Is it as saturated as Chicago?

In my findings, Arrowhead is saturated.  

Then another area pops up because that neighborhood become over-saturated with overpaying investors, etc.

I would also advise caution when you see the 1 bed/1bath four-plex properties in these areas, as I think there is an over-saturation of them, which can reduce their demand from a tenant perspective.

I'm mainly interested in mailers, as I believe digital marketing is beginning to get too saturated.

There is still more that needs to be determined:The saturation is a concern:1. 

That whole area seems to be saturated with vacant/available rentals, both multi unit and SFH.

All of last year and this March was phenomenal and ever since around Easter is when it became noticeable both in terms of occupancy and future bookings. there is a lot of concern around here that the market is saturated with rentals in the smokies, but I think this is showing we are finally seeing a slow down across the whole economy. 

If lots of the competition is available that gives you a sign the market is saturated. 

Lastly, I have no idea when STR's will reach a saturation point in Nashville with how many there are and are coming online.