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

In Kewaunee County, investors hold a portfolio of 999 Single-Family Residential properties, accounting for 13.1% of the total 7,633 SFRs in the market.

Individual 'mom-and-pop' investors are the definitive market force, owning 741 properties, or 74.2% of the entire investor portfolio. Companies hold the remaining 268 properties (26.8%), showing a clear preference for individual ownership structures.

The ownership composition is further reflected in the landlord count, with 888 individual landlords making up the vast majority of the 1,101 total investor entities in the county.

A standout characteristic of this market is its complete lack of leverage; 100% of the 999 investor-owned properties are classified as cash-held. This indicates a highly conservative, debt-averse investor base.

The portfolio is heavily geared towards rentals, with 971 properties identified as rented, underscoring the primary business model for investors in the region.

Landlords in Kewaunee County have historically purchased properties at a significant discount compared to traditional homeowners. In Q3 2025, the average landlord acquisition price was $125,000, which is 63.2% less than the $339,381 average paid by homeowners—a raw discount of $214,381 per property.

This substantial pricing advantage for investors was not an anomaly. The trend was consistent in previous quarters, with landlords in Q2 2025 paying $185,000 against the homeowner price of $409,883, representing a 54.9% discount ($224,883).

The average acquisition price for landlords during the 2020-2023 period was $187,451, higher than the more recent quarterly averages, suggesting a potential shift in the types of properties targeted or market conditions prior to the recent purchasing halt.

Despite these historical pricing trends, it is critical to note that investor purchasing activity has recently stalled. There were zero properties acquired by landlords in Q4 2025, and none in the preceding three quarters of 2025, indicating a complete pause in market participation.

The fourth quarter of 2025 marked a complete halt in investor acquisition activity in Kewaunee County. Of the 8 total SFR properties sold during the period, landlords purchased zero, resulting in a 0% market share.

This inactivity was universal across all investor sizes. Mom-and-pop landlords (1-10 properties), who form the backbone of the local market, made no purchases in Q4.

Similarly, institutional investors (1000+ properties) were also absent from the market, recording zero acquisitions for the quarter.

The lack of new purchases means there were no new single-property landlords entering the Kewaunee County market in Q4, a stark contrast to periods of more active market participation.

This pause in investor buying suggests a significant shift in market dynamics or a 'wait-and-see' approach from all segments of the investor community in the county.

The investor landscape in Kewaunee County is overwhelmingly dominated by small-scale operators. Mom-and-pop landlords (owning 1-10 properties) control a massive 98.7% of all investor-owned SFR housing.

The most granular tier, single-property landlords, represents the largest single segment of the market. These investors own 785 properties, accounting for 77.8% of the entire investor portfolio, highlighting the market's reliance on first-time or small-scale investors.

Mid-size investors have a very small presence. The 'Small-medium' tier (11-20 properties) holds only 11 properties (1.1%), indicating a sharp drop-off in portfolio size beyond 10 properties.

Institutional capital has virtually no presence in the county. The 1000+ property tier accounts for just a single property, or 0.1% of the investor market, underscoring the hyper-local, non-corporate nature of SFR investment here.

Combining the smallest tiers, landlords owning between one and five properties collectively hold 97.1% of all investor-owned homes, reinforcing that the market is almost entirely composed of very small-scale landlords.

Individual investors form the foundation of the Kewaunee County market, owning 625 (78.6%) of the 785 single-property portfolios. Companies own the remaining 170 properties in this tier.

A clear crossover point from individual to corporate ownership emerges as portfolio sizes increase. In the 6-10 property tier, companies become the majority owners, holding 11 properties (68.8%) compared to just 5 (31.2%) held by individuals.

Individual ownership remains strong in the 2-property and 3-5 property tiers, accounting for 66.7% and 59.3% of properties in those segments, respectively. This demonstrates that personal ownership is the standard for landlords with five or fewer properties.

The data reveals a distinct pattern: investors start as individuals and tend to incorporate as their portfolio scales past five properties, likely for liability protection and operational efficiency.

This trend highlights different strategies, with individual capital fueling market entry and small-scale operations, while corporate structures are employed for portfolio growth and consolidation.

Geographic concentration is a defining feature of investor ownership in Kewaunee County. The top three zip codes—54201 (Algoma), 54216 (Kewaunee), and 54217 (Luxemburg)—account for 896 properties, or 89.7% of the total investor portfolio.

The 54201 zip code is the epicenter of investor holdings by sheer volume, with 386 investor-owned SFRs. This area also has a high penetration rate of 18.5%.

While 54201 leads in count, the highest rate of investor ownership is found in 54213 (Casco), where investors own 25.0% of the SFR properties, indicating a small but heavily investor-saturated market.

Following the top three, ownership counts drop off significantly. The 54205 (Brussels) zip code has the fourth-highest count with 61 properties, and 54208 (Denmark) follows with 33.

The data shows a clear pattern of investors focusing on the county's primary population centers, with the vast majority of capital deployed in just a few key areas.

Historical transaction data from 2024 shows that landlords in Kewaunee County were in a strong accumulation phase. They collectively purchased 59 SFR properties while only selling 11, making them decisive net buyers with a net gain of 48 properties.

This buying activity contrasts sharply with the complete halt in acquisitions seen in Q4 2025, indicating a major strategic shift or change in market conditions over the past year.

The institutional tier, though comprised of a single entity, also followed this growth trend in 2024. This investor was a net buyer, adding 2 properties to its portfolio while divesting only 1.

The data for 2024 reflects a healthy, active market where investors were confidently expanding their holdings across Kewaunee County.

The stark difference between the net buying of 2024 and the inactivity of late 2025 is the most critical trend, suggesting a market that has rapidly cooled for investors.

In the fourth quarter of 2025, landlords were completely absent from the transactional market in Kewaunee County. Of the 11 total SFR transactions that occurred, zero involved a landlord as either a buyer or a seller.

This lack of activity was consistent across all investor sizes, from single-property owners to the largest tiers. Mom-and-pop landlords (Tiers 01-04) recorded zero transactions.

Likewise, the institutional tier (Tier 09) was also dormant, with no buy or sell-side activity during the quarter.

Consequently, there were no inter-landlord trades, where one investor sells a property to another. This indicates a freeze in portfolio repositioning and a lack of liquidity within the investor-held market.

The data paints a picture of a market in a holding pattern, with existing investors neither expanding nor divesting their Kewaunee County portfolios in the final quarter of 2025.