But the diversification may be through a number locations of the same type property, as expertise in one area trumps diversifying into areas where you lack a competitive advantage.  

Negotiations focused on securing the property at a favorable price, enabling us to achieve a profitable margin in a highly competitive market without requiring additional renovations.

Even though your market might prove expensive, I would exhaust all options before ruling it out.Truth is, you have a unique competitive advantage in your market.  

Pretend to be a renter and shop the competition.

. - Expect buyer competition.

Starting to look at possibly investing there.Great, but also expensive and competitive.

When you do there’s usually lots of competition.

LOOK at what ADVANTAGEOUS, what competitive edges do you have, how can those be best used to engage in the opportunities at hand. 

We feel this encourages/trains good payment behavior:)We have several MoveIn Specials owners can approve like, free TV, Washer or Dryer (used), etc.Our main goal with MoveIn Specials is to stand out from our competition. - Just lowering the rent really doesn't do that.

You’re absolutely right—speed is such a critical factor in securing deals, especially in a competitive market.