There’s heavy competition, prices are tight, and most properties are either overbid or don’t leave enough margin after rehab.I’ve been watching local county auctions too, and while some of the numbers look promising, the idea of buying my very first flip with cash, without walking the property or inspecting the condition makes me nervous.

It is too competitive. 

There is your leverage and everyone else knows that too (competition).

Have some experience doing outbound text messaging to property owners at lower price points (50-150K houses) but looking to go upmarket to where there is less competition. 

Hi Sherry- It definitely looks like there's a lot of competition, but I think saturation depends on a few more factors beyond vacancy rates.

@Linda Acker tax sale has become so popular the competition has driven the returns way down and the risk way up.

There is a lot of competition and many are very skilled marketers.Based on what you wrote you are more at the coaching end of the spectrum.

Though I suppose that puts you in competition with people that do a lot of probate buys.

For example, researching my market, Little Rock, it says:🏘️ Little Rock, AR – SFR Investment Market Overview🔹 Market SnapshotMedian Home Price: ~$190,000 (well below national average)Median Rent (3BR SFR): ~$1,200–$1,450Rent-to-Price Ratio: ~0.7%–0.9% (higher in some zip codes)Cap Rate Potential: ~6%–9% (depending on neighborhood & condition)Vacancy Rate: ~5%–6%, lower in workforce housing neighborhoods📈 Why Investors Like Little RockStrong Rent YieldsHome prices are low relative to rent, ideal for cash flow-focused investors.Many zip codes in Little Rock exceed the 1% rent rule.Landlord-Friendly LawsArkansas ranks among the most landlord-friendly states.Quick eviction process, low regulatory friction.Diverse EconomyMajor employers include healthcare systems, state government, logistics hubs (FedEx, Amazon), and aerospace.Home to the University of Arkansas for Medical Sciences (UAMS).Stable Tenant BaseHigh percentage of renters (estimated ~42–45% in Pulaski County).Strong demand in B-class and workforce neighborhoods.Underserved by Institutional InvestorsLess competition than Sunbelt cities like Dallas or Charlotte.Room for growth and acquisition before prices inflate further.I agree and find the above accurate!

There was some cosmetic work that was needed which helped draw away some competition.