Well, low-competition niches are good in terms of rankings, but often it's difficult to find a decent product to promote...
Don't work on low competition niches so much as low competition KW's. Every niche has KW's without much competition.
If you can make even a high 4 digit income, its worth outsourcing and link building. Imagine all the ppl who spend 1/4 million for a franchise, and expect to recoup that over next 5 yrs, as they make 40-60k, then 80-100k working 10hrs a day. Even Tony Soprano would throw 40k at article writing if it could net 4-5 digits. "Its business"