Phillips (KS) Investor Pulse Report (2025-Q4)

In Phillips County, investors have a significant footprint, owning 587 single-family residential properties, which constitutes 32.3% of the total 1,819 SFRs in the market.

The ownership structure is overwhelmingly tilted towards small-scale investors, with individuals owning 483 properties (82.3%) compared to the 105 properties (17.9%) held by companies.

A defining characteristic of this market is the complete absence of leverage; 100% of the 587 investor-owned properties are held as cash assets, with zero properties financed. This indicates a financially conservative, long-term hold strategy among local landlords.

The portfolio is heavily focused on rental income, with 568 properties classified as rented. This represents 96.8% of the entire investor-owned stock, underscoring that the primary investor activity is providing rental housing rather than speculation.

The landlord base mirrors the property ownership, with 533 of the 601 total landlords being individuals. This high ratio of individual landlords reinforces the 'mom-and-pop' nature of the Phillips County rental market.

The most significant finding regarding acquisition pricing in Phillips County is the complete lack of recent activity. There were no recorded SFR purchases by landlords in Q4 2025.

Due to the zero-transaction environment, a direct price comparison between landlords and traditional homeowners for the current quarter cannot be performed.

Looking at historical data provides no further clarity, as the 2020-2023 timeframe also registered zero properties purchased by landlords. This suggests that the market has been illiquid for an extended period.

The lack of transactional data prevents any analysis of a potential landlord discount or premium, a common metric in more active markets.

The data points to a buy-and-hold market where properties rarely change hands, rather than an active market with ongoing acquisitions and price discovery.

Investor purchasing activity in Phillips County came to a complete halt in Q4 2025, with landlords acquiring zero of the zero total SFRs sold during the period.

This inactivity was universal across all investor sizes. Mom-and-pop landlords (1-10 properties) recorded zero purchases, accounting for 0.0% of the non-existent investor activity.

Similarly, institutional investors, who have no existing presence in the county, also made zero purchases.

The lack of Tier 01 (single-property) purchases indicates that no new landlords entered the Phillips County market during Q4 2025.

This data reflects a market in a state of stasis, with no new inventory being added to investor portfolios in the last quarter.

The investor landscape in Phillips County is dominated by small-scale landlords. Mom-and-pop investors, owning 1-10 properties, collectively hold 542 SFRs, which is 89.0% of the entire investor-owned market.

First-time or single-holding investors (Tier 01) represent the single largest group, owning 358 properties. This accounts for a 58.8% majority of all investor-owned housing, highlighting the market's reliance on the smallest landlords.

In stark contrast, there is absolutely no institutional ownership in the county. The 1000+ property tier (Tier 09) holds zero properties, a 0.0% share, underscoring the exclusively local and small-scale nature of the rental market.

The next largest concentration after single-property owners is the 'small-medium' tier (11-20 properties), which holds 67 properties or 11.0% of the portfolio.

Due to the lack of transactions in recent periods, it is not possible to analyze how acquisition prices vary by tier. The market structure is stable and not currently shaped by new purchases.

Individual investors are the dominant force across every portfolio size in Phillips County. They own the majority of properties in all tiers, from 85.5% in the single-property tier to 58.2% in the 11-20 property tier.

A significant finding is the absence of a 'crossover point' where companies become the majority owners. Even among the largest landlords in the county, individuals maintain control, a pattern that differs from many larger markets.

In the single-property tier, individuals own 307 homes compared to 52 for companies, demonstrating that the entry-level of the market is almost entirely driven by personal investment.

The largest tier present in the county (11-20 properties) shows the highest company concentration, yet individuals still lead with 39 properties to companies' 28.

Without any recent transaction data, it's impossible to compare the acquisition prices or buying strategies between individual and company investors.

Geographically, investor ownership in Phillips County is most concentrated by volume in the 67661 zip code, where 329 landlord-owned SFRs are located, representing a 27.9% ownership rate.

However, the highest rates of investor penetration occur in smaller zip codes. In 67644, landlords own 52 properties, representing a majority 51.5% of the housing stock. Similarly, in 67621, investors own 63 properties for a 48.1% share.

This reveals a pattern where total investor property counts are highest in the largest population centers, but the proportional market share is greatest in smaller, possibly more rural, communities.

The top three zip codes by investor ownership rate are 67644 (51.5%), 67621 (48.1%), and 67646 (41.4%), all showing investors owning over 40% of the SFR properties.

The data for zip code 66951 appears incomplete, showing 'nan' properties, but the remaining data clearly maps out where investor activity is focused within the county.

The historical transaction data for Phillips County reveals a key market characteristic: extreme illiquidity. There are no recorded buy or sell transactions for landlords across any available timeframe.

This lack of activity makes it impossible to determine if landlords are net buyers or sellers; the market is effectively static from a transactional standpoint.

Consequently, there is no data on inter-landlord trading. The percentage of purchases from or sales to other landlords cannot be analyzed.

Analysis of profit margins or price appreciation is also not possible, as there are no average buy prices to compare against average sell prices.

The primary insight from this section is that the investor strategy in Phillips County is overwhelmingly buy-and-hold, with properties potentially staying within the same portfolio for decades.

In Q4 2025, the real estate market in Phillips County was completely dormant regarding recorded transactions, with a total of zero sales. Consequently, landlords' share of these transactions was 0.0%.

Transaction volume was zero across all investor tiers, from the smallest single-property landlords to the largest portfolios in the county.

The lack of sales means there is no data on average purchase prices by tier, preventing any comparison of buying strategies between different-sized investors.

Similarly, with no purchases made, the data on inter-landlord trading is nonexistent. No landlords bought properties from other landlords during the quarter.

The Q4 data reinforces the broader theme of a highly stable, non-transactional rental market where assets are held for the long term and do not frequently come up for sale.