Cost of entry seemed very low compared to other beach markets, and the rental demand seems healthy, even with the competition (approximately 800 competitors in the area).Looks like a huge percentage of the STRs on the Island are managed by local management companies, and based on our research, they do not seem very sophisticated. 

Any true professional knows you do not have to bad mouth a competitor in order to earn business. 

From there you can narrow down nearby listings and see what competitors are actually charging.

If they propose to high of a price, I will typically say something along the lines of "Hey, I'd love to pass a $150 cleaning fee onto our guest so we can pay you as much as possible, but unfortunately our competitors on AirBNB are only charging $X, and in order to be competitive we've really got to stay as close to this price as possible."  

Is there open land nearby for a competitor to swoop in?

Pretty simple.If you don't want to jump to Pricelabs right off, you could set a flat rate based on your competitors nearby.

It gives you insight into direct competitors annual revenue, occupancy, location etc.

How does your units compare to your competitors?  

If it is customary to provide a refrigerator and your competitors do, weigh out the option of replacing the refrigerator or just getting the ice maker fixed.

Thats the realityMatthew,Best not to attack a competitor so directly.