Is it too competitive there?

Inventory is kind of low right now and prices are higher and there is more competition out there.  

Cash out refinance or save cash flow to buy something all cash, then you can buy a place at the courthouse steps, buy a REO that can't qualify for financing, etc. where you knock out 80% of your competition from retail buyers and only need to compete with other investors so you get a bigger discount.

Youre right the DFW area os very competitive but there are still great deals to be had if you know where to look and are persistent in your efforts.  

Since he owns the company, it gives us a competitive advantage as he's able to get the work done faster and cheaper.

Here's your challenge, and its a big one . . .Based on your comments, you say local market competition, like most "normal" office markets, rent office space on a rentable square foot basis, typically using the BOMA or modified BOMA standards of measurement.  

Buying a property like this all cash means that you eliminate competition from any retail buyers, and get a discount accordingly, but the risk is that the house needs work.

You may not get it back directly in a higher selling price (depends on the competition and market), but you MAY recoup the costs (or some of it) in selling it faster.

Many decades later, through other life lessons, I began to realize that people can only handle what they're capable of... and that facts are irrelevant to most (they feed on assumption and group-think, not facts).The most valuable lesson I eventually learned from this was that I should be thankful that others are the way they are - were it not for them, I would have a lot more competition and much less opportunity for profit.  

Kick out any drug dealers, sex offenders, etc.My first park was also an infill project, and I was my own General Contractor getting competitive bids, overseeing the work being done, etc.