Buying in an extremely hot market

[John Hamilton]

I am looking for a property to get in on a house hack. I live in Colorado Springs and the market is insane here right now. Within a few hours of the listing being active it will have multiple offers and usually ends up selling for about 30k over market value with how competitive it is. What do you guys think about buying in a market like this for a house hack? Or should I wait/search in the surrounding area that is less competitive but may not be as easy to find renters?