There is a lot of competition and you need a lot of marketing spend even to make a dent.

It can make you stand out from the competition 

For instance in Vegas its pretty cool and easy but it creates uber competition.

These are 1 bedroom/1bath units, 650sq ft, priced under $700 a month so I dont think its competition from the newer buildings that cant afford to price rent so low.We maintain the units very well and have recently renovated a bunch of them with lvp flooring, new cabinets, etc.

In competitive markets like San Antonio and Austin you’ll need to prioritize design and furnishing and I highly recommend using an STR focused interior designer.

Real Estate Investors can play ahead of the game by learning about 1) Real Estate (of course), but not the basic stuff....all the tricks that can make you stay one step ahead of your competition. and 2) Construction - How a house is built and how to fix, remodel and add value.So for #1, you can just make this forum an addiction.

It's a lot of work and very competitive, but it's a living.I see you've been a member of BP for years.

As of now, HELOC rates typically range from 5% to 7%, but it's essential to check with multiple lenders to get the most accurate and competitive rates.Joshua Christensen - I totally agree with these points as well. 

As for whether one has to get quid pro quo in increased rent for improvements, there is also a factor of the quality and longevity of the tenants one gets with an upgraded apartment even when rents are limited by neighborhood competitive pressures. 

Also with new construction building, that is competition for finding tenants.