As you can tell, it’s a very competitive industry and many loan officers will do whatever it takes to get your credit pulled and pay for an appraisal. 

You can get much better returns and less competition than a condo.

Is this common, or are we overpaying due to lack of competition?

Never invest in any city on this list.Low operating costs: Every company faces competition.

I bought a State Farm policy on a STR and LTR, their prices were competitive and they were easy to work with considering the home is 100 years old.

I think someone mentioned earlier, it all depends on conditions and competition where you are.

Here are some of my thoughts: 1) they are work and have risk 2) in this hyper competitive RE market, there is not enough profit in the rehabs of most MLS listed properties.  

I think I have a short window of opportunity to buy as a lot of people are still waiting on the sidelines for lower rates, so less competition.

Quote from @Sanil Subhash Chandra Bose: Quote from @Jay Hinrichs: Very good.. reality is though very few will do this to much work.when I was full time buying courthouse steps I would occasionally go into the recorders office and see my competition doing all this busy work.

So even popular rent estimate tools seem a little inflated unless you're outpeforming the competition with what youre offering.