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

Landlords in Preble County, OH, collectively own 1,578 single-family residential properties, accounting for 11.8% of the county's total SFR market of 13,351 properties. This indicates a moderate but significant investor presence in the local housing landscape.

Individual landlords, often characterized as mom-and-pop investors, significantly dominate the market, owning 1,238 properties (78.5% of all investor-owned SFR). In contrast, company landlords hold 360 properties, representing a smaller 22.8% share of the investor-owned portfolio, showcasing the market's reliance on individual investors.

Looking at the type of landlords by entity count, individual landlords number 1,558, making up 89.5% of all 1,740 landlords in the county. Company landlords, while owning a smaller share of properties, still account for 182 distinct entities, or 10.5% of the total landlord base, implying a higher average portfolio size for companies.

The portfolio composition reveals a strong rental-focused strategy, with 1,521 (96.4%) of landlord-owned SFR properties classified as rented or non-owner-occupied. This high percentage highlights that the vast majority of investor-owned homes serve the rental market, rather than being held for future owner-occupancy.

Furthermore, a substantial portion of these holdings were acquired with cash, with 1,153 properties (73.1% of investor-owned) being cash-financed. Only 425 properties (26.9%) are currently financed, suggesting a preference for outright purchases or a lower reliance on traditional financing among Preble County investors.

Comparing individual and company portfolios, a majority of individual properties are likely cash-funded and rented, reflecting a simpler, direct investment approach, while company portfolios might have a more diverse financing structure though the explicit split per owner type is not detailed.

In Q4 2025, landlords in Preble County, OH, acquired properties at an average price of $60,000, representing a substantial $16,844 (21.9%) discount compared to the average $76,844 paid by traditional homeowners. This demonstrates a clear advantage for investors in securing properties at lower prices.

The trend of significant landlord discounts has been consistent throughout 2025. In Q3, landlords paid $92,900, a massive 48.1% less than homeowners who paid $178,994. The discount was even more pronounced in Q2, where landlords paid an unusually low average of $6,563, which was 97.4% less than homeowners' $255,845, signaling potential distressed asset acquisitions or unique transaction types.

Despite the reported average acquisition prices for landlords being unusually low across 2025, with a yearly average of $37,650, and $86,104 in 2024, the consistent large percentage gap against homeowner prices highlights a strategic purchasing behavior by landlords in the region, focusing on properties at a much lower entry point.

The notable decline in average acquisition prices from the 2020-2023 period ($108,098) to 2025 ($37,650) suggests a shift towards lower-cost properties or potentially different market conditions. This substantial price depreciation for landlord acquisitions indicates a potential shift in target property types or market value.

Landlord acquisition data by properties purchased (section6-1.csv) indicates 0 properties for all timeframes in 2025 and 2024. However, the price comparison data (section6-2.csv) and Q4 summary (section7-1.csv) clearly show landlord buying activity. This discrepancy suggests an incomplete reporting of acquisition counts in section6-1.csv, but the pricing trends remain valid for the properties acquired.

Landlords in Preble County, OH, made 14 SFR purchases in Q4 2025, securing an 11.7% share of the total 120 SFR properties sold during the quarter. This indicates a consistent but not overwhelming presence in the recent acquisition market.

The bulk of landlord buying activity came from mom-and-pop investors (Tiers 01-04), who accounted for 13 of the 14 landlord purchases, representing a dominant 92.9% share. This highlights that individual and small-scale investors are the primary drivers of investor acquisitions in Preble County.

Specifically, single-property landlords (Tier 01) were highly active, acquiring 5 properties by 6 distinct entities, signaling the entry of new or expanding small-scale investment into the market. Furthermore, landlords with 6-10 properties (Tier 04) also showed notable activity, purchasing 4 properties with 3 entities.

In stark contrast to the mom-and-pop activity, institutional investors (Tier 09, 1000+ properties) made no SFR purchases in Q4 2025. This suggests a continued absence or divestment strategy by large-scale entities in this specific county market, reinforcing local dominance.

The distribution of Q4 purchases by tier reinforces the pattern of small investor dominance, with single-property landlords (Tier 01) being the most active by count of properties (35.7%) and entities (6), followed by two-property landlords and those with 6-10 properties. The average properties per entity for Tier 01 is 0.83 (5 properties/6 entities), indicating that some entities might be new entrants or have properties in other regions.

Mom-and-pop landlords, encompassing those with 1 to 10 properties (Tiers 01-04), collectively control an overwhelming 91.8% of all investor-owned SFR properties in Preble County, OH. This group represents the vast majority of the landlord market, holding 1,522 properties out of the total 1,659 investor-owned properties (sum of tiers).

Single-property landlords (Tier 01) form the backbone of this market, owning 1,058 properties, which alone accounts for 63.8% of the total investor-owned SFR portfolio. This high concentration in Tier 01 signifies the significant role of first-time or single-property investors in the county's rental housing supply.

In stark contrast, institutional investors (Tier 09, 1000+ properties) hold a negligible 0.2% of the investor-owned market, owning only 3 properties. This data challenges common narratives about corporate dominance, revealing a market largely driven by smaller, local investors.

The distribution shows a steep drop-off after Tier 01, with two-property landlords (Tier 02) holding 9.2% (152 properties) and small landlords (3-5 properties, Tier 03) holding 10.7% (177 properties). This rapid decline reinforces the highly fragmented nature of the landlord market in Preble County.

The total number of entities across all tiers is not explicitly provided in section8-1.csv, preventing a direct calculation of average portfolio size per entity for all tiers. However, the property distribution clearly establishes mom-and-pop landlords as the enduring force in the county's investor-owned SFR market, with very little presence from larger institutional players.

Acquisition price data by tier is not comprehensively available across all timeframes. Therefore, a direct comparison of whether larger investors pay more or less by tier cannot be definitively made from the provided data.

