I do worry that this virus is going to bring the global economy to a significant slowdown, but will this hurt real estate?

Especially if the broker is your competition.

We then subtract $40k for reno (because it will more than likely run on the high end of your estimate), bringing us to $57.5k, which is below the initial offer they received from a realtor and since you don't want to work your butt off for $5k, you ultimately need to offer them less than every other offer they've already turned down.Long story short, really focus in on your estimates throughout the equation and prepare to move on when you can't make a competitive offer. 

If you don't do that, you are constantly going to be looking for that mythical "deal" Indianapolis is a very competitive market so I wouldn't be counting on big home runs.

What trends are you seeing the the Sarasota area to set short term rentals apart from the competition?

And now the interest rates are pretty low, so more cash flow for a crash.Two, when the market crashes, there are millions of people that will abandon investing, leaving the investing world with less competition.

I find it odd that buyers and sellers typically end up in a competition with each other. 

This makes for some rather fierce competition.

great property with no competition.

They usually have very competitive products.Vacancy might be a touch low.