Don't forget to look at the rental comps as well, closed and available to see what your 'competition' is up to.I always go for a mixture of tough/durable and nice fixtures in my BRRRRs.

If you're planning to invest less than $400-500k USD, the properties you could find within that budget will not stand out in the market, and you'll face high competition in the STR (Short-Term Rental) market.

. ;-) A fraction of a fraction of a fraction of the people on BP are actually buying.

Always push for the bidding war, it will push the price higher than what anyone expects due to the competition overwhelm that buyers get and push the property to new heights.

@Sam Newell -- The CAP rate and COC returns through FIG's new 4-plex constructions are the selling points in what is otherwise a very competitive rental property market in Salt Lake and Utah counties.  

tougher than advertised. there is lots of competition for deals; good contractors are booked up; materials are expensive; and interest rates are high.

Cons: Market competition can be high in desirable areas.

If your competition is at 60% cost to income, then you should be close to that

If you have a property under contract at a great price, and a competitive bid scenario between multiple investors may be the right course of action, consult with a reputable real estate auction company.The auction company should be able to tell you pretty quick whether your deal is as good as you think it is.

With the higher inventory we are seeing and the rates staying where they are, I think it's a solid time for a buyer to get a deal from a seller that is struggling to get their pricepoint due to too much listing competition and high buyer skepticism.