About 6 or 7 months ago, I registered a domain with the intentions of putting a site together at some point. In the meantime, it's been parked. I originally put up one link to it, with a coming soon type of lead-in, as in "Coming soon...anchor text here".
Today, I finally got around to thinking about making an actual site for it. The first thing I did was check the SERPs to remind myself of the competition, and guess what I noticed? My site is listed #19 for my main keyword phrase, and #2 for it in quotes. What??? How can that be? One old link, which isn't there anymore, for one parked domain - is ranking? Huh?
Well, needless to say, I'm planning on getting this site up and running pretty quickly. Pretty nice to start out the gate in the top 20.
I would place the phrase in the "medium competitive" category, btw.
Just thought it might be something you may want to consider trying if you have some unused domains lying around. What the heck...worth a try, eh?