I know I'm going to have to pay up a bit for that, and if I don't, there are enough other investors and investor groups out there that I'll likely not be competitive in any of my offers.

If property is not redeemed I get a deed in the mail.REally like this play for assets that are inexpensive.. and your paying cash.. risk is minimal to nill and as long as your play is simply rent and keep very long term.. its a genius move.. most folks are so worried that you have little to no competition..  !!!! 

There is also call for smaller places for insurance rentals - just more competition from some of the corporate housing companies.

My original plan was to purchase a multi-family but it will be very challenging for me to find one in my price-point with all the competition in my area.

This seems like a lower competition market to start in, anyone have success they cna speka on?

Our PM vacancies are at 5% or below at any given moment and that is due to renting the properties a little bit below competition and the “fair market” rent.

If they're using a PM they are NOT competition.

But you'd have to really dig into your market data to decide if its truly a competitive advantage. 

Median property prices are about a third below the national median, rents are high - the Milwaukee rental market is the most competitive in the US, second only to Miami, FL (according to Q1 2024 report from rentcafe).

The reasons are 1- less competition in commercial2- greater property types lead to more opportunities for “value added”3- commercial net income projections include expense for property management, 1-4 unit residential usually do not4- greater “universe” of properties to buy allow higher minimum return standards Of course residential is MUCH easier to successfully deal in, and with reasonable leverage has small downside risk, so I 100% agree that most investors should stick with residential.