Converse (WY) Investor Pulse Report (2025-Q4)

Landlords collectively own 1,362 Single Family Residential (SFR) properties in Converse County, representing a significant 33.5% of the total 4,066 SFR market, highlighting a substantial investor presence.

Individual investors overwhelmingly dominate the landlord landscape, holding 1,242 properties or 91.2% of all investor-owned SFR units, effectively challenging narratives of corporate control. In contrast, company-owned SFR properties total 146, accounting for only 10.7% of the investor portfolio.

The portfolio demonstrates a strong rental-centric strategy, with 1,341 properties being rented. This indicates that the vast majority of landlord holdings are actively generating rental income for investors in the county.

Financial analysis reveals a preference for cash acquisitions, with 935 properties bought outright, compared to 427 properties that are financed. This suggests a tendency towards minimizing debt within investor portfolios in Converse County.

The sheer number of individual landlords, 1,517, dwarfs the 121 company landlords, reinforcing the 'mom-and-pop' character of the investor market in the region by an entity ratio of 12.5 to 1.

In Q4 2025, landlords acquired properties at an average price of $77,334, a substantial $257,813 (76.9%) discount compared to the $335,147 paid by traditional homeowners, suggesting highly opportunistic or specialized acquisitions for the 9 properties purchased.

The price comparison reveals extreme volatility: in Q3 2025, landlords paid an average of $644,480, representing a $261,752 (68.4%) premium over homeowner prices of $382,728, indicating that market dynamics can shift dramatically quarter-over-quarter, likely due to low transaction volumes for investors.

The year 2025 saw landlords acquire properties at an average price of $321,015, which is higher than the $267,235 average recorded for 2024, signaling a general upward trend in acquisition costs before the Q4 anomaly.

When comparing 2024 with the pre-2024 period, landlords paid an average of $267,235 in 2024, a notable increase from the $241,854 average during the 2020-2023 pandemic-era boom, reflecting post-pandemic price appreciation.

The dramatic swing from a 68.4% premium in Q3 to a 76.9% discount in Q4 for landlords highlights the highly localized and possibly unique nature of the few transactions driving these averages, rather than a broad market shift.

Landlords were active participants in the Q4 2025 market, securing 9 out of 52 total SFR purchases, which accounts for a substantial 17.3% of all properties bought in Converse County.

Mom-and-pop landlords (Tiers 01-04) overwhelmingly drove investor activity in Q4, making 10 purchases and representing 90.9% of all landlord acquisitions, demonstrating their critical role in the local market.

New single-property landlords (Tier 01) were particularly active, with 5 distinct entities acquiring 5 properties, signifying a robust entry of first-time or small-scale investors into the market.

The distribution of Q4 purchases further emphasizes the dominance of smaller investors: single-property landlords accounted for 45.5% of acquisitions (5 properties), while small landlords (3-5 properties) made 27.3% of purchases (3 properties), and two-property landlords 18.2% (2 properties).

In sharp contrast to smaller investors, institutional investors (Tier 09, 1000+ properties) registered no purchases in Q4 2025, underscoring their complete absence from recent buying activity in this county.

Mom-and-pop landlords, encompassing Tiers 01-04 (1-10 properties), collectively dominate the investor-owned SFR market in Converse County, controlling an overwhelming 99.5% of all 1,362 landlord properties.

Single-property landlords (Tier 01) are the primary backbone of the investor market, owning 1,198 properties, which represents 87.3% of the total landlord-owned SFR inventory.

The concentration of ownership drastically diminishes beyond the smallest tiers; for example, Tiers 05-08 (11-1000 properties) together hold only 0.3% of properties, signaling minimal presence from mid-sized and larger investors.

Institutional investors (Tier 09, 1000+ properties) have an almost negligible footprint, holding just 1 property, which equates to 0.1% of the total landlord-owned SFR portfolio, contrary to broader market narratives of institutional dominance.

The structure of investor ownership in Converse County is characterized by extreme fragmentation, with the vast majority of properties held by small-scale entities, rather than consolidated portfolios.

Individual investors overwhelmingly dominate the smallest portfolios, owning 1,139 of the 1,217 single-property (Tier 01) units, representing 93.6% of this foundational tier.

While individuals maintain a majority, company ownership steadily increases with portfolio size: at the two-property tier (Tier 02), companies account for 18 of 83 properties (21.7%), up from 6.4% in Tier 01.

The most significant shift towards company involvement occurs at the 3-5 property tier (Tier 03), where companies own 35 properties (45.5%), nearing parity with individual investors who hold 42 properties (54.5%).

This pattern indicates that as portfolio size grows, company entities become increasingly prevalent, though individual investors still represent the majority across all observed tiers.

The absence of pricing data by owner type within tiers prevents an analysis of whether individual or company landlords employ different acquisition strategies based on portfolio size in Converse County.

Within Converse County, the zip code WY-Converse-82637 exhibits the highest concentration of investor-owned properties, with 842 SFR units, representing a significant 66.0% investor ownership rate.

Another key area for investor activity is WY-Converse-82633, where 520 properties are landlord-owned, translating to an 18.7% investor ownership rate, demonstrating varied but strong investor interest across the county's sub-regions.

The considerable 66.0% investor ownership rate in WY-Converse-82637 indicates that more than two-thirds of the SFR housing in this specific zip code is held by landlords, making it a critical hub for rental properties.

The available data points to a localized concentration of investor activity within Converse County, rather than a uniform distribution, with specific zip codes attracting a disproportionate share of landlord holdings.

Due to missing data for some sub-geographies, a comprehensive comparison of investor ownership counts and rates across all of Converse County's zip codes is not fully possible, but the existing data shows clear hotspots.

Converse County landlords are active net buyers, with 11 buy transactions versus 4 sell transactions in Q4 2025, resulting in a 2.75x buy-to-sell ratio and a net gain of 7 properties.

The trend of net buying extends throughout 2025, as landlords executed 69 buy transactions against only 8 sell transactions, yielding a substantial net increase of 61 properties to their portfolios, reinforcing their growth strategy.

Looking back, 2024 also saw robust net buying, with landlords completing 76 purchases and 13 sales, indicating a consistent accumulation pattern over the past two years.

In contrast, institutional investors (1000+ properties) show a more balanced transaction profile, with 2 buys and 2 sells in 2025, suggesting a neutral position, neither significantly accumulating nor divesting.

Institutional activity in 2024 revealed a net seller status, with 1 buy versus 2 sells, distinguishing their strategy from the broader landlord market which has consistently been accumulating properties.

Landlords played a distinct role in the Q4 2025 market, engaging in 11 out of 75 total SFR transactions, which represents a 14.7% share of all market activity in Converse County.

Mom-and-pop landlords (Tiers 01-04) overwhelmingly dominated transaction volumes in Q4, executing 10 transactions, while institutional investors (Tier 09) had no transactions, underscoring the local market's reliance on smaller investors.

Single-property landlords (Tier 01) were active with 5 transactions and paid the highest average purchase price at $146,167 among reporting tiers, indicating their willingness to pay market rates for entry-level properties.

Inter-landlord trading varied significantly by tier: two-property landlords sourced 100.0% of their 2 transactions from other landlords, while single-property landlords only bought 20.0% of their 5 transactions from fellow investors.

The data reveals varied pricing strategies among active tiers, with Tier 01 paying $146,167 on average, while other mom-and-pop tiers (2 and 3-5) show an average price of $0, suggesting unique or non-standard transaction types, potentially non-market sales, or data limitations for these categories.