Calhoun (MS) Investor Pulse Report (2026-Q1)

In Calhoun County, investors hold a significant 41.8% of the single-family residential market, totaling 1,919 properties out of 4,596 available homes. This high penetration rate indicates a market heavily influenced by real estate investing activity.

Ownership is concentrated in the hands of small, individual investors rather than large corporations. Individual landlords own 1,546 properties, accounting for 80.6% of the investor-owned portfolio, compared to just 378 properties (19.7%) owned by companies.

The investor entity count further underscores this dynamic, with 1,602 individual landlords making up 85.1% of the 1,882 total investors in the county, dwarfing the 280 company investors.

A defining characteristic of this market is its reliance on cash transactions. A staggering 93.6% of investor-owned properties (1,796 homes) were acquired with cash, while only 123 properties are currently financed. This suggests a market with high liquidity and investors who are not leveraged by debt.

The portfolio is almost exclusively dedicated to rentals. Of the 1,919 investor-owned homes, 1,903 (99.2%) are classified as non-owner-occupied, confirming their role as rental housing supply for the community.

In a reversal of typical market patterns, investors in Calhoun County paid more than traditional homeowners in Q1 2026. The average landlord acquisition price was $175,967, representing a $24,390 (16.1%) premium over the average homeowner price of $151,577.

This premium is not a stable trend but part of a highly volatile pricing environment. In the preceding year, the price gap fluctuated wildly. Landlords secured a massive 41.0% discount ($89,356) in Q3 2025, only to pay a staggering 67.1% premium ($117,564) in Q2 2025. These dramatic swings suggest a small market where the characteristics of a few transactions can heavily influence quarterly averages.

The data from 2024 through Q3 2025 shows an inconsistent pattern, with landlords sometimes paying more and sometimes less than homeowners, which is characteristic of markets with lower transaction volumes.

Historical acquisition prices for landlords show a general upward trend, rising from an average of $88,656 in 2024 to $168,778 in 2025, before reaching $175,967 in the first quarter of 2026.

The erratic nature of the price gap challenges the common assumption that investors always acquire properties at a discount. In Calhoun County, acquisition strategy appears to be deal-specific rather than based on a consistent market-wide pricing advantage.

Investor purchasing was exceptionally strong in the fourth quarter of 2025, with landlords acquiring 28 of the 43 total single-family homes sold in Calhoun County. This represents a controlling 65.1% share of all market activity.

The entirety of this purchasing activity came from small-scale investors. Mom-and-pop landlords, defined as those owning 1-10 properties, accounted for 100.0% of all investor acquisitions during the quarter.

First-time or single-property landlords (Tier 01) led the charge, with 27 active entities purchasing 20 properties. This tier alone was responsible for 71.4% of all landlord buying activity, indicating a strong influx of new or very small investors into the market.

Mid-size and institutional investors were completely absent from the purchasing landscape. Landlords in the 11-1000+ property tiers made zero acquisitions in Q4, highlighting the market's dependence on small, local capital.

The data shows a clear pattern: the Calhoun County investment market is fueled by the smallest players, who are actively expanding their portfolios or entering the rental market for the first time.

The ownership structure in Calhoun County is defined by the dominance of small investors. Mom-and-pop landlords, who own between 1 and 10 properties, collectively control 95.3% of all investor-owned single-family homes.

This concentration is most extreme at the lowest tier. Landlords with just one property own 1,488 homes, representing a massive 77.0% of the total investor portfolio. This underscores the fragmented and decentralized nature of the local rental market.

As portfolio sizes increase, the number of properties and entities drops off sharply. The two-property tier holds a distant second place with 151 properties (7.8%), followed by the 3-5 property tier with 134 homes (6.9%).

The market shows a complete absence of large-scale institutional ownership. Investors in the 1,000+ property tier (Tier 09) own zero properties, a stark contrast to narratives of corporate landlords dominating housing markets.

Even mid-size investors have a minimal footprint. Tiers representing portfolios of 11 to 1,000 properties combined own just 90 homes, or 4.7% of the total investor market, confirming that Calhoun County is fundamentally a small-investor landscape.

While individual investors form the base of the Calhoun County market, companies become the dominant owner type as portfolios scale. The crossover point occurs in the small-medium tier (11-20 properties), where companies own 30 homes, representing a 53.6% majority share.

In the smallest tiers, individual ownership is overwhelming. Individuals own 1,271 of the 1,488 single-property holdings (85.2%) and 126 of the 151 two-property holdings (83.4%).

The transition toward company ownership begins to accelerate in the 3-5 property tier, where companies hold 42 properties (31.3% share), and continues into the 6-10 property tier with 26 properties (37.7% share).

This pattern suggests that while individuals are more likely to enter the market and manage very small portfolios, investors looking to grow beyond 10 properties are more likely to operate under a corporate structure for liability, financing, or operational reasons.

The data reveals a clear lifecycle: the market is built on a broad foundation of individual owners, but portfolio growth and professionalization are correlated with a shift to corporate ownership structures.

Geographic analysis reveals intense concentration of investor ownership within Calhoun County. Just two zip codes, 38915 (Calhoun City) and 38916 (Bruce), contain 1,282 of the 1,919 investor-owned properties, accounting for 66.8% of the county's total.

The highest raw count of investor properties is in MS-Calhoun-38915, with 679 homes. In this area, investors own exactly half (50.0%) of the single-family housing stock.

However, the most saturated market is MS-Calhoun-38839 (Derma), where investors own an astonishing 81.9% of the 155 available homes. This level of concentration is exceptionally high and indicates a market almost entirely composed of rental properties.

Several other zip codes also show significant investor penetration, including 38913 (41.9%) and 38916 (41.8%), further demonstrating that high investor ownership is a widespread characteristic of the county.

This deep dive into local assessor data pinpoints specific sub-markets where rental housing is the predominant form of tenure, driven by geographically focused investment strategies.

Transaction history reveals a clear trend of accumulation among the general landlord population in Calhoun County. In Q1 2026, landlords were decisive net buyers, purchasing 36 properties while selling only 3.

This pattern of strong net buying was consistent throughout the prior two years. In 2025, investors acquired 171 properties and sold just 20, resulting in a net gain of 151 properties. Similarly, in 2024, they posted a net gain of 101 properties (121 buys vs. 20 sells).

In stark contrast, institutional-tier investors (1,000+ properties) have been divesting from the market, albeit on a very small scale. In both 2025 and 2024, institutional entities sold 3 properties while only purchasing 1, making them consistent net sellers.

This divergence highlights two different market strategies. The dominant small investors are actively growing their portfolios and increasing their market footprint, signaling confidence in the local rental market.

Meanwhile, the marginal presence of institutional capital is shrinking, reinforcing the finding that Calhoun County's investor landscape is controlled and being shaped by local, mom-and-pop landlords.

Investor activity dominated the Calhoun County housing market in the first quarter of 2026. Landlords were involved in 36 of the 55 total SFR transactions, capturing a 65.5% share of all sales and purchases.

The market's momentum is entirely driven by small investors. All 36 landlord transactions were made by mom-and-pop landlords (owning 1-10 properties), with zero activity recorded from mid-size or institutional tiers.

The single-property tier was the most active, accounting for 27 of the 36 investor transactions. These new and small-scale buyers paid an average price of $175,967 per property.

A notable portion of activity involves properties trading between investors. Within the single-property tier, 3 of the 27 purchases (11.1%) were sourced from another landlord, indicating a degree of market liquidity and portfolio churn among investors.

The transaction data confirms the ownership trends: Calhoun County is a market defined by high-volume activity from a large base of small landlords, who are actively buying from both homeowners and each other.