Dunn (WI) Investor Pulse Report (2025-Q4)

In Dunn County, the investor-owned single-family residential market consists of 2,171 properties, making up 16.0% of the total 13,529 SFRs.

Individual investors form the backbone of the market, holding 1,447 properties (66.7%), while company-owned entities control the remaining 727 properties (33.5%).

A defining characteristic of this market is the preference for all-cash acquisitions. An overwhelming 97.1% of the investor portfolio (2,109 properties) is owned outright without financing, signaling a fiscally conservative and debt-averse investor base.

The portfolio is heavily geared towards generating rental income, with 2,078 properties identified as being rented out or otherwise non-owner-occupied.

The ownership base is granular, with 1,959 distinct landlord entities for 2,171 properties. This low ratio of properties per landlord underscores the prevalence of small-scale, local investors rather than large-scale operators.

In Q1 2025, landlords in Dunn County demonstrated a distinct pricing advantage, acquiring properties for an average of $235,917. This was 14.4% less than the $275,728 paid by traditional homeowners, translating to a substantial $39,811 discount per property.

This significant price gap suggests that local investors are adept at identifying undervalued assets, negotiating favorable terms, or targeting properties that may not appeal to the traditional homebuyer market.

The market has seen considerable price appreciation since the pandemic-era boom. The average investor acquisition price in Q1 2025 ($235,917) is 24.9% higher than the average price paid between 2020 and 2023 ($188,873).

Investor purchase activity completely ceased in Q4 2025, with zero properties acquired, preventing any price comparison for that specific timeframe.

The long-term data shows a consistent upward trend in property values, reflecting broader market dynamics even as investors maintain their ability to purchase below the typical homeowner price point.

The fourth quarter of 2025 was marked by a complete freeze in investor acquisition activity in Dunn County. Landlords purchased zero single-family properties, accounting for 0.0% of the total market sales.

This inactivity was universal across all investor sizes. Mom-and-pop landlords (1-10 properties), who typically dominate the market, made no purchases.

Similarly, larger investors, including the non-existent institutional tier, also recorded zero acquisitions, highlighting a market-wide pause rather than a shift in activity between different investor segments.

The lack of new purchases means there was no influx of first-time landlords. The count of new single-property (Tier 01) investors for the quarter was zero.

This sudden stop in purchasing contrasts with previous periods of active acquisition and represents the most significant trend of the quarter, signaling a potential shift in local market conditions or investor sentiment.

The investor landscape in Dunn County is defined by small-scale ownership, with mom-and-pop landlords (1-10 properties) controlling a commanding 91.7% of all investor-held SFRs.

Entry-level investors are the most significant market force, as single-property landlords (Tier 01) alone own 1,324 properties, representing a 59.3% majority of the total investor portfolio.

The market share of landlords diminishes rapidly as portfolio sizes increase. Mid-size landlords holding 11-50 properties control just 8.1% of the inventory combined.

The market shows a complete absence of large-scale institutional capital. Investors in the 1,000+ property tier (Tier 09) own zero properties, reinforcing the local, small-business character of the rental market.

This distribution highlights a highly fragmented ownership base, suggesting the market is driven by local individuals and small businesses rather than large, out-of-state corporations.

While individual investors hold the majority of properties overall, a clear pattern emerges as portfolios grow: ownership increasingly shifts to company structures.

Individuals dominate the entry-level tiers, owning 77.1% of single-property portfolios and 70.2% of portfolios with 3-5 properties. This indicates that most landlords begin their investment journey as individuals.

The crossover point occurs in the 6-10 property tier. At this stage, companies become the majority owners, holding 83 properties (53.5%) compared to the 72 properties (46.5%) held by individuals.

This trend accelerates in larger tiers. For investors with 11-20 properties, companies own a 61.1% majority share, suggesting that formal business structures are adopted for legal and operational efficiency as portfolios scale.

This data illustrates a typical investor lifecycle, where growth prompts a transition from personal ownership to a more formalized corporate entity for managing a larger number of assets.

The geographic distribution of investor properties in Dunn County is highly concentrated in specific areas. The 54751 zip code stands out as the epicenter of investor activity, containing 1,092 properties, which is over half of the county's entire investor-owned SFR inventory.

Following distantly, the 54730 zip code holds 234 investor properties, and 54739 holds 187, demonstrating a steep drop-off in volume outside the primary investment zone.

A different pattern emerges when analyzing ownership rates. Smaller markets exhibit the highest investor penetration, indicating they are primarily rental communities. The 54735 zip code leads with a 75.0% investor ownership rate, followed by 54728 at 50.0%.

This highlights a key distinction between where the most rentals exist (volume) and which communities are most defined by them (rate). Investors dominate the housing stock in these high-rate areas.

The data for zip codes 54027 and 54724 was incomplete, but the available information points to a market with a clear primary hub and several smaller, highly saturated rental pockets.

Historical transaction data reveals a clear trend of portfolio growth among Dunn County landlords. In 2024, investors were aggressive net buyers, purchasing 144 SFR properties while selling only 22.

This activity translates to a powerful 6.55-to-1 buy/sell ratio, meaning landlords acquired over six properties for every one they sold, a strong signal of market confidence and accumulation.

The pattern of accumulation, though at a smaller scale, persisted into the beginning of 2025, with landlords buying 6 properties and selling just 1 in the first quarter.

Institutional investors (1,000+ properties) recorded no transactions during these periods, consistent with their complete absence from the county's ownership landscape.

This history of being decisive net buyers makes the complete halt in purchasing activity in Q4 2025 even more significant, marking a sharp deviation from established behavior.

In Q4 2025, the investor transaction market in Dunn County came to a complete standstill, with landlords participating in zero transactions.

This market freeze was comprehensive, affecting every investor segment. Mom-and-pop landlords (Tiers 01-04), who constitute the vast majority of owners, recorded no transactional activity.

Similarly, mid-size investors also remained on the sidelines, indicating a widespread sentiment of caution or a lack of viable opportunities during the quarter.

Due to the absence of purchase activity, there were no sales between investors. The percentage of properties bought from other landlords was 0.0%, as the entire market for investor-to-investor deals was dormant.

The lack of transactions prevented any analysis of Q4 pricing strategies by tier, as no price points were established by any investor group.