But that set aside, my point is not to define shortage (it is what it is, lack of supply), rather to explain WHY it exists.

I run a large group of Philly small landlords and see the big trouble folks run into only because they lack experience and a good coach if you can find one will help you avoid costly rookie mistakes.

It's a great location and has potential.1) I think the place lacks any flair.

The shortage exists for lots of reasons, but a lot has to do with lack of trades folks to do the work, which drives costs up, which creates "unaffordable" housing. 

The spammy questions I get on my properties show a complete lack of understanding of the business.

Deals go bad and I think people think its easier than it really is and overestimate their skillset because of lack of experience. 

For me the reason for going turnkey was to limit my lack of experience and knowledge of the areas I am investing in and I looked at the premium I was paying as worth it to acquire the things I lacked. 

Is this common, or are we overpaying due to lack of competition?

If there is no match there is honestly no reason to tie your money up with them especially if the returns are lack luster.

Root cause is lack of confidence and/or fear of losing money.