You want to list lower not higher than your competition. 

Who knew a global financial crisis would hit in 2008-2009?

The deal that I was looking at fell-through; the property was in my stretch zone, and after speaking to the owner, he was charging rents that were 80% lower than the competition, and the expenses were more than I estimated.

People generally modify it to their market and what is achievable, you can change it for BRRRR if you want to beat out other flippers for a property but if there is low competition you don't need to.

However, I wanted to get insight as what problems this may cause in the long-term (if any) once the current global situation is resolved. 

Can you rent it out without the cosmetic rehab absolutely, you'll get less but how much less depends on the competition in your market.

It is very competitive and you have to act fast and have your investment criteria buttoned up and accurate.

If anything I've seen some investors go to the sidelines so that could mean less competition for deals.

Use tools such as www.rentometer.com to get an idea of what comparable rentals in your area are going for.Pricing your property slightly below market will help your rental stand out amongst the competition and allow you to pick from a more reliable pool of tenants. 

bearing in mind we are heading for a Global recession again - but as they say " every cloud has a silver lining " I've already found a couple of properties through "Redfin" but due to me detailed questions I've raised for my due diligence they ( Redfin )  have suggested I find a more local agent to help me hence my enquiry to Branden !!