This is a competitive sellers market at the moment with a lot of players working the MLS, you can get some nice base hits here and there, but I don't know of anyone that's hit a homerun buying on the market lately.  

My multifamily is on a street with only other multifamilies, so we are exposed to competition every time there's any 'for rent' signs.

Believe it or not, I try to network and become friends with my competition.

The market is pretty competitive here and it's not cheap unless you want to dig into the "less desirable" areas but there are deals to be had.   

The foreclosure auctions here are very competitive but I would still expect the property to sell at a discount below market value. 

You have a lower cost of capital than your competition.

Would you say the market is flooded with competitive cash offers and would price me out  like the rest of the Bay Area?

You should study the market before making offers- i.e. is it competitive w/ multiple offers being submitted on one property;  are offers being accepted above or below list price on average.  

I just priced that scenario with a 720 credit score and I'm seeing one lender is very competitive with a rate of 4.625 with no points and several more offering the same rate with up to 1 point and beyond, so your idea of a reasonable rate is in line with what's available.

Also there are some good cashflowing properties down in Colorado Springs that I come across that are close enough to you in Denver but also a completely different type of market with less competition.