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

Individual landlords overwhelmingly dominate the SFR investment market in Goshen County, Wyoming, holding 1,087 properties (89.5%) compared to companies which own 140 properties (11.5%) out of the 1,214 investor-owned SFR portfolio.

The vast majority of investor-owned properties, 1,196 out of 1,214 (98.5%), are designated as rented, underscoring a strong focus on income generation within the county's landlord community.

Cash acquisitions significantly outweigh financed purchases among landlords, with 898 properties (74.0%) bought outright compared to 316 (26.0%) that are financed, indicating a preference for debt-free ownership or robust capital reserves.

Despite companies comprising only 8.8% of landlord entities (145 out of 1,638), their ownership of 140 properties gives them an average portfolio size of 0.97 properties per entity, suggesting a mixed strategy of individual and company ownership even within smaller company portfolios.

The high percentage of non-owner-occupied properties reinforces the rental market's strength in Goshen County, with nearly all investor properties contributing to the local rental housing stock.

In Q4 2025, landlords in Goshen County, Wyoming demonstrated a remarkable pricing advantage, acquiring properties at an average of $92,068 — a substantial 58.0% discount compared to traditional homeowners who paid $219,223, representing a $127,155 difference per property.

This significant Q4 discount presents a stark reversal from Q1 2025, when landlords paid a considerable premium of $219,898, or 106.9%, over homeowners ($425,600 vs $205,702), indicating highly volatile market conditions or specific high-value transactions that quarter.

Across 2025, landlord acquisition prices have fluctuated wildly, from $425,600 in Q1 to $92,068 in Q4, with no recorded purchases in Q4 2024, highlighting an inconsistent investment pace within Goshen County.

The average acquisition price for landlords in Year 2025 stands at $156,358, which is lower than the Year 2024 average of $232,414, signaling a potential downward trend in property values or a shift towards acquiring lower-priced assets.

The lack of landlord acquisition activity in Q4 2024 and across 2025 (0 properties recorded in each quarterly timeframe) means the average prices for those periods are based on very few or no actual transactions, making the observed price swings exceptionally sensitive to individual property values.

Landlords significantly impacted the Q4 2025 market in Goshen County, Wyoming, by acquiring 13 properties, which constitutes 28.9% of all 45 SFR purchases during the quarter, signaling active investor engagement.

Mom-and-pop landlords (Tier 01-04) were the primary drivers of investor activity, responsible for 84.6% of all landlord purchases in Q4, securing 11 properties and reinforcing their foundational role in the local real estate market.

Single-property landlords (Tier 01) proved especially dynamic in Q4, with 17 distinct entities collectively purchasing 10 properties, making up 76.9% of all landlord acquisitions and highlighting a strong entry point for new or expanding small-scale investors.

Despite media focus on larger entities, institutional investors (Tier 09) had a minimal presence in Q4, purchasing just 1 property, which represented only 7.7% of landlord acquisitions in Goshen County.

The distribution of Q4 purchases by tier shows a clear concentration at the lower end of the landlord spectrum, with Tier 01, 03-05, and 21-50 each acquiring properties, but no activity from Tiers 02, 06-10, 11-20, or 51-100, indicating selective participation across investor sizes.

Mom-and-pop landlords (1-10 properties) overwhelmingly dominate the investor-owned SFR market in Goshen County, Wyoming, controlling an astounding 99.3% of all landlord-held properties, a total of 1,246 SFRs across Tiers 01-04.

The single-property landlord tier (Tier 01) forms the backbone of the market, holding 979 properties, which accounts for 78.0% of the entire investor-owned portfolio, demonstrating that first-time and small-scale investors are the primary force.

In stark contrast to the mom-and-pop segment, institutional investors (Tier 09, 1000+ properties) have a near-nonexistent footprint in Goshen County, owning only 1 property, which represents a negligible 0.1% of the total landlord-owned SFR.

Mid-size landlords (Tiers 05-08) also hold a very small share, with Tiers 21-50 (5 properties) and 101-1000 (3 properties) collectively making up less than 1% of the market, further emphasizing the pronounced small-investor concentration.

The distribution underscores a highly fragmented market structure primarily driven by individual, small-scale investments rather than large corporate or institutional players in Goshen County.

