That price point is competitive but at moment there are 199 listings under $300k within 10 miles of the arena, so it realistic.

Total rent was above the market so I wanted to pursue it, we didn't have much competition on this one so we got it $5k under list.

We have 10 of them in total on 2 floors and they are super heavy.

We were able to secure off market for a competitive price, but there is a good amount of capex work ($80k) needed at onset.

Competition is fierce though... if a good one that cash flows appears in the market, it almost always goes above list price.

The reason they are successful is because they are set up to do all the heavy lifting...offering WAY more value to the investor than what they can do on their own...especially from a distance.If you have the time, money, freedom to fly back and forth, and inclination to do all of this yourself, then Turnkey is NOT for you. 

Since I come from the production world and initiated a lot of vendor agreements I am able to build about 15% less than most of our competition. 

The PM interest rates are not competitive.

I've worked with a couple of Louisiana investors that have come here to San Antonio, because of the stiff competition there.

Or is it just a tough market to compete in with the competition right now?