Those are some very different markets you listed.

Low or no down, seller financing and low or no interest with a balloon payment later is the holy grail (location, building condition, market also matter but it sounds like you have all that).

Beyond that, real estate is largely local; in my market we are not seeing anywhere near those numbers.

If you get greedy and put #3 in front of #1 or #2 you can get burned like any other market. 

Any changes in federal spending could influence the job market and, subsequently, the real estate market.4.

Any tips for navigating the competition in such a hot market?

Whether it’s for startup costs, equipment, or marketing, leveraging your home’s value can help bring your entrepreneurial goals to life.Bottom LineWhether you’re thinking about selling, upgrading, or simply want to understand your options, your home equity is a powerful resource.

If you're going to start in a market you're eventually going to live in, I think that's a stronger case for that market."

Like others have said, know your market.  

Assuming you could take out a couple 100k you would have the buying power to start a cash recycling business (brrring or flipping).