FHA and VA are the cheapest options, but not very competitive when it comes to hot deals.

Its been a popular market for a few years now so competition is tighter.  

Plus the industry is inundated with folks outsourcing their reports to India or automated completion systems, hence the heavy competition for the pittance of the ever-lowering pay.Also take into account that all BPOs aren't distressed, when portfolios of loans are sold they'll also order a BPO, along with sometimes refinance situations. 

My neighbor down the street listed his house early last year and got a competitive offer in the first week (10% below asking, but about what I thought the house was actually worth), and he countered and lost the buyer.  

I don't think you'll find a market with better macro economics that also has the upside potential that we have.The fourplex market has been particularly competitive in the last couple years, and that has dropped off a little bit, but deals are still selling fast.

In fact, if it weren't for these properties taken off the market, I don't think the Austin real estate market would even be showing any effects from the global pandemic.

Wow, I didn't realize it was quite so competitive and limited to specific locales.

There was no competition at all.

I'm new to REI, and it sounds like finding deals is a very competitive process.

If the new apartments have more amenities at a lower price than you, then you may need to either lower your rents or improve your property to be competitive.