I personally use supply and demand and I constantly see what my competition is charging and how full their calendars are with there set pricing.John

A competitive LLC formation is critical for assets protection.

Although I would love to get a property which brought in those type of numbers per bedroom the competition is going to get pretty intense which the increase of units over the past couple years.  

What does your competition have?

So there will be lots of competition.You can choose the negative response which is "that's too much competition I think I'll quit now or at least discourage anyone else from starting"Or, you can choose the positive response which is "each PR gets 24 letters and one of them is mine.

You may want to sacrifice a little profit by having slightly better amenities than the competition and slightly lower rents, so that you have a lot of tenants to choose from and can choose the best ones.  

Understand that people will be reluctant to help you for free spending their valuable time and create competition.

Agents can spin or omit crucial details in order to get paidI hold an open house on weekend or whenever is convenient for me and give prospects a 4 hour window to see property.I find when tenants see competition you tend to get property rented fairly quickly.Little things like prospects calling, emailing, signing contacts, sending deposits, when they say they will can give you a pretty good indication of the kind of tenant they will be, and if you combine their integrity/actions with the things I mentioned in earlier post you should be good to go. 

Was it an area with very few investors so you had less competition?  

it is super competitive in that neighborhood, but good deals are still getting done.