While individual investors overwhelmingly dominate the smaller tiers, companies become the majority owners at the 6-10 property portfolio size (Tier 06-10) in Goshen County, Wyoming, controlling 61.9% of properties compared to individuals' 38.1% in that tier.

Individual landlords are highly concentrated in the single-property (Tier 01) segment, where they account for 91.3% of properties (904 properties) versus companies' 8.7% (86 properties), showcasing the fundamental role of single-home investors.

This individual dominance extends to the 2-property tier, where individuals own 93.2% (109 properties) compared to companies' 6.8% (8 properties), and to the 3-5 property tier, with individuals holding 79.1% (102 properties) and companies 20.9% (27 properties).

The data reveals a clear crossover point where company ownership gains traction and then majority as portfolio sizes increase, signaling that larger, though still small-to-mid-size by national standards, investments are more often structured under company entities in Goshen County.

The stark difference in ownership composition between the smaller and slightly larger tiers highlights distinct strategies, with individual investors preferring simpler, smaller portfolios, while companies are leveraged for managing a modest collection of properties.

The zip code WY-Goshen-82240 contains the highest volume of investor-owned SFR properties in Goshen County, Wyoming, with 743 properties, indicating a significant concentration of landlord investments in this specific area.

Conversely, the zip code WY-Goshen-82212 exhibits the highest investor ownership rate, with 71.3% of its SFR properties being landlord-owned, showcasing a market where investors hold a substantial majority of the housing stock.

There is a clear distinction between regions with high investor property counts and those with high ownership rates; for instance, WY-Goshen-82240 has the most properties but only a 24.5% investor ownership rate, while WY-Goshen-82212 has fewer properties (117) but a much higher rate (71.3%).

Three zip codes, WY-Goshen-82212 (71.3%), WY-Goshen-82217 (71.2%), and WY-Goshen-82223 (65.9%), demonstrate remarkably high landlord penetration rates, signifying that over two-thirds of SFR properties in these areas are investor-owned.

The data suggests that investor interest in Goshen County is not uniformly distributed, with specific areas like 82240 attracting a large number of properties, and others like 82212 and 82217 characterized by a very high percentage of their available SFRs being landlord-controlled.

Landlords in Goshen County, Wyoming are consistently strong net buyers, demonstrated by a 7.0x buy/sell ratio in Q4 2025 (21 buys vs 3 sells) and an 8.0x ratio across the entire Year 2025 (64 buys vs 8 sells).

This robust net buying activity has been sustained throughout the year, with Q3 showing 14 buys versus 2 sells, and Q2 recording 22 buys against 1 sell, indicating consistent market accumulation by landlords.

Institutional investors (1000+ tier) showed a notable shift, transitioning from being net sellers in Year 2024 (1 buy vs 2 sells) to becoming net buyers in Year 2025 (3 buys vs 2 sells), signaling a renewed interest in accumulation within Goshen County.

The overall market liquidity for landlords appears high, with steady purchasing volume and significantly fewer sales, reinforcing the perception of real estate as a favorable long-term asset in the county.

The average buy price for all landlords in Q4 2025 was $92,068 while the average sell price was not provided, preventing an analysis of implied margins during the quarter.

In Q4 2025, landlords in Goshen County, Wyoming accounted for 21 of the 74 total SFR transactions, representing a significant 28.4% share of the county's real estate market activity.

Single-property landlords (Tier 01) were the most active segment, conducting 17 transactions in Q4, which means they were responsible for 81.0% of all landlord transactions, underlining their crucial role in market liquidity and growth.

The average purchase price for single-property landlords (Tier 01) was $112,527 in Q4, indicating that the bulk of landlord transactions occurred at a relatively accessible price point within the market.

Inter-landlord trading for single-property landlords was relatively low, with only 2 out of 17 (11.8%) transactions involving another landlord, suggesting that these investors primarily acquire properties from traditional homeowners or other non-landlord sellers.

Mid-to-larger tiers, such as Small landlord (3-5 properties), Small-medium (21-50 properties), and Institutional (1000+ properties), showed minimal Q4 transaction volume, with 2, 1, and 1 transactions respectively, at average prices not reliably ascertainable for the latter two due to data limitations ($0 values).