Bourbon (KS) Investor Pulse Report (2026-Q1)

In Bourbon County, investors hold a significant 27.2% of the single-family residential market, totaling 1,210 properties. This level of penetration indicates a mature rental market with a substantial investor presence relative to the total housing stock of 4,443 SFRs.

The ownership landscape is overwhelmingly composed of individual investors, who own 1,013 properties, or 83.7% of the total investor portfolio. Companies account for the remaining 197 properties (16.3%), highlighting that the market is driven by local individuals rather than large corporations.

A strong preference for cash ownership is evident, with 1,008 properties owned free and clear, compared to just 202 that are financed. This 5-to-1 cash-to-financed ratio suggests that many investors in the area operate with low leverage, potentially leading to greater market stability.

The investor base itself reflects this individual dominance, with 1,086 individual landlords compared to only 106 company entities. This nearly 10-to-1 ratio in landlord entities confirms that the market is characterized by a large number of small-scale operators.

The portfolio is heavily focused on rental activity, with 1,167 of the 1,210 investor-owned properties identified as rented. This high rental concentration underscores the business focus of these holdings, playing a key role in the local housing supply for tenants.

In the first quarter of 2026, landlords purchased properties for an average of $120,503, representing a 2.5% discount compared to the $123,573 paid by traditional homeowners. This modest $3,070 price advantage suggests investors are competing closely with retail buyers in the current market.

The price gap between landlords and homeowners has shown extreme volatility. The slight 2.5% discount in Q1 2026 stands in stark contrast to Q3 2025, when landlords paid an average of just $66,816, a staggering 60.9% less than the $170,709 paid by homeowners. This $103,893 difference in Q3 indicates a period of opportunistic buying of distressed or lower-quality assets.

Acquisition prices for investors have fluctuated significantly over time. The pandemic-era (2020-2023) average price was $109,277, which rose to $143,256 in 2024 before settling at the current $120,503 level in Q1 2026, indicating a market that has cooled from its recent peak.

Landlord purchasing volume has been inconsistent, with data showing zero properties acquired in several recent timeframes including Q4 2024 and Q1 2025. This pattern suggests that local investors are highly selective, acting only when specific opportunities arise rather than maintaining constant acquisition pressure.

During the last quarter, landlords were responsible for 22.7% of all SFR purchases in Bourbon County, acquiring 5 of the 22 properties sold. This share demonstrates continued, albeit modest, investor appetite in the local market.

The entirety of this purchasing activity came from small-scale investors. Mom-and-pop landlords, defined as those owning 1-10 properties, accounted for 3 of the 5 acquisitions (60.0%), with the remaining 2 properties (40.0%) purchased by a single mid-size landlord in the 11-20 property tier.

The market saw the entry of 3 new landlords, each purchasing their first investment property. This grassroots activity, making up 60.0% of investor purchases, underscores the accessibility of the Bourbon County market for new entrants into real estate investing.

Institutional investors with portfolios of 1,000 or more properties were completely absent from the market, making zero purchases. This lack of large-scale corporate activity reinforces the character of Bourbon County as a market dominated by local and regional investors.

The buying activity was concentrated among a small number of entities. The 5 properties were acquired by just 4 distinct landlord entities, with one mid-size investor responsible for two purchases, indicating targeted expansion by existing local players.

The investor landscape in Bourbon County is dominated by small landlords. Those owning 1-10 properties (Tiers 01-04) collectively control 87.2% of all investor-owned single-family homes, showing that the market is sustained by community-level investment.

Single-property landlords (Tier 01) form the bedrock of the market, owning 727 properties. This represents 58.1% of the entire investor-owned portfolio, demonstrating the profound impact of first-time and small-scale investors.

As portfolio sizes increase, the number of properties held drops off sharply. Mid-size landlords (11-1,000 properties) own the remaining 12.8% of the portfolio, with no single tier in this group holding more than 7.5% market share.

The narrative of large-scale corporate ownership does not apply to Bourbon County. Institutional investors (Tier 09, 1000+ properties) have a 0.0% market share, with no properties held by this class of owner.

The distribution reveals a classic power law, where a large number of small players dominate the market. For instance, landlords with 1-5 properties control a combined 79.5% of the investor-owned housing stock, emphasizing the granular nature of ownership.

