Fulton (OH) Investor Pulse Report (2025-Q4)

Landlords in Fulton County, OH, collectively own 1,255 Single Family Residential (SFR) properties, accounting for 9.8% of the total SFR market in the county. This demonstrates a notable presence of investors in the local housing ecosystem.

Individual landlords are the primary force in the market, holding 1,023 SFR properties, which represents 81.5% of the investor-owned portfolio. Company landlords, by contrast, own 257 properties, making up 20.5% of the total investor-owned SFR.

The investor portfolio in Fulton County is entirely rental-focused, with all 1,255 landlord-owned SFR properties classified as non-owner-occupied. This highlights the investors' primary role in providing rental housing.

Cash acquisitions significantly outnumber financed properties within the landlord portfolio, with 874 properties (69.6%) purchased outright compared to 381 properties (30.4%) that are financed. This suggests a preference for unencumbered assets or strong capital reserves among landlords.

While both individual and company landlords heavily rely on rental income, their financing strategies show slight differences; companies demonstrate a higher proportion of cash holdings at 74.3% (191 properties) compared to individuals at 69.2% (708 properties), indicating companies might have stronger liquidity or different investment mandates.

The vast majority of landlords are individuals, with 1,393 distinct individual landlords operating in the market, dwarfing the 151 company landlords. This 9.22:1 ratio underscores the 'mom-and-pop' nature of the investor landscape in Fulton County, OH.

In Q4 2025, landlords in Fulton County, OH, acquired properties at an average price of $197,475, marking a significant discount of $29,764, or 13.1%, compared to traditional homeowners who paid an average of $227,239.

This pricing advantage for landlords has shown a dramatic narrowing throughout 2025. The discount decreased from a substantial 40.3% in Q1 2025, when landlords paid $137,255 compared to homeowners' $230,016, down to 13.1% in Q4 2025.

The trend reveals that while landlords consistently secure better deals than traditional homeowners, the market conditions are shifting, making such large discounts harder to obtain as the year progressed. The gap shrunk by over two-thirds from Q1 to Q4.

Specifically, the landlord discount tightened quarter-over-quarter: from 40.3% in Q1, to 35.6% in Q2, 29.0% in Q3, and finally 13.1% in Q4. This consistent reduction suggests increased competition for properties or a general market appreciation reducing distressed asset availability.

It is important to note that the provided data shows '0 properties' acquired by landlords in Q4 2025, Q3, Q2, Q1, Year 2025, Year 2024, and 2020-2023 for individual acquisition counts, implying these average prices might reflect market valuations for existing portfolios or other transactional data rather than new purchases for the specified timeframes. However, the price comparison remains valid for the respective periods.

In Q4 2025, landlords were responsible for 13 of the 138 total SFR purchases in Fulton County, OH, securing a 9.4% share of the overall market activity for the quarter.

The vast majority of landlord purchasing activity was driven by mom-and-pop investors (Tier 01-04), who collectively acquired 12 properties, representing an overwhelming 92.3% of all landlord purchases during Q4. This indicates that smaller investors remain the primary buyers in the local market.

Specifically, single-property landlords (Tier 01) led the charge, with 11 entities purchasing 8 distinct properties, accounting for 61.5% of all landlord acquisitions. This tier represents significant new entry into the market or expansion for very small portfolios.

In stark contrast to the mom-and-pop activity, institutional investors (Tier 09, 1000+ properties) showed no purchasing activity in Q4 2025, acquiring 0 properties. This further solidifies the dominance of smaller investors in the current market.

The average properties per entity for Q4 purchases varied across tiers; Tier 03-05 and Tier 11-20 entities acquired an average of 1 property per entity (2 properties by 2 entities and 1 property by 1 entity, respectively), while Tier 01 and Tier 02 saw lower ratios of properties to entities, suggesting that not all active entities completed a purchase or some properties were co-owned by multiple entities within the same tier.

Investor-owned SFR properties in Fulton County, OH, are overwhelmingly concentrated among mom-and-pop landlords, with Tiers 01-04 (1-10 properties) collectively controlling 91.8% of the market, totaling 1,178 properties.

The bedrock of investor ownership is the single-property landlord (Tier 01), who alone accounts for a substantial 74.8% of all investor-owned SFR, representing 960 properties. This highlights the market's reliance on first-time or very small-scale landlords.

Following Tier 01, the next most significant segments are small landlords (3-5 properties) with 8.5% (109 properties) and two-property landlords (Tier 02) with 7.1% (91 properties), further cementing the dominance of smaller portfolios.

In sharp contrast to the prevalence of small landlords, institutional investors (Tier 09, 1000+ properties) hold a negligible share of just 0.2%, owning only 3 properties in Fulton County, OH. This directly refutes any narrative of large corporations dominating the local rental market.

Mid-size landlords (Tiers 05-08) collectively hold a small but notable 8.0% of the investor-owned portfolio, with properties ranging from 8 in Tier 11-20 to 60 in Tier 51-100, indicating some diversification in portfolio sizes beyond the mom-and-pop segment.

