Their cost/sqft is quite competitive.

In my area, duplexes are rare  with a lot of competition for them, so buying a SFR and doing a garage conversion makes sense AS LONG as you are focused on cash flow and not trying to flip or leverage into the next property.

Have you see that British show on Netflix where people design and build "tiny homes" and trailers for a competition.

Major global conference mega-locations like Vegas have already announced no conferences rest of year. 

You want to try and avoid to list during a season with a lot of competition unless your property is unique in location or cash flow..  

Given that many of the hot markets are so competitive and the prices on turnkey-ish properties have already increased in these areas, such that it is hard to achieve the 1% recommendation.. 

Compared to other places, obviously housing is fairly cheap, but even here the market has gotten a little more competitive lately.

I'll give you a run down of the market and answer your questions.Firstly, understand that you are entering one of the most if not THE MOST competitive flipping market in the entire country.

Now they have enough global cash flow and equity from the properties to keep getting lender loans even if their income is not that high maybe 80k a year or so.Then there are the doctors, tech space people, etc. that make very high incomes.

When you have enough positive cash flow, you will be able to continue operations, while the competition across the street can no longer replace carpets or advertise.