Right now its almost impossible to cashflow with SFRs and the Rehab market is also very competitive.

How can local apartment building owners appeal to “the greatest generation” and better position their older apartments to remain competitive in light of all the newly constructed units?

I'm considering purchasing a condo where I would live for $600k, 5% down, competitive interest rate.

It does however bring you into the most highly competitive areas as "everybody goes after the lower hanging fruit.As far as using home equity to make your first flip purchase, that is a call only you can make.

It's getting too competitive and too expensive to pick up older homes to flip.

I am not doing wholesaling much anymore, so there is no competition.  

Yes, your own investments in real estate can probably do better, but if you stop putting money in the 401k, the additional after-tax cash you will have in your paycheck to redirect towards real estate will be a small fraction of what you are putting into the 401k.In this economy, very few of us work for one employer for our whole career.  

I am a competitive bodybuilder and I am here looking to further my education about Real Estate investing with hopes of doing some deals in the future.

Some of those that you consider as competition might be nice to you.Always do the math analysis and try to look at the prospective property before you make an offer or at least have a clause in the sales contract that allows you some time (probably about 15 days) to make a detailed inspection and possibly back out of the deal without a penalty that will hurt you too much.  

I would assume that with an increase in renter occupied units in an area, the competition would be higher and therefore it would make sense to go outside of the area of competition (given other demographic information indicates the area is still appropriate for a buy and hold strategy).