Somewhere in between is a price (slightly too high) that will cause competing properties to sell. 

Unless, you find something off market where you aren't competing as much. 

Most people who are judgment proof are not tenants that a competent landlord would accept. 

Get more familiar with the market and invest some time in networking with the major players in the area.

I would also go to the sales, talk to the person doing the sale afterwards and then befriend some players in the game, buy them lunch and couple drinks and pick their brain. 

I don't use big national players with high rates by any means, most of our vendors are very small business people with low overhead, etc so maybe in your world, it would be wholesale pricing.Your expectations otherwise are pretty darn reasonable!

Competence - Will they be passive or active during due diligence and property search 

In this market, you won't be able to compete with that as an investor.

Of course, I need to run this information with a competent PM in my area.One of the reasons why I was thinking about the gated community upgrade is because a huge development is taking place close to the property.

The good ones though are not trying to compete on price.