Logan (ND) Investor Pulse Report (2026-Q1)

In Logan County, investors hold a significant 18.6% of the single-family residential market, totaling 63 properties out of 339.

The market is overwhelmingly dominated by individual investors, who own 59 properties, accounting for 93.7% of the investor-owned SFR portfolio. Company investors hold a minimal stake with just 5 properties (7.9%).

This individual dominance is also reflected in the entity count, where 85 of the 90 landlords are individuals, compared to only 5 companies.

A strong preference for unleveraged ownership is evident, with 54 properties (85.7%) being cash-owned, while only 9 properties are financed. This suggests a low-risk, long-term holding strategy among local investors.

The portfolio is almost entirely focused on rental income, with 62 of the 63 properties (98.4%) classified as rented or non-owner-occupied.

Pricing data in Logan County reveals extreme volatility due to a very low volume of transactions, making consistent trend analysis difficult. Landlord purchase prices relative to homeowners fluctuate dramatically from quarter to quarter.

In 2025-Q1, landlords acquired properties at a significant 61.2% discount, paying an average of $49,500 compared to the homeowner average of $127,500.

However, this trend completely reversed in 2025-Q2, where landlords paid a staggering 244.2% premium ($103,267) over homeowners ($30,000), a difference of $73,267.

In 2025-Q3, landlords again paid a premium, though smaller, at 27.9% ($280,000 vs. $218,853 for homeowners). These wild swings indicate a thinly traded market where the specific nature of a single property sale can heavily skew quarterly averages.

Overall price trends show a general upward movement from the 2020-2023 average of $86,051, but the lack of consistent quarterly sales makes it impossible to establish a reliable appreciation rate.

The landlord acquisition market in Logan County was completely dormant in Q4 2025, with zero properties purchased by investors.

This lack of activity means landlords' share of the total market purchases was 0.0% for the quarter.

Consequently, all investor tiers, from single-property landlords to institutional funds, showed no purchasing activity.

The absence of any Tier 01 purchases indicates that no new landlords entered the Logan County SFR market during this period.

This inactivity highlights a market characterized by long-term holds rather than frequent transactional velocity, which is common in smaller, rural counties.

The investor ownership landscape in Logan County is completely dominated by small-scale, 'mom-and-pop' landlords (Tiers 01-04), who control 100% of the 63 investor-owned SFR properties.

The market structure is highly concentrated at the smallest level, with single-property landlords (Tier 01) alone owning 61 properties, which constitutes 96.8% of the entire investor portfolio.

The remaining 3.2% of properties are held by a small landlord in the 3-5 property tier, reinforcing the absence of mid-size or large investors.

There is no presence of institutional capital in Logan County's SFR market, as investors in the 1,000+ property tier (Tier 09) own 0.0% of the inventory.

This ownership distribution points to a market driven by local individuals engaged in real estate investing on a small scale, rather than large, professionalized operations.

Individual investors are the primary owners across all active tiers in Logan County, with no crossover point where companies become the majority.

In the dominant single-property tier, individuals own 57 of the 62 properties (91.9%), while companies own just 5 (8.1%).

For the only other active tier, small landlords with 3-5 properties, ownership is 100% individual, with 2 properties held by a non-company entity.

This data illustrates that company ownership is extremely limited and confined only to the smallest portfolio size.

The market structure does not support a trend of professionalization or incorporation as portfolio sizes increase, which is typical for a small, rural area.

Geographic analysis reveals that investor ownership in Logan County is almost entirely concentrated within the 58442 zip code, which holds 17 investor-owned SFRs.

In this primary area, the investor ownership rate is 17.3%, indicating a significant presence within that specific community.

The next most active zip code, 58460, has only a single investor-owned property, demonstrating a sharp drop-off in activity outside the main hub.

Other zip codes listed in the county show no recorded investor-owned properties, further highlighting the hyper-localized nature of rental property ownership.

There is a direct correlation between the region with the highest count of investor properties and the highest ownership rate, as both are led by the 58442 zip code.

There is no available historical transaction data for landlords in Logan County, which strongly suggests a market with extremely low liquidity.

The lack of recorded buy and sell transactions prevents any calculation of a buy/sell ratio, making it impossible to determine if landlords have historically been net buyers or sellers.

Similarly, data on inter-landlord transactions is absent, so the percentage of properties traded between investors cannot be assessed.

This data gap applies to all investor types, including institutional firms, for which no historical buying or selling activity is recorded.

The primary insight from this absence of data is that Logan County's investor market is characterized by very long holding periods with minimal turnover.

In Q1 2026, the investor transaction market in Logan County was completely inactive, with landlords involved in 0.0% of the 0 total transactions.

No transactions were recorded across any of the nine investor tiers, from single-property owners to the largest institutional players.

As a result of the inactivity, there were no purchases from other landlords, placing the inter-landlord transaction rate at 0%.

Average purchase prices by tier could not be calculated, as no properties were bought or sold by any investor segment.

This total lack of transactional activity in the recent quarter reinforces the broader theme of a stable, buy-and-hold market with very little property turnover.