I have sent more direct mail (used the same strategy), basically the same letter, but the calls have decreased in 3 months to the point that only about 2-3 people called on my last campaign (previous calls would be 20-30 after campaign). 

I also know various areas of the city very well. which I feel decreases my risk as I have a better grip on where neighborhoods are headed which for buy and hold is important. 

Rents are going up every year so your net housing expense decreases and your net worth goes up with equity and appreciation.Your location is familiar with me.

High unemployment could potentially be a factor driving NOI's of properties down, therefore decreasing your purchase price.

It was a fixer-up and figured I could manage the process remotely....nope. 10k over budget PLUS the rent AFTER the improvements decreased $5.

If this doesn't include debt service and you plan on using financing, I would make sure to look at carrying costs and see if you could sustain a few months of negative cashflow (assuming you have a plan to quickly decrease operating expenses). 

If its on a decrease you have to do some more market research. 

The cash out refinance brought his DTI down to 38% from 72%, and his monthly debt servicing expenses decreased $750 per month (!!!).

There are VERY few markets that only flatlined while everyone else experienced a decrease in property values.

Does lower competition mean decrease or increase rent ?