The competition is certainly stiff in this area of town (really - it's competitive throughout Kent County as a whole!

There is a lot of competition, However, it can be done and you will need to get pretty creative.

So maybe to be competitive you would need to go lower...

I know this market is very very competitive and also expensive.

Competition is fierce on bigger deals and I'm sitting here with a long time horizon hoping to get into bigger deals but wont do it at the expense of tighter numbers.  

There are plenty of renters or tenant buyers with little to no competition on the buying side.- it's always good to see another Hoosier utilizing this great site!

Example Quad propertyHere is a current 7 unit rental for sale at $630,000 with a neighboring unit renting for $900 a month with 2 bed 1.5 baths, so that may be the prevailing rate there. 7 unit condos for saleI am not interested in these properties in particular, but just want to provide them as examples if anyone wants to take a look and compare them to the other apartments in the area.I suppose that at the right price you can make a case for any purchase, but the competition for tenants (with perhaps a need to be more flexible on tenant quality) and the need to keep rent rates stagnant or lower them to ensure high occupancy seem like troubling considerations.  

Interested in vacant land mostly because of the super low amount that you can start with, but also lack of competition.  

Look at AirBnB and see what the competition looks like in the area of your rental.

I ask my realtor to get me into a few rentals in my area so I can see what the competition is.