Also, since this is imtimidating for most people, you don't have much competition.

A house of cards to say the least.Bottom line: some regulating of the practicing appraisers might alleviate the original poster's concern about his competition monkeying with values to keep business.

That is your competition.

It is a company wide competition for everyone to participate in.

If you know the area, which it sounds like you do that definitely gives you a competitive advantage. 

In the area I am in, Washington DC, I am noticing the same thing, less competition and sellers willing to accept 5-10% discounts, depending of the property and area, of course.

Bergen has options but it is town by town, but all NJ multis are competitive unless you are comfortable doing rehab or are fine with all neighborhoods. 

  ( Within Reason of course)  But my commercial banks are pretty competitive.

By buying the right properties at the right price without overpaying, you will be in a superior competitive position if you ever have to compete on price, as you'll still be able to make good returns when others cannot.

I would assume you will see much less competition than in Atlanta, but could still see some pretty good returns if you find the right deal.