People generally modify it to their market and what is achievable, you can change it for BRRRR if you want to beat out other flippers for a property but if there is low competition you don't need to.

Can you rent it out without the cosmetic rehab absolutely, you'll get less but how much less depends on the competition in your market.

It is very competitive and you have to act fast and have your investment criteria buttoned up and accurate.

If anything I've seen some investors go to the sidelines so that could mean less competition for deals.

Use tools such as www.rentometer.com to get an idea of what comparable rentals in your area are going for.Pricing your property slightly below market will help your rental stand out amongst the competition and allow you to pick from a more reliable pool of tenants. 

The reason I'm asking is because many banks won't lend on heavy fixer-upper, BRRRR properties.

There should be less competition as it is much harder to secure investment funding if you don't have three deals in the pockets.

The advantage is no competition.  

Besides the properties costing more, other things to consider are: High taxes Tenant friendly cities more competition from other investors When I use to work up north I tried by a duplex for over a year.

Rent them at competitive rent rates to tenants that approve auto-draft each month.