The ownership landscape in Fulton County, OH, shifts dramatically at the 6-10 property tier, where company ownership surpasses individual ownership to become the majority. In this tier, companies control 72.2% of properties (13 properties) compared to individuals at 27.8% (5 properties).

Individual investors overwhelmingly dominate the smaller portfolio segments. They hold 89.2% of single-property (Tier 01) holdings (877 properties) and 83.5% of small landlord (3-5 properties) portfolios (91 properties), reinforcing the 'mom-and-pop' character of the market's entry points.

Companies exhibit their highest concentration in the small-medium (11-20 properties) tier, where they own 87.5% of the properties (7 properties). This indicates that as portfolios grow larger, corporate structures become increasingly prevalent.

Even in the two-property tier (Tier 02), individuals maintain strong control, owning 81.3% of properties (74 properties), while companies hold 18.7% (17 properties). This pattern suggests that individual investors prefer to manage smaller, more manageable portfolios.

While individuals are the primary owners in the smallest tiers, the clear crossover point at Tier 06-10 illustrates a strategic distinction in portfolio scale and ownership structure between individual and company investors in the Fulton County, OH, market.

Within Fulton County, OH, the zip code OH-Fulton-43567 stands out with the highest number of investor-owned properties, totaling 364 SFR units and representing a 10.0% landlord ownership rate. This signifies a significant concentration of investor activity in this particular area.

However, when evaluating investor penetration, OH-Fulton-43553 leads with an impressive 41.9% investor ownership rate, suggesting that nearly half of the SFR properties in this zip code are owned by landlords, despite the count of investor-owned properties not being explicitly provided.

The zip code OH-Fulton-43521 demonstrates a dual appeal for investors, appearing among both the highest counts and highest percentages, with 128 investor-owned properties and a 16.5% landlord ownership rate. This indicates a robust and active investor market within this specific geography.

It is important to note that data for several other listed zip codes (OH-Fulton-43504, OH-Fulton-43545, OH-Fulton-43557) was unavailable, which limits a full comprehensive geographic assessment of investor activity across all sub-geographies within Fulton County, OH.

The variation between regions with high property counts and those with high ownership rates highlights differing market dynamics. A high count might signify a larger overall market, while a high percentage indicates a more saturated or investor-focused sub-market, as seen with OH-Fulton-43553.

Landlords in Fulton County, OH, consistently act as net buyers across all timeframes provided, most recently in Q4 2025 with 18 purchases against 5 sales, resulting in a net gain of 13 properties. This represents a robust 3.6x buy-to-sell ratio, indicating continued market accumulation.

This strong net buying position for all landlords has seen a gradual moderation throughout 2025. The buy-to-sell ratio decreased from a peak of 7.0x in Q2 2025 (21 buys vs 3 sells) to 5.0x in Q3 (30 buys vs 6 sells), and further to 3.6x in Q4. While still indicating growth, the rate of accumulation is slowing.

In stark contrast to the overall landlord trend, institutional investors (1000+ tier) have maintained a neutral transaction position. They recorded 2 buys and 2 sells in both Year 2025 and Year 2024, showing no net accumulation or divestment of properties in Fulton County, OH.

The overall market activity for landlords remained strong in 2025 with 84 purchases and 18 sells across the year, resulting in a net addition of 66 properties. This surpasses 2024's activity of 73 buys and 20 sells, which had a net addition of 53 properties, indicating increased transaction volume for non-institutional landlords.

This divergence in behavior — aggressive net buying by small landlords versus a neutral stance from institutional players — suggests differing market strategies and confidence levels among investor segments in the county.

In Q4 2025, landlords in Fulton County, OH, were involved in 18 transactions, representing 8.5% of the total 211 SFR transactions in the market. This indicates a consistent, albeit modest, presence of investors in the quarter's sales activity.

The single-property landlord tier (Tier 01) dominated transaction volume, accounting for 11 transactions and paying the highest average purchase price of $255,610. This signals strong entry-level activity and a willingness to pay higher prices for individual properties.

Institutional investors (Tier 09, 1000+ properties) made only 1 transaction in Q4 2025, with an average purchase price of $66,667. This price is significantly lower than that paid by mom-and-pop buyers, representing a 73.9% discount compared to the average price of $255,610 paid by single-property landlords.

Mom-and-pop landlords (Tier 01-04) were responsible for the vast majority of landlord transactions, executing 16 out of the 18 total. This reinforces their critical role in maintaining market liquidity and activity in Fulton County, OH.

Notably, there was no reported inter-landlord trading activity across any tier in Q4 2025, with 0% of transactions being recorded as 'bought from landlords'. This suggests that landlords primarily acquired properties from traditional homeowners or non-investor sellers.

The price difference between the highest-paying Tier 01 and the lowest-paying Institutional Tier 09, a spread of $188,943, suggests distinct acquisition strategies and market access capabilities, with larger investors potentially targeting distressed or bulk acquisition opportunities at much lower price points.