You're going to run into this in most of the major STR markets because within the last 2 years we have seen a massive spike in available inventory.In order to compete with the competition now, hosts/owners/operators need to step up their game and be willing to invest in good quality furniture, memory foam mattresses, high quality linens, professional seasonal photography, etc.In the high desert, most visitors are looking for peace, quiet, privacy, and amazing scenery so this means stay away from purchasing homes in residential neighborhoods with neighbors on all sides.

I can run a small test list for you today to show you exactly where your competition is failing.

@Jason V. not sure about your market specifically but rent prices might have slightly dropped from previous years due to increased competition and lower budgets people have due to a tough job market 

Some will go lower base and higher bps al- we had someone want 1% but it was too high as the space is so competitive there was no meet on bone for company operations. 

I wouldn't be throwing money at a problem to force it to work, I'd more so be burying equity into the property which of course I could leverage into another deal.Any offer would have to be at or potentially slightly above ask to be competitive.

If you do it yourself probably $15-17/ft.While I appreciate trying to save money I think it is important to mention STR's are competitive to downright saturated in most every market so thrifting is not a sound strategy nowadays. 

Those days are long gone.You can still find deals on the MLS, especially at this time of the year.They just won't be properties that are highly desireable where you have lots of competition to buy. 

Quote from @Cornelius Garland: I have a marketing gem that will help any virtual wholesalers in overly competitive markets who are going through a lot of cold leads just to find a hot seller. 

The market here in DFW is highly competitive. 

On another note, if you’re looking for cash-flowing markets in Ohio with less competition and strong growth, Columbus has been really solid—population and job growth are booming, tons of major companies are moving here, and you can still find properties in the $120–180K range that hit the 1% rule.