Kewaunee (WI) Investor Pulse Report (2026-Q1)

In Kewaunee County, investors hold a portfolio of 1,000 single-family residential properties, accounting for 13.1% of the total 7,633 SFRs. This indicates a significant, yet not dominant, investor presence in the local housing market.

Individual investors are the primary force, owning 739 properties, or 73.9% of the investor-owned total. Company investors hold the remaining 271 properties (27.1%), showing that the market is driven by smaller-scale operators rather than large corporations.

A striking financial characteristic of this market is the complete absence of financing; 100% of the 1,000 investor-owned properties are held as cash assets. This suggests a fiscally conservative or debt-averse investor base in the county.

The portfolio is heavily geared towards rental income, with 972 properties (97.2%) classified as rented. This high rental rate underscores the primary strategy of local investors as buy-and-hold landlords.

The number of individual landlord entities (889) far outweighs company entities (216), reinforcing the narrative of a market dominated by small, local participants in real estate investing.

A defining characteristic of the Kewaunee County market in 2025 is a complete freeze in investor acquisition activity, with zero properties purchased by landlords in Q1, Q2, or Q3. This halt in buying prevents any current analysis of price trends or comparisons to traditional homeowners based on recent transactions.

Historical data from prior periods, while not reflective of current activity, indicates landlords operated in a much lower price tier. In 2025-Q1, for instance, the average homeowner purchase price was $265,586, while the placeholder landlord price was $99,025, a theoretical gap of $166,561 (62.7%).

This pattern of significant discounts for landlords was consistent in previous quarters, with a 54.9% gap in 2025-Q2 and a 63.2% gap in 2025-Q3. These figures highlight that when investors were active, they targeted properties at a substantially lower price point than the general market.

Looking at broader timeframes, the average landlord acquisition price was $169,089 in 2024, which was lower than the pandemic-era average of $188,983 between 2020-2023. This suggests a cooling of prices even before purchasing activity ceased entirely.

Investor purchasing in Kewaunee County came to a complete standstill in Q4 2025, with landlords acquiring zero properties. Their market share of purchases was 0.0%, reflecting a total absence of acquisition activity.

The lack of activity was universal across all investor types. Mom-and-pop landlords (1-10 properties) and institutional investors alike made zero purchases, indicating the market freeze was not isolated to a particular capital source.

No new landlords entered the market in Q4, as the single-property (Tier 01) category saw zero acquisitions. This lack of new entrants signals a challenging or unattractive environment for first-time investors.

The total number of SFR purchases in the county for the quarter was zero, meaning the inactivity was market-wide and not exclusive to investors. This points to broader economic factors or seasonal lulls affecting all buyer types.

The investor landscape in Kewaunee County is defined by the dominance of small-scale landlords. Mom-and-pop investors, who own between 1 and 10 properties, control a staggering 98.6% of all investor-owned SFRs.

First-time or single-property landlords are the backbone of this market, with the Tier 01 category alone accounting for 786 properties, or 77.8% of the total investor portfolio. This highlights the highly fragmented and localized nature of ownership.

Mid-size landlords (11-1,000 properties) have a very small footprint, collectively owning just 1.3% of the inventory. This near-absence of a robust mid-tier reinforces the market's heavy reliance on the smallest operators.

Institutional ownership is virtually nonexistent. The 1,000+ property tier contains just a single property, making up only 0.1% of the investor market. This finding directly counters any narrative of large corporations dominating the local rental scene.

The ownership structure shows a clear pyramid, with 786 single-property owners at the base and progressively fewer owners in each subsequent tier, culminating in a single institutional holding.

In Kewaunee County, ownership structure shifts decisively as portfolio sizes increase. While individual investors form the foundation of the market, companies become the dominant owners in larger tiers.

Individual landlords control the entry-level tiers, owning 78.5% of single-property portfolios (625 properties) and 66.2% of two-property portfolios (47 properties). This demonstrates that individuals are the primary actors at the smaller end of the market.

The transition to corporate ownership occurs in the 6-10 property tier. At this level, companies own 11 properties (68.8%) compared to just 5 properties for individuals (31.2%), marking the clear crossover point where professionalization begins.

Even in the 3-5 property tier, companies have a substantial presence, holding 51 properties (41.5%) against the individual majority of 72 properties (58.5%). This shows that forming a corporate entity is a common strategy even for relatively small landlords.

Investor ownership in Kewaunee County is not evenly distributed but is instead highly concentrated in a few key areas. The top three zip codes by property count (54201, 54216, and 54217) collectively contain 897 properties, representing 89.7% of the entire investor portfolio.

The zip code 54201 (Algoma) is the epicenter of investor activity, with 386 landlord-owned properties. This single zip code accounts for over a third of all investor holdings in the county.

A distinction exists between the areas with the highest count and the highest penetration rate. While 54201 leads in volume, zip code 54213 (Casco) has the highest investor ownership rate at 25.0%, meaning one in four SFRs there is investor-owned.

The top regions by ownership percentage include 54213 (25.0%), 54201 (18.5%), and 54216 (13.1%). These areas represent the most saturated markets for rental properties and investor activity.

This geographic concentration suggests that investors target specific communities within the county, likely driven by factors like rental demand, property values, and local economic conditions, which can be further analyzed using detailed assessor data.

Historical transaction data reveals that Kewaunee County landlords were actively expanding their portfolios in 2024. They collectively purchased 61 SFR properties while selling only 11, making them strong net buyers with a net gain of 50 properties.

The buy-to-sell ratio for all landlords in 2024 was 5.5 to 1, signaling strong confidence in the market and a clear strategy of accumulation during that period. This trend provides important context for the subsequent market freeze in 2025.

Institutional investors (1,000+ tier), while a tiny fraction of the market, mirrored this trend on a micro scale. They were also net buyers in 2024, purchasing 2 properties and selling 1, for a net increase of one property.

The sharp reversal from active net buying in 2024 to zero acquisitions in 2025 is the most significant trend in the transactional data, suggesting a dramatic shift in market conditions or investor sentiment.

In Q4 2025, the transaction market in Kewaunee County was completely dormant. A total of zero SFR transactions were recorded, resulting in landlords having a 0.0% share of market activity.

This inactivity was consistent across all investor sizes. Mom-and-pop landlords (Tiers 01-04) and institutional investors (Tier 09) both recorded zero transactions for the quarter.

Consequently, there was no inter-landlord trading activity. The percentage of properties bought from other landlords was zero, as no buy-side transactions occurred.

Average purchase prices for all tiers were $0, reflecting the absence of sales. This lack of data prevents any analysis of pricing strategies between different investor segments for the current period.

The complete halt in transactions for the quarter suggests a market-wide pause affecting all buyers and sellers, not just the investor community.