity, companies tend to scale portfolios more efficiently beyond a handful of properties. No pricing data by owner type or tier was available for analysis.

Investor-owned properties in Sullivan County, NH, exhibit significant geographic concentration, with specific zip codes standing out. NH-Sullivan-03753 leads with 1,038 investor-owned properties (72.0% ownership rate), closely followed by NH-Sullivan-03782 with 1,021 properties (56.2% ownership rate).

These two top zip codes alone account for 2,059 investor-owned SFR properties, revealing that a substantial portion of the county's investor activity is concentrated in just a few areas. NH-Sullivan-03280 also contributes significantly with 619 properties (56.5% ownership rate), further emphasizing this clustering.

Beyond absolute counts, some zip codes demonstrate exceptionally high investor ownership rates. NH-Sullivan-03754 leads with a remarkable 100.0% investor ownership rate, suggesting a specialized or niche market completely dominated by investors, though likely with a smaller overall property count. NH-Sullivan-03751 follows with an 87.5% rate.

There is a clear correlation between high property counts and high investor ownership percentages in some key areas; for instance, NH-Sullivan-03753 and NH-Sullivan-03782 appear in both the top by count and top by percentage lists, signifying regions where investors own a large volume *and* a high proportion of the available SFR properties.

Other top regions by count, such as NH-Sullivan-03773 (582 properties, 25.4% rate) and NH-Sullivan-03743 (504 properties, 16.5% rate), show substantial investor presence by volume but at lower market penetration rates compared to the highly concentrated percentage leaders. No data for the lowest investor ownership rates or average acquisition prices by region was available in the provided snippet.

Landlords in Sullivan County, NH, are overwhelmingly net buyers, demonstrating a robust accumulation strategy throughout 2025. In Q4 alone, they purchased 93 properties while selling only 15, resulting in a strong 6.2x buy/sell ratio.

This net buying trend has been consistent, with Year 2025 showing 437 purchases against 43 sells, yielding an impressive 10.16x buy/sell ratio. Year 2024 exhibited an even higher ratio of 28.67x (430 buys vs 15 sells), indicating a sustained period of property acquisition by investors.

The quarterly buy/sell ratios, though still heavily skewed towards buying, showed some fluctuation: Q2 2025 peaked at 15x (105 buys vs 7 sells), followed by 9.43x in Q3 (132 buys vs 14 sells), before moderating to 6.2x in Q4. This suggests a slight relative increase in selling activity or decrease in buying intensity later in the year.

In stark contrast to the overall landlord activity, institutional investors (1000+ tier) recorded no transactions (0 buys, 0 sells) in Sullivan County across any of the provided timeframes. This signifies that the active market dynamics, including consistent net buying, are exclusively driven by smaller, non-institutional landlords.

The lack of specific data on average buy prices compared to sell prices prevents a direct analysis of implied profit margins for historical transactions. However, the consistent net buying indicates that landlords perceive value and long-term growth potential in the Sullivan County market.

Landlords were deeply involved in the Sullivan County housing market during Q4 2025, accounting for 93 of the 170 total SFR transactions. This represents a substantial 54.7% share of all market transactions, underscoring their critical role in market liquidity and activity.

Transaction volume was overwhelmingly concentrated in the Single-property (Tier 01) segment, which recorded 92 transactions. This tier alone drove 98.9% of all landlord-involved transactions, with small landlords (Tier 03-05) contributing only a single transaction.

Average purchase prices varied significantly by tier for Q4 2025. Single-property landlords (Tier 01) paid an average of $413,927, while the single transaction in the small landlord (Tier 03-05) category averaged a much lower $141,000, creating a substantial price spread of $272,927 between the two active tiers.

Inter-landlord trading activity was minimal in Q4. Only 8.7% (8 transactions) of single-property landlord purchases originated from other landlords, suggesting that most acquisitions were from traditional homeowners or other non-landlord sellers. The small landlord tier (3-5 properties) had no inter-landlord purchases.

The almost exclusive activity of mom-and-pop landlords (Tier 01-04, 93 transactions) and the complete absence of institutional investors (Tier 09, 0 transactions) in Q4 transactions mirror the long-term ownership distribution, confirming that the county's SFR market is overwhelmingly shaped by small-scale investors.