Dubois (IN) Investor Pulse Report (2025-Q4)

In Dubois County, investors own a total of 953 Single-Family Residential (SFR) properties, which constitutes 6.8% of the total 13,999 SFRs in the market.

Individual investors are the primary force, holding 690 properties, or 72.4% of the investor-owned market. This leaves company-owned portfolios with the remaining 270 properties (28.3%), highlighting the local, small-scale nature of real estate investment in the area.

A striking 97.1% of the investor portfolio (925 properties) is designated as non-owner-occupied or rented, confirming that these properties are almost exclusively used as rental housing rather than for personal use.

Cash is the dominant acquisition method among Dubois County investors. A total of 826 properties (86.7%) are owned outright without financing, compared to just 127 properties (13.3%) that carry a mortgage. This indicates a well-capitalized investor base that is less sensitive to interest rate fluctuations.

The market structure is composed of 962 distinct landlord entities. Of these, 777 are individuals and 185 are companies, a ratio of more than four individual landlords for every one company, further cementing the mom-and-pop character of the local rental market.

Landlord acquisition pricing in Dubois County has demonstrated significant volatility and deviates from typical discount patterns. In Q3 2025, landlords paid an average of $65,000, representing a 22.0% premium over the traditional homeowner price of $53,300.

This recent premium marks a dramatic reversal from earlier in the year. In Q2 2025, landlords secured properties at a massive 56.6% discount, paying $103,000 compared to homeowners at $237,473. Similarly, in Q1 2025, they achieved a 25.4% discount ($164,942 vs. $220,998).

The average acquisition price for landlords has trended downward throughout 2025, from $164,942 in Q1 to $65,000 in Q3, while homeowner prices have fluctuated without a clear trend. This suggests landlords may be targeting lower-priced distressed properties, even if it occasionally means paying a premium relative to the low-end market segment.

With zero landlord property purchases recorded in Q4 2025, a direct price comparison for the most recent quarter is not possible. This lack of activity could indicate a seasonal pause or a shift in investor strategy.

Overall price appreciation is evident when comparing recent activity to the 2020-2023 period. The average landlord purchase price in 2024 was $165,601, significantly higher than the $147,467 average during the pandemic-era boom, signaling sustained value growth in the market.

In Q4 2025, investor activity represented 10.0% of all SFR market purchases in Dubois County, with landlords acquiring 1 of the 10 homes sold.

The entirety of this landlord purchasing activity came from the smallest investor tier. One hundred percent of acquisitions were made by a new, single-property landlord (Tier 01), indicating the market's growth is driven by new entrants rather than portfolio expansion by existing investors.

This new market entrant represents the quintessential mom-and-pop investor, who collectively made up 100.0% of all landlord purchases in the quarter.

In stark contrast, institutional investors (Tier 09, 1000+ properties) had no purchasing activity, acquiring zero properties in Q4. Their 0.0% share of purchases underscores their non-existent role in the Dubois County acquisition market.

The low volume of just one landlord purchase in Q4 suggests a significant slowdown in investor acquisition activity compared to previous periods in the year.

The investor landscape in Dubois County is defined by the dominance of small-scale landlords. Mom-and-pop investors (Tiers 01-04, holding 1-10 properties) control a massive 95.1% of all investor-owned SFRs.

The market is anchored by its smallest participants. Single-property landlords (Tier 01) alone account for 662 properties, representing 67.3% of the total investor-owned housing stock.

Mid-size landlords (Tiers 05-08, holding 11-1000 properties) play a much smaller role, collectively owning just 4.8% of the investor-owned inventory.

The presence of institutional capital is virtually nonexistent. The largest tier of investors (Tier 09, 1000+ properties) owns a single property in the county, accounting for a mere 0.1% of the total investor portfolio.

This distribution reveals a highly fragmented market, where ownership is spread across many small landlords rather than being concentrated in the hands of a few large entities, challenging the narrative of corporate dominance in the rental market.

Individual investors form the bedrock of the Dubois County market, overwhelmingly owning smaller portfolios. In the largest tier by property count (single-property), individuals own 540 properties, an 80.8% majority compared to companies at 19.2%.

The transition from individual to corporate ownership becomes evident as portfolio sizes increase. While individuals maintain a majority or near-majority in the 2 to 10 property range, a distinct crossover point occurs in larger tiers.

Companies establish clear dominance in the small-to-medium landlord category. For investors holding 21-50 properties, companies own 16 of the 17 properties, a commanding 94.1% share.

Even in two-property portfolios, the split is nearly even, with individuals owning 56.3% and companies owning 43.7%, indicating that incorporation is a common strategy even for very small-scale landlords.

This pattern illustrates a typical business lifecycle for real estate investors: individuals start with one or a few properties, but as portfolios grow beyond a certain scale (around 10-20 properties), the operational and legal benefits of a corporate structure become prevalent.

Geographic analysis reveals that investor ownership in Dubois County is heavily concentrated in the Jasper area. Zip code 47546 alone accounts for 455 investor-owned properties, representing nearly half of the entire county's investor portfolio.

The top two zip codes by sheer volume, 47546 (Jasper) and 47542 (Huntingburg), together contain 695 investor-owned properties, which is 72.9% of the county's total investor-held SFRs.

However, the highest rate of investor ownership is found elsewhere. The small community of Birdseye (zip code 47513) has the highest concentration, with 11.8% of its housing stock owned by investors, despite having only 57 such properties.

This highlights a key distinction between where investors own the most properties (volume) and where they control the largest share of the market (penetration). The largest cities drive volume, while smaller, potentially more affordable rural areas show higher market share percentages.

Other areas with notable investor penetration include zip codes 47432 (8.5%), 47523 (8.0%), and 47542 (7.8%), indicating widespread, though less concentrated, investor activity across the county.

Transaction data reveals that landlords in Dubois County are in a phase of portfolio accumulation. In 2025, they have been strong net buyers, purchasing 15 properties while selling only 3, for a net gain of 12 properties.

The buy-to-sell ratio for 2025 stands at an aggressive 5.0, meaning investors acquired five properties for every one they divested. This signals strong confidence in the local market and a focus on long-term growth.

This net-buyer behavior is a consistent trend. In 2024, landlords also expanded their holdings, buying 20 properties and selling 5, for a net gain of 15 properties and a buy-to-sell ratio of 4.0.

Quarterly data shows this momentum continued through mid-2025. In Q2 2025, landlords purchased 4 properties and sold 2, maintaining their net-buyer status.

There was no recorded transaction activity for institutional-grade investors (1000+ properties), reinforcing the observation that this market is exclusively driven by smaller, local landlords.

In Q4 2025, landlords played a minor role in overall market transactions, participating in just 1 of the 14 total SFR transactions, for a market share of 7.1%.

All landlord activity was on the buy-side and was concentrated entirely at the smallest end of the investor spectrum. A single transaction was recorded by an entity in the single-property (Tier 01) category.

This indicates that the only investor activity this quarter was the creation of a new landlord, rather than portfolio expansion by established players.

There was zero inter-landlord trading in Q4. The one property purchased by a landlord was not acquired from another landlord, suggesting the inventory came from the traditional homeowner market.

Mid-size and institutional tiers were completely inactive, with zero transactions recorded. This reinforces that the transaction market, like the ownership market, is exclusively a mom-and-pop domain in Dubois County.