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

Investors hold a significant stake in the Phillips County housing market, owning 587 single-family residential properties, which constitutes 32.3% of the total 1,819 SFRs.

The ownership landscape is overwhelmingly controlled by individual investors rather than corporations. Individuals own 483 properties, accounting for 82.3% of the investor portfolio, compared to just 105 properties (17.9%) owned by companies.

A defining characteristic of this market is the complete absence of financing in landlord portfolios. All 587 investor-owned properties are classified as cash-owned, signaling a low-leverage, potentially long-term investment strategy among local owners.

The investor base is broad, with 600 unique landlord entities for 587 properties. This is composed of 532 individual landlords and 68 company landlords, reinforcing the 'mom-and-pop' nature of the local real estate investing scene.

The portfolio is heavily focused on generating rental income, with 568 of the 587 properties actively rented. This 96.8% rental rate underscores the primary business model for investors in Phillips County.

The Phillips County real estate market recorded no transactions for either landlords or traditional homeowners in the most recent quarter. This complete lack of activity makes it impossible to compare acquisition prices or analyze current market valuation trends.

Due to the zero-transaction environment, calculating a price gap between what investors and homeowners pay is not possible. The market's current liquidity is effectively zero, preventing any meaningful price analysis.

Historical data from 2020-2023 indicates an average acquisition price of $60,952, but this figure is based on zero properties purchased by landlords during that timeframe as well, suggesting a prolonged period of low transactional volume.

Without recent sales, assessing price appreciation from the pandemic-era (2020-2023) to the current quarter is unfeasible. The market appears to be in a state of stasis rather than experiencing price growth or decline.

The absence of sales data highlights a market characterized by long-term holds and infrequent turnover, a stark contrast to more dynamic and speculative real estate environments.

Investor acquisition activity came to a complete standstill in Q4 2025, with landlords purchasing zero of the zero total SFRs sold in Phillips County. This reflects a market with no recent sales inventory or buyer demand from investors.

The lack of purchases was consistent across all investor sizes. 'Mom-and-pop' landlords (1-10 properties) acquired 0 properties, mirroring the inactivity of all other tiers.

Institutional investors (1,000+ properties) also recorded no purchases, maintaining their 0.0% share of the local market, which they do not currently operate in.

The market saw no new entrants, with the number of new single-property landlords (Tier 01) at zero for the quarter. This indicates a lack of new capital flowing into the local rental market.

This halt in purchasing activity suggests that local investors are in a holding pattern, neither expanding nor divesting their portfolios in the current market climate.

The investor landscape in Phillips County is defined by small-scale owners. 'Mom-and-pop' landlords, who own between 1 and 10 properties, command a dominant 89.0% of the entire investor-owned SFR portfolio.

First-time or single-holding investors are the most significant group, with the single-property tier alone comprising 358 properties. This represents 58.9% of all landlord-owned housing in the county.

Mid-size investors are a small fraction of the market. The small-medium tier (11-20 properties) holds 67 properties, or 11.0% of the total, while no investors own more than 20 properties.

There is no institutional investor presence in Phillips County. The 1,000+ property tier holds 0.0% of the market, underscoring the exclusively local and small-scale nature of rental ownership.

The ownership structure highlights a decentralized market, where the rental housing stock is managed by a large number of small, local entities rather than a few large corporations.

Individual investors are the primary owners across every single portfolio size in Phillips County. There is no tier where company ownership surpasses that of individuals, reinforcing the market's 'mom-and-pop' character.

In the entry-level single-property tier, individuals own 307 of the 358 properties, an 85.5% share. This dominance continues up to the largest local tier of 11-20 properties, where individuals still hold a 58.2% majority (39 properties).

The data shows a clear pattern: while company ownership increases slightly in larger tiers, it never becomes the majority. For example, companies own 14.5% of single-property portfolios and 41.8% of 11-20 property portfolios.

Due to the complete lack of recent transactions, it is impossible to compare acquisition prices between individual and company landlords within any tier.

This ownership structure indicates that the path to building a larger rental portfolio in Phillips County is pursued more by private individuals than by scaling up corporate entities.

Investor ownership in Phillips County is not evenly distributed, showing heavy concentration in specific zip codes. The area of 67661 has the highest count of investor-owned properties at 329, representing 27.9% of its SFRs.

Several zip codes exhibit investor ownership rates far exceeding the county average. In 67644, investors own 51.5% of the 52 SFRs, and in 67621, they own 48.1% of the 63 SFRs, indicating these small communities are primarily rental markets.

The top five regions by investor ownership percentage all show rates above the county's 32.3% average, with the lowest of the top five being 67639 at 32.4%.

The highest concentration by raw count (329 properties in 67661) does not correspond to the highest ownership percentage (51.5% in 67644), showing a distinction between the largest and the most saturated sub-markets.

This geographical data, detailed in our market reports dashboard, reveals that investment strategies are hyper-localized, targeting specific communities within the county rather than a broad, uniform approach.

There is no available historical transaction data for landlords in Phillips County. This prevents any analysis of whether investors have been net buyers or net sellers over time.

Without transaction records, it is impossible to determine the level of inter-landlord activity. The percentage of purchases from other landlords, a key indicator of market liquidity and consolidation, remains unknown.

A comparison of average buy prices versus sell prices, which would imply typical profit margins or market shifts, cannot be performed due to the lack of sales data.

Similarly, institutional investor transaction patterns cannot be analyzed. Their net position and trading behavior are not applicable as they have no presence or recorded activity in the county.

The data void for historical transactions suggests a market with very low turnover, where properties are held for long durations with minimal trading between owners.

In Q1 2026, the Phillips County real estate market was entirely dormant, with zero total SFR transactions recorded. Consequently, the landlord share of transactions was 0.0%.

This inactivity was uniform across all investor sizes. Transaction volume for 'mom-and-pop' tiers (1-10 properties) was zero, identical to all other tiers in the market.

With no purchases made, there was no inter-landlord trading activity. The percentage of properties bought from other landlords was 0%, as no acquisitions of any kind occurred.

Purchase price analysis by tier is not possible. The average purchase price was $0 for all tiers, reflecting the complete absence of sales in the quarter.

The lack of Q1 transactions reinforces the picture of a stable, non-speculative market where assets are rarely traded and investor activity is not a driver of market churn.