Harrison (IA) Investor Pulse Report (2026-Q1)

In Harrison County, IA, investors hold a portfolio of 597 Single-Family Residential (SFR) properties, making up 12.5% of the total 4,790 SFRs in the market.

Individual investors are the definitive market force, owning 487 properties, or 81.6% of the investor-owned housing stock. Companies own the remaining 119 properties (19.9%), highlighting a market dominated by smaller-scale operators rather than large corporations.

The ownership structure is further skewed towards individuals when looking at entity counts. There are 629 distinct landlords in the county, with 544 identified as individuals and only 85 as companies, a ratio of more than 6-to-1.

A strong preference for all-cash holdings is evident, with 460 properties owned outright compared to just 137 that are financed. This suggests many local investors operate with low leverage, making them more resilient to interest rate fluctuations.

The portfolio is heavily geared towards generating rental income, with 557 of the 597 properties classified as rented. This focus on rentals underscores the primary strategy of investors in the Harrison County market.

In Q1 2026, investors in Harrison County acquired properties for an average price of $202,421, securing a 4.4% discount compared to the $211,720 paid by traditional homeowners. This represents a savings of $9,299 per property.

The investor discount has tightened significantly over the past year. In Q3 2025, landlords enjoyed a substantial 47.2% discount ($110,705), which shrank to 26.7% ($65,906) by Q1 2025 before reaching its current narrow margin. This trend indicates increasing competition for available housing stock.

Acquisition prices show a steep upward trend, signaling a hot market. The average investor purchase price of $202,421 in Q1 2026 is more than double the average of $90,148 from the 2020-2023 period.

While prices rose throughout 2025, from $181,350 in Q1 to a brief dip to $123,750 in Q3, the Q1 2026 average marks a new high point in recent investor purchasing activity.

The rapid price appreciation and narrowing discount suggest that the advantages investors previously held in sourcing deals are diminishing as overall market values climb.

Investor activity constituted a significant portion of the market in Q4 2025, with landlords acquiring 10 of the 35 total SFRs sold, a market share of 28.6%.

The acquisition market is exclusively driven by small-scale investors. Mom-and-pop landlords, owning between 1 and 10 properties, were responsible for 100% of all investor purchases during the quarter.

Institutional investors (1,000+ properties) had no purchasing activity, reinforcing their absence from the Harrison County market.

New market entrants are a key driver of activity. The single-property tier saw 9 new landlord entities acquire 7 properties, representing 70% of all investor purchases for the quarter.

Beyond new entrants, one existing landlord in the 2-property tier and one in the 3-5 property tier added to their portfolios, highlighting continued accumulation by established small investors.

The investor landscape in Harrison County is the epitome of a mom-and-pop market, with landlords owning 1-10 properties controlling a staggering 98.9% of all investor-held SFRs.

Single-property landlords form the bedrock of the rental market, owning 379 properties. This single tier accounts for 61.2% of the entire investor portfolio, demonstrating the highly fragmented nature of ownership.

The next largest concentration is in the 3-5 property tier, which holds 149 properties (24.1%), followed by the 2-property tier with 49 properties (7.9%).

Mid-size landlords are virtually nonexistent. Tiers representing 11-100 properties collectively own just 7 properties, or 1.1% of the investor market combined.

In a stark contrast to national headlines, institutional investors (1,000+ properties) have absolutely no footprint in Harrison County, with 0.0% ownership. This market is entirely driven by small, local operators.

Individual investors maintain majority control across every investor tier in Harrison County, a clear signal that this market is driven by personal investment rather than corporate strategy. In the entry-level single-property tier, individuals own 336 of 379 properties (87.5%).

Unlike many other markets, there is no crossover point where companies become the dominant owner type. Even as portfolio sizes grow, individuals retain their lead, owning 73.5% of properties in the 2-property tier and 62.9% in the 6-10 property tier.

Company ownership remains a minority stake across the board. The highest penetration for companies is in the 6-10 property tier, where they own 13 properties, or 37.1% of that segment.

This pattern shows that as investors in Harrison County expand their portfolios, they tend to do so under their own names rather than forming larger corporate entities.

The data reinforces that the entire investor ecosystem, from new entrants to the largest local players, is fundamentally characterized by individual ownership.

Investor ownership in Harrison County is not evenly distributed but is heavily concentrated in specific geographic pockets. The top three zip codes by count, 51555 (148 properties), 51579 (121 properties), and 51529 (95 properties), collectively account for 364 properties, representing 60.9% of the entire investor portfolio.

The areas with the highest number of investor properties do not necessarily have the highest rates of investor ownership. For instance, 51555 has the most properties but an ownership rate of 9.6%, while 51529 has fewer properties (95) but a much higher penetration rate of 18.7%.

Smaller zip codes exhibit the most intense investor saturation. IA-Harrison-51558 leads with a 60.0% investor ownership rate, followed by 51523 (28.6%) and 51564 (20.6%). These areas represent prime targets for real estate investing.

This distinction between high-volume and high-penetration areas reveals different market dynamics. The high-volume zip codes represent the core of the rental market, while the high-penetration zips indicate niche areas where investors have become the dominant owners.

Understanding this geographic distribution is crucial for identifying where rental supply is concentrated and where new investment opportunities might exist.

Landlords in Harrison County are actively growing their portfolios, demonstrating a consistent net buyer position over the last several years. In Q1 2026, they purchased 12 properties while selling only 5, resulting in a net gain of 7 properties and a strong 2.4x buy-to-sell ratio.

This pattern of accumulation is not new. In 2025, investors acquired 52 properties and sold 21, for a net increase of 31 properties. The trend was similar in 2024, with 43 purchases and 15 sales leading to a net gain of 28 properties.

The transaction data confirms the complete absence of institutional (1000+ tier) investors, as they have logged zero buy or sell transactions in any recorded period.

The steady pace of net acquisitions indicates strong confidence among local landlords in the Harrison County rental market's long-term prospects.

This ongoing expansion by small investors is the primary force shaping the county's rental landscape, steadily increasing the share of homes owned for investment purposes.

In the first quarter of 2026, landlords participated in 12 of the 41 total SFR transactions in Harrison County, capturing a 29.3% share of market activity.

Purchase prices varied dramatically by investor tier. New single-property landlords paid the most, with an average purchase price of $255,500 across 9 transactions, suggesting they are buying higher-value, move-in-ready homes.

In contrast, more experienced small landlords acquired properties at a significant discount. The 3-5 property tier paid an average of just $50,000, while the 2-property tier paid $29,550, indicating a strategy focused on acquiring distressed or lower-value properties.

Evidence of an internal market exists among smaller investors. The single purchase made by a landlord in the 2-property tier came from another landlord, a 100% inter-landlord transaction rate for that group.

This behavior suggests that while new investors are paying market rates, established local landlords are creating opportunities by trading lower-priced assets among themselves.