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

In McIntosh County, North Dakota, investors hold a substantial 495 Single-Family Residential (SFR) properties, which constitutes 45.6% of the county's total 1,085 SFRs. This high penetration rate indicates a market with significant real estate investing activity.

The ownership structure is overwhelmingly dominated by individual landlords, who own 452 properties, or 91.3% of the investor-owned portfolio. Company investors hold a much smaller stake with 52 properties (10.5%), highlighting the 'mom-and-pop' character of the local market.

By entity count, the disparity is even more pronounced. There are 587 individual landlords operating in the county, compared to only 51 company landlords. This 11.5-to-1 ratio of individuals to companies reinforces that the market is driven by small-scale, local participants rather than large corporations.

Cash is the preferred acquisition method. A remarkable 448 investor-owned properties were purchased with cash, while only 47 are financed. This suggests a market of financially stable investors who are not heavily reliant on leverage.

The portfolio is almost entirely dedicated to rental purposes, with 491 of the 495 properties (99.2%) classified as rented or non-owner-occupied. This signals a clear focus on generating rental income rather than speculative flipping or personal use.

In Q1 2026, landlords in McIntosh County paid an average price of $47,658, which is 36.5% less than the $75,000 paid by traditional homeowners. This represents a significant price advantage of $27,342 per property for investors in the most recent quarter.

However, the pricing dynamics in this low-volume market are highly volatile. The Q1 discount is a sharp reversal from previous quarters. For example, in Q3 2025, landlords paid a staggering 120.1% premium ($159,300 vs $72,389), and in Q2 2025, they paid a 33.3% premium ($69,967 vs $52,500).

This quarter-to-quarter volatility suggests that average prices are heavily influenced by the specific type and condition of the few properties transacted, rather than a stable market-wide trend. The small number of sales makes the "average" price susceptible to outliers.

Comparing broader timeframes, the average landlord acquisition price has fluctuated, with an average of $64,738 during the 2020-2023 period and $82,774 for the full year of 2024. The low transaction count makes it difficult to establish a clear long-term appreciation trend from this data.

Investor activity surged in the fourth quarter of 2025, with landlords acquiring 5 of the 6 total SFR properties sold in McIntosh County. This represents a commanding 83.3% market share of all purchases for the period, indicating investors were the primary buyers.

The entirety of this purchasing activity came from mom-and-pop landlords (those owning 1-10 properties), who accounted for 100% of investor acquisitions. There was zero purchasing activity from mid-size or institutional investors, reinforcing the local nature of the market.

New entrants drove the market activity. Four of the five properties purchased by investors were acquired by new single-property landlords. These four new entities made up 80.0% of all landlord acquisitions, signaling a growing base of small-scale investors.

The remaining 20.0% of purchases were made by one entity in the small landlord tier (3-5 properties), which acquired a single property. This concentration of activity at the smallest end of the investor spectrum is a defining characteristic of the county's market.

The ownership landscape in McIntosh County is unequivocally dominated by small-scale investors. Mom-and-pop landlords (owning 1-10 properties) control 97.8% of all investor-owned SFRs, a figure that showcases an almost complete absence of larger players.

The concentration is most extreme at the entry level. Single-property landlords (Tier 01) are the backbone of the market, owning 416 properties. This single tier accounts for a staggering 82.9% of the entire investor-owned housing stock in the county.

As portfolio sizes increase, the number of properties drops off dramatically. Landlords with two properties hold 7.4% of the stock, while those with 3-5 properties hold 7.2%. There is no significant ownership beyond the 11-20 property tier.

Confirming the hyper-local market structure, institutional investors (Tier 09, 1000+ properties) have zero footprint in McIntosh County. Their market share is 0.0%, a stark contrast to narratives of corporate landlord takeovers seen in other regions.

Individual investors are the sole drivers of portfolio growth in McIntosh County's real estate market. In every single investor tier, individuals hold the majority of properties, and for tiers of 3 properties or more, they represent 100% of ownership.

Companies have a very limited and targeted presence, appearing only at the smallest scale. They own 46 properties (10.9%) in the single-property tier and 6 properties (15.8%) in the two-property tier. There is no evidence of companies scaling up their operations in this market.

The data shows a clear crossover point where company ownership ceases entirely. Once an investor portfolio reaches 3 or more properties, it is exclusively held by individuals. This indicates that the local market structure does not support or attract corporate growth strategies.

Even the largest investor portfolios in the county, such as the 11-20 property tier, are 100% owned by individuals. This pattern confirms that the investor base is composed of local residents and small operators rather than formalized corporate entities.

Investor ownership in McIntosh County is geographically concentrated, with the 58413 zip code serving as the epicenter. This area alone contains 267 investor-owned properties, which is more than half (53.9%) of the county's entire investor portfolio.

The investor penetration rate is remarkably high across the county. The top three zip codes by ownership percentage are 58581 (57.5%), 58460 (51.4%), and 58413 (51.3%), all of which have a majority of their SFR properties owned by investors.

Following the top region, the 58495 zip code holds the second-highest count of investor properties at 158, with a significant ownership rate of 36.3%. This demonstrates that while activity is concentrated, high investor presence is a county-wide phenomenon.

The data reveals a strong correlation between the areas with the highest count of investor properties and the highest ownership rates. Unlike in larger metro areas, in McIntosh County the places where investors own the most homes are also the places where they dominate the local housing market.

Investors in McIntosh County are in a clear accumulation phase, consistently acting as strong net buyers. Throughout 2025, landlords purchased 32 SFR properties while selling only 1, resulting in a net gain of 31 properties to their portfolios and a 32-to-1 buy-to-sell ratio.

This aggressive buying pattern is not a new development. In 2024, investors followed a similar strategy, acquiring 28 properties and selling only 4, for a net gain of 24 properties. The consistent, high-volume buying relative to selling points to long-term confidence in the local rental market.

The most recent quarterly data from Q3 2025 continues this trend, with 16 properties purchased and only 1 sold. This demonstrates that the momentum of portfolio growth has remained strong through the most recent periods with transaction data.

Given that institutional investors have no holdings in McIntosh County, all transaction activity is driven by the smaller mom-and-pop and mid-size landlords. Their collective behavior indicates a market characterized by sustained acquisition and portfolio expansion.

In the fourth quarter of 2025, landlord transactions represented the vast majority of market activity in McIntosh County. Investors were involved in 5 of the 6 total SFR transactions, capturing an 83.3% share of the market's sales volume.

The transaction activity was exclusively concentrated among the smallest investors. The single-property tier was most active, with 4 transactions, while the small landlord tier (3-5 properties) conducted 1 transaction. There were no transactions by institutional investors.

Interestingly, 0% of the properties purchased by investors in Q4 were acquired from other landlords. This indicates that investors are expanding their portfolios by purchasing from the general market, such as traditional homeowners, rather than trading assets among themselves.

There was a notable price difference between the tiers active in Q4. New single-property investors paid an average of $52,073, while the small landlord in the 3-5 property tier acquired their property for $30,000. This could reflect differences in property type, condition, or negotiation strategy between new and slightly more experienced local investors.