Lewis (TN) Investor Pulse Report (2025-Q4)

Landlords in Lewis County, TN, control a significant portion of the SFR market, owning 920 properties which account for 26.2% of all 3,514 SFR properties in the county.

Individual landlords are the dominant force within the investor segment, owning 759 properties (82.5% of investor-owned SFR), while companies hold 171 properties (18.6%), challenging the perception of corporate dominance.

The overwhelming majority of investor-owned properties are rented, with 911 properties generating rental income, highlighting a strong focus on long-term rental strategies over quick sales or occupancy.

Cash acquisitions remain a significant strategy for landlords in the county, with 776 properties owned outright, indicating financial strength or strategic investment in low-interest environments.

The landlord landscape is heavily skewed towards individual ownership, with 963 individual landlords compared to just 66 company landlords, reinforcing the 'mom-and-pop' nature of the market.

Despite companies owning fewer properties, their average portfolio size is larger (2.59 properties per company landlord vs. 0.79 per individual landlord), indicating that while fewer, corporate entities manage more properties on average.

A very high 99.0% (911 of 920) of landlord-owned SFR properties are non-owner-occupied, underscoring the almost exclusive focus on investment and rental income generation across all landlord holdings.

Landlords in Lewis County, TN, demonstrated an exceptional pricing advantage in Q4 2025, acquiring properties at an average of $115,800, a remarkable 59.5% discount compared to traditional homeowners who paid $285,893.

The landlord-homeowner price gap has shown significant volatility quarter-over-quarter; while landlords secured deep discounts in Q4 2025 (59.5%) and Q2 2025 (52.2%), they paid an 18.8% premium ($52,959) over homeowners in Q3 2025, revealing inconsistent market conditions or highly targeted buying strategies.

Analyzing pricing across timeframes highlights the extreme fluctuations, with landlord acquisition prices ranging from $115,800 in Q4 2025 to $334,923 in Q3 2025, preventing a clear trend for landlord pricing consistency.

The average acquisition price for landlords for the entire Year 2025 was $206,457, indicating that despite some large discounts, overall yearly prices averaged higher than pandemic-era purchases (2020-2023) at $138,185, showing significant price appreciation.

The pandemic-era (2020-2023) saw landlord acquisition prices average $138,185, which has since appreciated by 49.4% to $206,457 for Year 2025 average prices, signifying substantial market growth.

While 0 properties were listed as purchased by landlords in `section6-1.csv` for 2025-Q4, `section7-1.csv` records 6 landlord purchases during the same period, implying a small volume of transactions where landlords secured significant discounts.

The absence of split data for individual vs. company landlord acquisition prices prevents analysis of differing pricing strategies or market power between these owner types in Lewis County, TN.

Landlords in Lewis County, TN, represented a modest portion of the Q4 2025 SFR market, accounting for 6 of the 48 total purchases, a 12.5% share.

Mom-and-pop landlords (Tiers 01-04) completely dominated investor activity this quarter, making 100.0% of all 6 landlord purchases, reinforcing their foundational role in the local rental market.

Institutional investors (Tier 09) showed no purchasing activity in Q4 2025, acquiring 0 properties, indicating their absence from, or divestment from, the Lewis County market this period.

Single-property landlords (Tier 01) were the most active segment, purchasing 4 properties (66.7% of all landlord acquisitions) and introducing 7 new entities into the investor landscape, suggesting a steady influx of first-time investors.

The average properties per entity for Tier 01 during Q4 2025 was 0.57 (4 properties by 7 entities), highlighting that several entities entered the market but didn't necessarily purchase a property this specific quarter, or are classified based on total portfolio size after purchase.

Tiers 02 and 03-05 also contributed to Q4 activity, with 1 property purchased by a Tier 02 entity and 1 property by a Tier 03-05 entity, showing broader mom-and-pop engagement beyond single-property investors.

The concentration of Q4 activity entirely within the mom-and-pop segment (100.0% of landlord purchases) indicates that local, smaller-scale investors are the primary drivers of growth in Lewis County's rental housing market.

Mom-and-pop landlords (Tiers 01-04) overwhelmingly dominate the investor-owned SFR market in Lewis County, TN, controlling 88.1% of all 940 investor properties, demonstrating their crucial role in the local housing supply.

The backbone of this market is the single-property landlord (Tier 01), who collectively own 711 properties, representing a substantial 75.6% of the total investor-owned SFR portfolio, making them the most significant segment.

In stark contrast to common narratives, institutional investors (Tier 09, 1000+ properties) have a minimal presence in Lewis County, owning only 2 properties, which translates to a mere 0.2% of the total investor-owned SFR.

The distribution shows a steep drop-off after Tier 01, with Tier 02 holding 50 properties (5.3%) and Tier 03-05 holding 58 properties (6.2%), indicating that while there are some small multi-property owners, the majority remain small-scale.

While Tier 07 (51-100 properties) unexpectedly accounts for 81 properties (8.6%), significantly more than some larger tiers, this suggests a few medium-large landlords have a notable footprint in the county.

The absence of acquisition pricing data by tier in this section prevents direct comparison of pricing strategies between smaller and larger investors, limiting insights into whether larger portfolios secure better deals.

The substantial disparity between mom-and-pop (88.1%) and institutional (0.2%) ownership underscores Lewis County's market structure as primarily driven by individual and small-scale investment, rather than large corporate entities.

