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

In Stutsman County, landlords own 1,302 single-family residential properties, which constitutes a significant 20.2% of the total 6,435 SFRs in the market.

The ownership structure is overwhelmingly dominated by individuals. Individual investors own 1,243 properties, or 95.5% of the investor-owned portfolio, while companies own just 68 properties (5.2%). This highlights a market driven by local, smaller-scale real estate investing rather than corporate consolidation.

A striking financial pattern emerges from the data: 1,079 investor-owned properties are held free and clear (cash), while only 223 are financed. This high cash-to-debt ratio suggests that investors in this market are well-capitalized and may be less sensitive to interest rate fluctuations.

The portfolio is almost entirely focused on rental income, with 1,269 of the 1,302 properties classified as rented. This near-total focus on non-owner-occupied assets confirms the primary strategy of local landlords is providing rental housing.

The number of unique landlord entities reinforces the 'mom-and-pop' narrative. There are 1,436 individual landlords compared to only 61 company landlords, a ratio of more than 23 to 1, indicating a highly fragmented and decentralized rental market.

A dramatic pricing advantage for investors materialized in the first quarter of 2026. Landlords acquired properties at an average price of $113,497, a staggering 57.2% less than the $264,896 paid by traditional homeowners, creating an average discount of $151,399 per property.

This deep discount marks a significant shift from a year prior. In Q1 2025, landlords paid an average of $608,968, a 184.1% premium over homeowners, indicating that recent acquisitions are likely of a very different type or quality, such as distressed or off-market properties.

The quarter-over-quarter trend shows a clear move toward value purchasing. After paying premiums in early 2025, landlords began securing discounts in Q3 2025, paying 32.8% less than homeowners, a trend that accelerated dramatically into 2026.

While historical data from 2020-2023 shows an average acquisition price of $184,468, the recent Q1 2026 price of $113,497 is significantly lower. This suggests landlords are not chasing price appreciation but are finding opportunities well below the typical market rate.

The wild fluctuations in the landlord-homeowner price gap, from a $394,595 premium in Q1 2025 to a $151,399 discount in Q1 2026, underscore a low-volume market where a few transactions can heavily influence quarterly averages.

Investor activity in Q4 2025 represented a notable portion of the market, with landlords acquiring 5 of the 39 total SFRs sold, capturing a 12.8% market share.

The acquisitions were dominated by small-scale investors. Mom-and-pop landlords (1-10 properties) were responsible for 4 out of the 5 purchases, or 80.0% of all landlord buying activity, reinforcing their role as the primary drivers of the local rental market.

The quarter saw the emergence of new investors, with 2 new entities purchasing their first rental property. These single-property landlords acquired 40.0% of the properties bought by investors in Q4.

Institutional investors (1,000+ properties) also made a rare appearance, acquiring a single property. This lone purchase accounted for 20.0% of the quarter's investor activity but represents a minimal footprint in the broader market.

Overall purchasing volume was low, with only 5 properties acquired by landlords. This limited activity is characteristic of a smaller market and indicates that investors are selective in their acquisitions.

The investor landscape in Stutsman County is defined by small, local landlords. Mom-and-pop investors (owning 1-10 properties) collectively own 98.7% of all investor-held SFRs, demonstrating a near-total market dominance.

Contrary to narratives of corporate consolidation, institutional investors (1,000+ properties) have a negligible presence, owning just 3 properties, or 0.2% of the local investor-owned housing stock. This highlights a market that operates independently of large-scale capital.

The bedrock of the rental market consists of single-property landlords. This tier alone accounts for 929 properties, representing 68.8% of all investor-owned SFRs. This signifies a highly decentralized ownership base with a low barrier to entry.

Mid-size landlords are exceedingly rare in the county. The tiers representing 11-1000 properties collectively own only 14 properties, or about 1.1% of the total investor portfolio, further emphasizing the market's fragmentation.

