But no, this would still leave competition in place and some folks just can't stand the competition.

While multi-family is a perfectly good place to start, I would tell you that it is often more competitive than single family homes… maybe just due to there being less of them in general, and being more desirable by investors.  

How heavy is your wealth tilted to real estate?

Hired contractors for the heavy stuff. 

I’m noticing that rent rates are surprisingly high compared to the somewhat competitive and affordable housing pricing.Single-family homes, some new construction are going for mid 300’s and rent is usually $2500 or higher.

., which is a major LA State Highway with heavy traffic.

So, your competition aren't just nice new townhomes but any 2 bedroom rentals in nice condition with similar amenities.

That helps with competition, but don't expect discounts - prices are still up 8.3% YoY.

NYC market is very competitive, so I feel like the seller doesn't need to compensate anymore right now to hold me.

It will give you an idea of what your competition might be like, and for those being rented a lot, what amenities seem to be popular that would get the most rentals.