Individual investors overwhelmingly dominate all disclosed landlord tiers in Lewis County, TN; for example, they represent 93.7% of single-property landlords (Tier 01) with 674 properties compared to companies with 45 properties.

There is no discernible crossover point where companies become the majority owners within the provided tier data for Lewis County, as individuals consistently hold the majority share even in mid-sized tiers, reaching 66.7% in the 6-10 property tier.

In the small landlord segment (3-5 properties), individuals own 50 properties (86.2%), significantly more than companies which own 8 properties (13.8%), further illustrating individual investor prevalence in building portfolios.

Even in the small-medium tier of 21-50 properties, individual owners account for 100.0% of the properties (1 property), highlighting that larger individual portfolios exist without corporate involvement.

The individual vs. company split remains highly concentrated towards individuals across all tiers, with companies rarely exceeding a third of ownership within any given tier shown, such as their 33.3% in the 6-10 property tier.

The lack of pricing data split by owner type within each tier in the provided dataset prevents an analysis of whether individual or company investors secure better deals as their portfolios grow.

While specific growth patterns for owner types (all-time vs Q4) are not explicitly detailed by tier in this section, the consistent individual dominance across current holdings suggests a sustained trend of individual investment over time.

Within Lewis County, TN, the zip code 38462 exhibits the highest concentration of investor-owned properties, with 736 SFR units, showcasing it as the primary hub for landlord activity by volume.

Despite having fewer investor-owned properties by count, TN-Lewis-38483 stands out with the highest investor ownership rate at 43.4%, indicating a strong landlord penetration within its local housing market compared to other zip codes.

The zip code 38461 demonstrates a moderate level of investor activity, holding 29 investor-owned properties with an ownership rate of 23.6%, positioning it as a growing area for real estate investment in the county.

The contrast between count leaders (38462 with 736 properties) and percentage leaders (38483 with 43.4% rate) reveals varying market dynamics; some areas have high total investment, while others have a higher proportion of homes owned by landlords.

Zip code 38485 also shows a notable investor presence with 8 properties and a high ownership rate of 33.3%, indicating concentrated investment in smaller pockets across Lewis County, TN.

The missing data for TN-Lewis-37096 prevents a complete picture of investor distribution, as it lacks both property counts and ownership rates for proper comparative analysis within the top regions.

Average acquisition prices are not provided at this sub-geography level, preventing an assessment of whether higher investor activity or penetration correlates with specific pricing patterns across Lewis County's zip codes.

Lewis County landlords consistently remained net buyers across all timeframes provided, with Q4 2025 seeing 9 buys against 7 sells, resulting in a positive net acquisition of 2 properties, continuing a trend of portfolio expansion.

Institutional investors (1000+ tier) demonstrated differing behavior; while they were net buyers for the full Year 2025 (4 buys vs 2 sells), they acted as net sellers in Q3 2025 (1 buy vs 2 sells), indicating tactical adjustments in their portfolio strategy.

The buy/sell ratio for all landlords in Q4 2025 was 1.29x (9 buys / 7 sells), signaling ongoing accumulation, albeit at a slower pace than previous quarters like Q2 2025 where 25 buys vastly outpaced 3 sells.

Overall landlord transaction volume has slightly decreased from Year 2024 (67 buys, 11 sells) to Year 2025 (63 buys, 19 sells), suggesting a potential moderation in acquisition activity and an increase in divestment.

The absence of data for the percentage of buy or sell transactions originating from other landlords prevents an assessment of inter-landlord trading dynamics or market liquidity in Lewis County, TN.

Average buy and sell prices are not provided for historical transactions, making it impossible to analyze implied profit margins or pricing strategies over time for landlords in the county.

The divergent transactional patterns between all landlords (consistently net buyers) and institutional investors (sporadic net sellers) suggest different market outlooks or operational strategies within Lewis County's investor segments.

Landlords in Lewis County, TN, accounted for 9 of the 75 total SFR transactions in Q4 2025, representing a 12.0% share of market activity, indicating a modest but active presence.

Mom-and-pop landlords (Tier 01-04) were the sole drivers of landlord transaction volume in Q4, conducting all 9 transactions, while institutional investors (Tier 09) registered 0 transactions, emphasizing the local, small-scale nature of the market.

Single-property landlords (Tier 01) were the most active segment, engaging in 7 transactions, far outpacing other tiers and demonstrating their continued entry and activity in the Lewis County housing market.

The average purchase price for single-property landlords (Tier 01) in Q4 was $131,743, which was significantly higher than the average $70,000 paid by Tier 02 and $50,000 by Tier 03-05, suggesting varied property values or strategic buying within mom-and-pop segments.

Inter-landlord trading was notable for single-property investors, with 28.6% of their Q4 purchases (2 out of 7 transactions) coming from other landlords, suggesting a degree of market recycling among smaller investors.

The price spread between the highest and lowest purchasing tiers in Q4 was considerable, with Tier 01 paying $131,743 on average compared to Tier 03-05 at $50,000, illustrating distinct property preferences or market entry points.

Tier activity in transactions largely mirrors ownership distribution, with mom-and-pop landlords (especially Tier 01) dominating both existing holdings and Q4 transaction volumes, solidifying their consistent market influence in Lewis County, TN.