Lots of competition with lots of buyers and few sellers. 1% deals are possible but few and far between, unless you are willing to do a rehab or buy in the rougher areas of town.

Not only are your costs higher but so are your material costs for rehabs/renos (you may also need to give the unit a new look more often to match the expectations of the HGTV loving tenants and to keep you competitive in the marketplace) also people tend to overlook the fact that white collar tenants can be really needy.

Im trying to figure out if this means more competition....or more resources...Just kidding, this is awesome news!

In Memphis you might have some competition!

When I started, I had some good competition so I decided to build a brand knowing it would take a few years to develop.

They will not stop at eliminating their competition (that's you). 

For all of those that are claiming that the TRUE (whatever that means) market value of the property is determined by what a single skilled real estate investor will pay in the absence of competition...you are wrong.

These exemptions apply to corporations, and any community chest, fund, or foundation, organized and operated exclusively for religious, charitable, scientific, testing for public safety, literary, or educational purposes, or to foster national or international amateur sports competition, or for the prevention of cruelty to children or animals.†Don’t see that one working myself...REITThis one I am very interested in but to qualify as a REIT it has to follow these basic rules1, Be an entity that is taxable as a corporation2, Be managed by a board of directors or trustees3, Have shares that are fully transferable4, Have a minimum of 100 shareholders5, Have no more than 50 percent of its shares held by five or fewerindividuals during the last half of the taxable year6, Invest at least 75 percent of its total assets in real estate assets7, Derive at least 75 percent of its gross Income from rents from realestate property or interest on mortgages on real property8, Have no more than 20 percent of its assets consist of stocks in taxable REIT subsidiaries9, Pay annually at least 90 percent of its taxable Income in the form ofshareholder dividendsBut the benefits are that a REIT PaysNO CAPITAL GAINS TAX.

Assume competitive means just that.

., revive a corpse), environmentalist expect "green laws" (increased energy costs), the unemployed expect health care and extended benefits (entitlement, "it's my right"), the minorities expect enhanced affirmative action plans (ignoring a competitive global job market), and the average American consumer wants to continue to live an unrealistic lifestyle, given the level of global job competitiveness and increasing amounts of debt incurred by both consumers and our government (i.e., I deserve my father's lifestyle).