There are also many people doing the same thing, so you would need to find a niche or multiple niches where you have a competitive advantage. 

The only way to really know if it's a competitive premium is by shopping the policy.

My market is one of the most competitive in the entire nation, and has the top 5 highest property taxes due to the desire to live so close to NYC.

You want to list lower not higher than your competition. 

Resulting in fewer listings than 2019 which has made it even more competitive for buyers.

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.

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.