Charlevoix (MI) Investor Pulse Report (2026-Q1)

In Charlevoix County, investors hold a significant 30.7% of the single-family residential market, totaling 4,333 properties out of 14,109 total SFRs.

Individual investors are the overwhelming majority, owning 3,209 properties (74.1%), while company-owned portfolios account for the remaining 1,249 properties (28.8%).

This ownership pattern extends to the entity level, where there are 4,462 individual landlords compared to just 1,151 company landlords, a ratio of nearly 4 to 1.

The most defining characteristic of this market is its financing structure: 100% of the 4,333 investor-owned properties were acquired with cash, with no properties currently financed. This points to a highly capitalized and low-leverage investor base.

The portfolio is almost entirely dedicated to rental income, with 4,275 of the 4,333 properties classified as rented. This demonstrates a clear long-term hold and rental strategy among Charlevoix County's investors.

Analysis of Q1 2026 acquisition pricing is not possible as there were no recorded SFR purchases by landlords in Charlevoix County during this period.

Consequently, a price comparison between landlords and traditional homeowners cannot be performed for the quarter, leaving the typical investor discount unmeasured.

The lack of transactional data indicates a market freeze in investor activity, a significant finding in itself. This contrasts sharply with markets that see consistent quarterly acquisitions.

Without recent sales, it is also impossible to track price appreciation or shifts in the price gap between investor and homeowner purchases, which often reveals market sentiment.

This complete halt in acquisitions suggests that investors in this area are either satisfied with their current holdings or are waiting for different market conditions, emphasizing a buy-and-hold rather than a transactional approach.

In a clear sign of a dormant market, landlords acquired zero single-family properties in Charlevoix County during Q1 2026, representing 0.0% of all market purchases.

This lack of activity was universal across all investor sizes, with mom-and-pop landlords (1-10 properties) recording zero purchases for the quarter.

Similarly, institutional investors (1,000+ properties) also made no acquisitions, holding their market share steady without expansion.

The data reveals that no new single-property landlords entered the market, a key indicator of new investor interest, which was entirely absent this quarter.

This complete standstill in purchasing suggests the local investor base is in a holding pattern, with no new capital being deployed into SFR acquisitions during this timeframe.

The investor landscape in Charlevoix County is overwhelmingly dominated by small-scale landlords. Mom-and-pop investors (Tiers 01-04, holding 1-10 properties) own a combined 98.8% of all investor-held SFRs.

Single-property landlords (Tier 01) form the bedrock of the market, alone controlling 3,573 properties, which represents 79.5% of the entire investor portfolio.

As portfolio size increases, ownership concentration drops sharply. Landlords with 2 properties hold 10.5% of the market, and those with 3-5 properties hold 7.9%.

The mid-size and large investor tiers are almost non-existent. For example, landlords in the 51-100 and 101-1000 property tiers each own just one property in the county.

Notably, institutional investors (Tier 09, 1,000+ properties) have absolutely no footprint in Charlevoix County, owning 0.0% of the market. This illustrates a local market entirely driven by small, private capital, free from large corporate influence.

Ownership structure in Charlevoix County shows a distinct pattern based on portfolio size. Individual real estate investors are the primary owners in smaller tiers, holding 74.4% of single-property rentals (2,733 properties) and 65.4% of two-property portfolios (310 properties).

This trend of individual dominance continues through the 3-5 property tier (76.7% individual-owned) and the 6-10 property tier (65.9% individual-owned).

A clear strategic shift occurs at the 11-20 property tier, where companies become the dominant owners. In this segment, companies own 23 out of 24 properties, a commanding 95.8% share.

This crossover point indicates that as investors scale beyond 10 properties in this market, they are far more likely to operate under a formal business structure to manage their assets.

The data illustrates two distinct investor profiles: individuals who manage a small number of rentals, and more professionalized companies that take over as portfolios begin to scale.

Geographic analysis of Charlevoix County reveals specific pockets of high investor concentration. The zip codes 49720 (Boyne City) and 49712 (Charlevoix) contain the highest volume of investor-owned SFRs, with 1,169 and 1,134 properties, respectively.

Together, these two areas account for 2,303 properties, representing over half of all investor-owned SFRs in the county, yet their ownership rates are more moderate at 26.9% and 28.4%.

In contrast, the highest investor penetration rates are found in different zip codes. Walloon Lake (49796) and Wolverine (49799, though listed as 49782 in the data) show deep saturation, with investor ownership rates of 55.1% and 57.2%, respectively.

This distinction between high volume and high penetration highlights different market dynamics. While Boyne City and Charlevoix have the most rentals, smaller communities like Walloon Lake have a higher proportion of their housing stock controlled by investors.

The top five zip codes by investor-owned count are 49720 (1,169), 49712 (1,134), 49727 (795), 49782 (616), and 49713 (260), showcasing where investment capital is most heavily deployed by volume.

A review of historical transactions reveals a complete lack of recorded buying or selling activity among landlords in Charlevoix County in the specified timeframes.

This absence of data makes it impossible to determine if landlords are net buyers or sellers, as there are no transactions to form a ratio.

Similarly, institutional investors (1,000+ tier) show no transaction history, reflecting their overall 0.0% ownership stake in the county.

Analysis of inter-landlord trading, a key measure of market liquidity, cannot be performed. There is no evidence of properties being traded between different investors.

The key takeaway from this lack of data is the market's nature. It appears to be an extremely stable, illiquid market where investors purchase properties for long-term holds and rarely sell, leading to very low turnover.

In Q1 2026, the investor transaction market in Charlevoix County was completely frozen, with landlords accounting for zero of the total SFR transactions.

This inactivity was consistent across all tiers of investors. Mom-and-pop landlords, who own 98.8% of the rental stock, did not purchase or sell any properties during the quarter.

Likewise, no activity was recorded from mid-size or institutional investors, reinforcing the market-wide standstill.

As a result of zero transactions, the average purchase price for every tier was $0, and no analysis of pricing strategies between small and large investors is possible for this period.

Furthermore, data on inter-landlord trading is non-existent for the quarter, as no properties were exchanged. This points to a period of exceptionally low liquidity and a collective holding pattern among property owners.