The concentration at the smallest scale is profound: landlords owning between 1 and 5 properties control a combined 93.6% of all investor-owned homes, underscoring the granular nature of real estate ownership in the region.

In Stutsman County, individual investors are the primary owners across every single portfolio size, with no crossover point where companies become dominant. This pattern is consistent from first-time landlords to the largest local portfolios.

Even as portfolios grow, individual ownership remains the standard. In the 6-10 property tier, individuals own 69 of the 70 properties (98.6%), while a single property is company-owned. This shows that even established local investors operate primarily as individuals.

Corporate ownership is minimal across the board. Companies own only 42 of the 929 single-property landlord homes (4.5%) and 11 of the 174 homes in the 3-5 property tier (6.3%), playing a minor, supplementary role in the rental market.

The small-medium tier of 11-20 properties is exclusively controlled by individual investors, who own all 12 properties in this category. This complete absence of corporate ownership at a more scaled level is a defining feature of the local market.

The data clearly illustrates that the path to building a rental portfolio in Stutsman County is one followed by individual investors, not corporate entities, signaling a market characterized by personal capital and direct management.

Investor activity in Stutsman County is heavily concentrated in Jamestown's 58401 zip code, which contains 866 investor-owned SFRs. This single area accounts for the vast majority of the county's rental housing stock.

While Jamestown (58401) leads in sheer volume, its investor ownership rate of 16.5% is moderate. In contrast, several smaller, rural zip codes exhibit much higher market penetration, suggesting targeted investment in these communities.

The zip code 58475 stands out with a 100.0% investor ownership rate, meaning every SFR is a rental property. Similarly, 58483 (52.3%), 58466 (50.0%), and 58496 (45.6%) all show that investors own nearly half or more of the housing stock.

This reveals a dual market dynamic: a high-volume, lower-penetration urban center in Jamestown and low-volume, high-penetration rural pockets. Investors in these smaller areas face little to no competition from traditional homeowners.

The top five zip codes by investor property count are 58401 (866), 58467 (105), 58483 (68), 58424 (45), and 58455 (31), collectively representing the core of the county's rental market.

Landlords in Stutsman County are aggressively expanding their portfolios, consistently acting as net buyers. In 2025, they purchased 68 properties while selling only 9, a buy-to-sell ratio of 7.6 to 1 and a net gain of 59 properties.

The accumulation trend has been consistent over time. In 2024, the net gain was even larger, with 79 buys versus 5 sells. The trend continued into the new year, with a net gain of 4 properties in Q1 2026 (6 buys, 2 sells).

Institutional investors (1,000+ tier) are not participating in this accumulation. During 2025, this tier bought one property and sold one property, resulting in zero net growth. This demonstrates a clear strategic divergence between small, local landlords and large-scale investors.

The high net-buyer ratio across the market signals strong confidence in the local rental economy. Landlords are overwhelmingly choosing to hold and acquire rather than liquidate assets, suggesting a long-term investment horizon.

This sustained period of net acquisition by the dominant mom-and-pop segment, juxtaposed with the neutral stance of institutions, paints a picture of a market being shaped from the ground up by local capital.

In Q1 2026, landlords were involved in 6 of the 56 total SFR transactions in Stutsman County, capturing a 10.7% share of market activity.

A clear pricing disparity was evident between the smallest and largest investors. Single-property landlords paid the highest average price at $147,627, while the lone institutional purchase was secured for $113,474, a 23.1% discount compared to the new entrants.

This price gap suggests different acquisition strategies. New mom-and-pop buyers may be purchasing market-rate, turn-key properties, whereas the institutional buyer likely targeted a value-add or distressed opportunity at a lower price point.

Mom-and-pop investors (Tiers 01-04) dominated transaction volume, conducting 5 of the 6 investor transactions in the quarter. The remaining transaction was by an institutional entity.

Significantly, 0% of landlord purchases came from other landlords. This indicates that investors are buying from homeowners or other sources, and there is very little trading of assets between existing investors, pointing to a buy-and-hold mentality.