Day (SD) Investor Pulse Report (2026-Q1)

In Day County, investors hold a significant 29.0% of the single-family residential market, controlling 395 out of 1,364 total SFR properties. This indicates a substantial investor presence relative to the market's size.

The ownership structure is overwhelmingly dominated by individual real estate investing, who own 337 properties (85.3%), compared to 74 properties (18.7%) held by companies. This 4.5-to-1 ratio of properties underscores the local, small-scale nature of the rental market.

A defining characteristic of this market is its complete reliance on cash financing. All 395 investor-owned properties were acquired with cash, with zero properties recorded as financed. This suggests investors in this area are well-capitalized and avoid leverage.

The portfolio is almost exclusively dedicated to rentals, with 394 of 395 properties (99.7%) classified as non-owner-occupied. This near-total rental focus shows that investors are primarily buy-and-hold operators rather than flippers or speculators.

The number of individual landlords (455) far outnumbers company landlords (76), reinforcing the finding that the market is driven by small, private investors rather than larger corporate entities.

There is insufficient recent sales data to conduct a meaningful analysis of acquisition pricing in Day County. No transactions were recorded for landlords or traditional homeowners in the latest quarter.

The absence of sales data prevents a comparison between what landlords and homeowners are paying for properties. Consequently, it's impossible to determine if a pricing gap exists in this market.

Historical pricing trends cannot be established. The lack of recent activity means no data is available to track price appreciation or depreciation from previous periods like 2024 or the 2020-2023 timeframe.

It is not possible to analyze pricing differences between individual and company investors due to the complete lack of recent purchasing activity from either group.

The data reflects a market with extremely low liquidity, where properties may not be transacting frequently enough to establish current market-rate pricing benchmarks.

Investor purchasing activity came to a complete standstill in Q4 2025, with landlords acquiring zero of the zero total SFR properties sold in Day County. This reflects a total lack of market movement during the period.

All investor tiers, from mom-and-pop (Tiers 01-04) to institutional (Tier 09), were inactive, recording zero purchases. This lack of activity was uniform across investors of all sizes.

The market saw no new entrants, as the number of new single-property landlords (Tier 01) purchasing a home was zero. This indicates a pause in the growth of the local investor base.

The complete absence of transactions suggests a period of market equilibrium, illiquidity, or a potential disconnect between buyer and seller expectations, leading to no closed deals.

This halt in activity contrasts with the significant existing investor-owned portfolio, suggesting that current owners are holding their properties rather than expanding their portfolios.

The investor landscape in Day County is exclusively composed of small-scale operators. Mom-and-pop landlords (owning 1-10 properties) control 100.0% of the 395 investor-owned SFRs.

Market ownership is highly concentrated at the smallest scale. Single-property landlords (Tier 01) are the foundation of the market, owning 375 properties, which constitutes a staggering 93.5% of all investor-held housing.

The next tiers show a sharp drop-off in ownership. Two-property landlords hold 18 properties (4.5%), followed by those with 3-5 properties owning 6 (1.5%), and those with 6-10 properties owning just 2 (0.5%).

There is a complete absence of large-scale investors. Mid-size landlords (11-1000 properties) and institutional investors (1000+ properties) both have a 0.0% market share, highlighting a purely local market structure.

Due to the lack of recent transactions, it is not possible to analyze how acquisition prices may vary by tier. The existing portfolio data reflects long-term holdings rather than recent purchasing behavior.

Individual investors maintain majority ownership across all portfolio sizes in Day County. There is no tier where companies hold a larger share of properties, reinforcing the market's 'mom-and-pop' character.

In the single-property tier, individuals own 322 of the 375 properties (82.4%), while companies own 69 (17.6%). This is the tier with the highest corporate penetration, yet individuals still hold a commanding lead.

The individual dominance increases in larger tiers. For two-property portfolios, individuals own 15 properties (83.3%) compared to 3 for companies (16.7%).

In the 3-5 property tier, ownership is exclusively individual, with individuals holding all 6 properties (100.0%) and companies holding zero.

The lack of recent sales activity prevents any comparison of acquisition pricing between individual and company investors within these tiers.

Investor ownership in Day County is highly concentrated in a few key zip codes. The area with the highest raw count of investor properties is 57273 (Waubay), with 112 properties, though its ownership rate is 47.1%.

The highest penetration of investor ownership is found in 57239 (Grenville), where investors own 81 properties, representing a remarkable 60.9% of all single-family residences in that area.

Several other zip codes also exhibit extremely high investor ownership rates. These include 57261 (Roslyn) at 54.9%, 57422 (Andover) at 51.4%, and 57434 (Bristol) at 50.0%, indicating that in some parts of the county, investors are the majority property owners.

There is a notable difference between the leaders in total count and ownership rate. While 57274 (Webster) has the second-highest count of investor properties (90), its ownership rate is a much lower 12.6%, suggesting a larger overall housing market.

This geographic clustering highlights specific sub-markets where rental properties are particularly prevalent, likely driven by local demand factors or specific investment opportunities.

A complete lack of historical transaction data for Day County prevents any analysis of long-term investor behavior. It's not possible to determine buy/sell ratios across different timeframes.

There is no information to establish whether landlords as a group, or institutional investors specifically, have been net buyers or net sellers over time. The market's transactional history is not captured in this dataset.

The volume of inter-landlord trading cannot be assessed. The data does not show what percentage of purchases are from other landlords, which is a key indicator of market liquidity and composition.

Analysis of potential profit margins is not possible, as there are no average buy and sell prices to compare. This limits insights into the financial performance of rental property investments in the area.

The lack of data suggests a stable, buy-and-hold market where properties change hands infrequently, or that such transactions are not being recorded in a way that is accessible for this analysis.

The transactional market in Day County was entirely dormant in Q4 2025, with landlords involved in zero of the zero total SFR transactions. This indicates a complete lack of sales activity involving investors.

No investor tier recorded any transactions. This inactivity was consistent across the board, from the smallest single-property owners to any larger entities, had they existed in the market.

As a result of no purchases, there was no inter-landlord trading activity. The percentage of properties bought from other landlords was 0%, reflecting the broader market freeze.

Average purchase prices by tier could not be calculated, as no properties were bought or sold. There is no pricing information to analyze buying strategies among different investor sizes.

The absence of Q4 transactions aligns with the purchasing data, painting a picture of a market where existing owners are holding their assets and no new investors are entering.