I just don't see them as competition and they certainly won't put me out of business.

Less competition means better opportunity to chip away at that $300k purchase price.

So there will be a broad range of flooring that you will read about here on BP.Check what the competition around your unit is doing for flooring, and offer something similar but still durable - it is a rental after all.

When you buy a b class multifamily property, there is really very little competition going forward, because no one can reproduce that property.

Obviously, there are still other factors, but things like over-building are less likely to counteract the socio-economic and population trends, as new construction is rarely competitive for rental units.So, the metrics you list above are much more likely to help you determine whether market demand and cash flow will remain strong as opposed to whether values will increase and what extent.The problem is, the property you've been discussing won't likely cash flow at all.

And trust me the more you understand title searches the more lead sources you will likely create that your competition doesn't know about.

I know your market is hot, that will just force u to be more competitive and sharpen your skills..what doesn't kill us makes us stronger right!

However, more than one local investor has told me that starting off flipping right now in Mpls is a bad idea because its too competitive which results in it being virtually impossible to find a good deal unless you're an agent or contractor, and also means that prices are driven up, making them not so great deals in the end.

If I can press a property into service for under 15k a unit.. and make 650 rent the reits are not much competition to me since my administrative costs are less.

From a borrower's perspective, the rates are very competitive as people need to place their money.