They will all know that they have competition.  

ARV x 60% - rehab = offer             You could go a little higher if this is in a great area that sells in a week for asking price and if in a very competitive investor market.For a cosmetic rehab  ARV x 70% - rehab = offer (maybe 75% under competitive conditions)Hope this helps.

My perception is south FL is really competitive, true or false?

Their interest rates and origination points we competitive, but it was the extra fees that broke it.

It was a summary of a World Bank paper on the commonalities between the most competitive mid-sized cities worldwide.

Pro Tip - Do this with your roommates and turn it into a competition. 

A couple months ago I saw a post regarding an offer letter that was specific to competitive markets and trying to ensure that your offer(s) are accepted.

If it makes you feel any better, your competition includes middle school dropouts and people perpetually on the verge of going broke... 

And it may not require a bad economy for the competition for tenants to heat up.  

If you do purely whitehat SEO and your competitors do black hat or grey ht, you may never rank.Also, it of course depends on what your competition is doing.I have been ranking #1 (and #2,  and #3, and #6) for over 2 years now.