Individual investors form the foundation of the Bourbon County rental market, owning the vast majority of properties in smaller portfolio tiers. For instance, individuals own 90.0% of single-property portfolios and 87.1% of two-property portfolios.

A clear crossover point from individual to corporate ownership emerges as portfolios grow. In the 11-20 property tier, companies become the slight majority, owning 48 properties (51.1%) compared to 46 properties (48.9%) for individuals.

This trend toward corporate structure accelerates in larger tiers. In the 51-100 property tier, company ownership is dominant, accounting for 14 of the 15 properties (93.3%). This indicates a strategic shift to formal business structures for liability and operational efficiency at scale.

An interesting outlier exists in the 21-50 property tier, where individuals unexpectedly regain overwhelming control, owning 48 of 50 properties (96.0%). This suggests the presence of a few large, family-run portfolios that have not incorporated.

Overall, the data illustrates a lifecycle of investor ownership: individuals start and dominate the small-portfolio end of the market, with a professionalization shift toward corporate entities occurring for portfolios larger than 10 properties.

The geographic distribution of investor-owned properties in Bourbon County is extremely concentrated. A single zip code, 66701, is home to 991 properties, which accounts for 81.9% of the entire investor portfolio in the county.

While 66701 is the epicenter of investor activity by sheer volume, it is not the area with the highest market penetration. The investor ownership rate in 66701 is 26.4%, substantial but lower than other, smaller zip codes.

Smaller regions demonstrate a much higher density of investor ownership. For example, in the 66716 zip code, investors own 42.6% of the 63 single-family homes. Similarly, the 66755 zip code has a 44.4% investor ownership rate.

This contrast between high-count and high-percentage areas reveals different market dynamics. The 66701 zip code represents the core, scaled rental market, while areas like 66716 and 66755 are smaller pockets with exceptionally high concentrations of rental properties relative to their housing stock.

The data highlights the importance of hyper-local analysis. A county-level view shows a 27.2% investor ownership rate, but drilling down into specific zip codes reveals pockets where that rate is significantly higher, indicating very different neighborhood characteristics.

In the first quarter of 2026, landlords in Bourbon County were decisive net buyers, adding a net of 4 properties to their portfolios with 5 acquisitions against only 1 sale. This 5-to-1 buy-to-sell ratio signals renewed confidence and a focus on expansion to start the year.

This renewed buying activity follows a period of equilibrium in 2025, when landlords were perfectly balanced with 17 purchases and 17 sales for the full year. The market appears to be shifting from a neutral stance back toward accumulation.

The recent net-buying trend is reminiscent of 2024, which was a strong year for portfolio growth. In 2024, landlords acquired 44 properties while only selling 10, resulting in a net gain of 34 properties and a robust 4.4-to-1 buy-to-sell ratio.

Across all timeframes, institutional investors (1000+ properties) were completely inactive, with zero buy or sell transactions recorded. All market activity is being driven by the small and mid-size landlord segments.

The transaction data reveals a cyclical pattern in investor sentiment, moving from strong accumulation in 2024 to a balanced, wait-and-see approach in 2025, and now returning to a growth phase in early 2026.

Landlords accounted for 22.7% of all single-family property transactions in the first quarter, purchasing 5 of the 22 homes sold. This shows that investors remain a consistent component of market demand in Bourbon County.

A notable pricing disparity emerged between different investor tiers. New, single-property landlords paid an average of $154,063 for their 3 acquisitions. This is 77.2% higher than the $86,943 average price paid by the more established landlord in the 11-20 property tier for their 2 acquisitions, suggesting new entrants may be paying a premium for turn-key properties.

There was no inter-landlord trading activity during the quarter. All 5 properties acquired by investors were purchased from non-landlords, indicating that investors are sourcing inventory from the general market rather than from other investors liquidating their portfolios.

The transaction activity was confined to smaller investors. Three transactions were from single-property landlords and two were from a small-medium landlord, with no activity from larger or institutional tiers. This mirrors the overall ownership structure in the county.

The lack of landlord-to-landlord sales suggests a market where existing investors are largely holding onto their assets. The primary flow of properties is from traditional homeowners to the investor pool, contributing to the growth of rental stock.