You can do anything you set your mind to.I was also scared to rent in my current area because there was so much competition.  

It might become a little less competitive to purchase as interest rates rise, but the fundamentals are too strong in the area for anything nasty to happen.  

It's insanely competitive down here. 

Ok, now that you have taken your initial step, below are some quick links to get engaged.Since you are focused on multifamily units I added the below links for your review.https://www.biggerpockets.com/renewsblog/2014/03/1...https://www.biggerpockets.com/renewsblog/2013/04/09/how-to-buy-a-small-multifamily-property/ (How to buy a smail multifamily property)http://www.biggerpockets.com/renewsblog/2014/07/19/how-to-buy-a-duplex/ (guide to buying a duplex) https://www.biggerpockets.com/renewsblog/2015/11/16/how-to-choose-areas-multifamily-deals/ (Choosing multi-family deals)Actually, with regard to the multifamily unit being the only one in the neighborhood could be looked at as being positive, due to the fact that tenant competition is non-existent with other multifamily properties.http://www.biggerpockets.com/startherehttp://www.biggerpockets.com/meethttps://www.biggerpockets.com/alertsHow to Use @Mentions on BiggerPocketshttps://www.biggerpockets.com/ruleshttps://www.biggerpockets.com/termshttps://www.biggerpockets.com/inviteshttps://www.biggerpockets.com/perkshttps://www.biggerpockets.com/forums/categorieshttps://www.biggerpockets.com/rei/glossary/https://www.biggerpockets.com/courses/a-beginners-introduction-to-real-estate-investing (video courses)https://www.biggerpockets.com/real-estate-investing (Ultimate beginner's guide to REI)REI can be very daunting, but, before you go searching for that 1st buy, please take a few minutes to bone up on the tips in link below.https://www.biggerpockets.com/renewsblog/2014/12/19/real-estate-investing-success-smart-tips/REI books suggested by BPershttps://www.biggerpockets.com/renewsblog/2015/11/13/7-real-estate-books-beginner-investors/ (7 absolute must read books for beginner REI)http://www.biggerpockets.com/renewsblog/2013/04/14/best-real-estate-books/?

Rentals are one area where the little guy can still compete with the mega corps and large apt complexes, often winning over some choice tenants with personal service, flexible terms, and small touches...Just a few ways, off the top of my head, that I think we can gain a competitive advantage over more rigidly run large complexes (though all markets vary, so these are based on my experiences)....) flexible terms (I offer a six month or one year lease; of course, most six month folks renew, but some like the flexibility; some large complexes are "one year or nothing" in my market..)) new mats (inside and out of the doors; bath, even runners or area rugs in high traffic area for vinyl plank flooring)...while they add some "wow factor" and look like gifts, there is self interest at work here, however, as the matting greatly reduces wear and tear on my flooring.) pets on approval ( I have some of the best behaved canine tenants imaginable, and their high quality tenant owners stay long term, are respectful, and pay well,yet are often shunned by many "no pets" larger places)) small (tax deductible) $20 gift card at holidays ..

If they end fractional reserve banking and standardize lending, we would see much more stability in prices.

Keep looking....I have clients looking for a year before they find the deal they want and the market for MF has become considerably more competitive in the last 2 years.  

Depending on how you found the property, listed on the MLS or auction sites, there may be some competition.

Lot's of opportunity out here but also very competitive.

You can't get a good deal if you are in a competitive bidding process.