In Preble County, OH, individual investors overwhelmingly dominate the smaller portfolio tiers, particularly Tier 01 (single-property), where they own 960 properties, representing 90.0% of holdings. This pattern continues through Tier 02 (two-property) with 76.6% individual ownership (121 properties) and Tier 03 (3-5 properties) with 80.2% individual ownership (142 properties).

A significant crossover point occurs in the Small landlord (6-10 properties) tier, where individual ownership at 51.9% (70 properties) is still slightly higher than company ownership at 48.1% (65 properties). However, companies solidify their majority control starting at the Small-medium (11-20 properties) tier, where they own 46 properties, accounting for 76.7% of holdings, compared to individuals' 23.3% (14 properties).

This indicates that while the entry-level and small-scale investment market is primarily individual-driven, larger portfolios are increasingly managed and owned by company entities. This transition shows a shift in operational scale and strategic focus as portfolio size grows.

Institutional investors (Tier 09, 1000+ properties) in Preble County are exclusively company-owned, holding 3 properties, though specific Q4 acquisitions for this tier by owner type are not detailed. This suggests a very limited, albeit corporate, institutional presence in the market.

Comparing all-time vs Q4 activity by owner type is limited by the `0 properties` reported in `section6-1.csv` for recent acquisitions. However, the current ownership distribution strongly illustrates that individuals drive the vast majority of smaller, foundational investment activities, while companies pursue and maintain larger portfolios within the county.

Average acquisition prices by individual versus company within each tier are not provided in the data, preventing a direct comparison of pricing strategies between owner types at specific portfolio sizes.

In Preble County, OH, zip code 45320 emerges as the leading sub-geography for investor-owned properties, with 619 such properties, representing an 11.7% investor ownership rate. This highlights a significant concentration of investor activity within this specific area.

Following closely, zip code 45311 shows considerable investor presence with 278 investor-owned properties and an even higher investor ownership rate of 17.0%. This suggests that certain areas within Preble County are more attractive for real estate investors, possibly due to market conditions or property availability.

While specific property counts for several top zip codes (45056, 45304, 45325) are not available (nan), zip code 45070 stands out with the highest recorded investor ownership percentage at 27.4%. This indicates a high market penetration by landlords in this particular region, even if its total count isn't explicitly provided among the top by count, suggesting it's a dense investor market.

Conversely, zip code 45330 has an investor ownership rate of 17.9%, ranking fifth among those with available percentage data. The variation across these sub-geographies suggests that investment patterns are localized, with certain areas experiencing much higher levels of landlord activity than others.

The total SFR inventory for each region is not explicitly provided, nor are landlord entity counts per region, which limits a comprehensive analysis of landlord density and market saturation across these sub-geographies. However, the available data clearly points to 45320 and 45311 as key areas for investor property counts, while 45070 exhibits the highest density of investor ownership in Preble County.

All landlords in Preble County, OH, have consistently maintained a net buyer position throughout 2025, purchasing 83 SFR properties against 50 sales, resulting in a healthy buy/sell ratio of 1.66x. This indicates a sustained period of portfolio expansion among the general landlord population.

Breaking down the quarterly activity, Q4 2025 saw landlords acquire 20 properties and sell 14, yielding a net gain of 6 properties. This trend continued from Q3 (17 buys vs 8 sells) and Q2 (21 buys vs 14 sells), where landlords were also net buyers, adding 9 and 7 properties respectively.

In stark contrast to the overall landlord trend, institutional investors (1000+ tier) have been net sellers in 2025. They acquired only 1 property while selling 4, resulting in a net divestment of 3 properties. This suggests that large-scale corporate entities are either exiting or reducing their exposure in Preble County.

Comparing 2025 to 2024, the overall landlord buying activity has slightly decreased from 96 purchases in 2024 to 83 in 2025, while selling activity remained similar (57 sells in 2024 vs 50 in 2025). This indicates a slight tempering of acquisition velocity but continued market liquidity.

The data does not provide the percentage of buy or sell transactions originating from or going to other landlords (inter-landlord transactions), which would offer further insight into market dynamics and liquidity between investor types. Additionally, average buy prices vs. sell prices are not provided, preventing an analysis of implied profit margins.

The contrasting activity between all landlords and institutional investors highlights a divergence in market strategy, with smaller, local investors actively accumulating properties while larger entities divest.

Landlords in Preble County, OH, were involved in 20 of the total 189 SFR transactions during Q4 2025, representing a 10.6% share of all market activity. This indicates a modest but active presence in the quarter's real estate exchanges.

The vast majority of this landlord transaction volume came from mom-and-pop tiers (01-04), which together accounted for 17 transactions. This reinforces the finding that smaller-scale investors are the primary drivers of market activity within the landlord segment.

Single-property landlords (Tier 01) were active in 6 transactions, and acquired properties at an average purchase price of $41,000. For two-property landlords (Tier 02), 5 transactions were recorded, with a high 80.0% of these properties bought from other landlords, suggesting significant inter-landlord trading within this specific tier.

Institutional investors (Tier 09, 1000+ properties) showed no transaction activity in Q4 2025. This aligns with their net seller position observed historically and further emphasizes their limited engagement in the county's current transaction landscape.

While average purchase prices for several tiers are not available (nan), the available data indicates that smaller landlords are actively participating in transactions, often at lower price points or through internal landlord-to-landlord networks, particularly within the two-property landlord segment.

The transaction activity by tier generally mirrors the ownership distribution, with mom-and-pop landlords dominating both holdings and transaction volumes, underscoring their foundational role in the Preble County market. The price spread between the lowest ($41,000 for Tier 01) and highest available (not fully available across all tiers) suggests varied investment strategies by tier.