Quick Question on Niche Selection

Hello folks! This is my first post here, and let me start by saying how much I love this site. I have already learned a TON. Thanks everyone!

Now, on to my question. I have decided to start a few niche sites to earn some money. I have been brainstorming ideas for niches, and I believe I found one that will work well. I used the Google AdWords tool to research keywords for this niche. The main keywords are getting around 300,000 US searches monthly. The AdWords competition level is medium. I searched the main keyword phrase, and the first result on page one is a Blogspot. There are 3 other sites ranked on page 1 that seem amateur-ish. My question is, would this indicate that this niche is worth trying?

I will be monetizing this site with AdSense, Amazon affiliate links, and possibly a CPA content locker for some sections of the site. Also, I will be outsourcing as little as possible, so costs will mainly be domain and hosting fees. Due to the nature of the niche, it will be no trouble for me to update with unique content on a very regular basis.

I searched for an answer on here, but did not see anything. I apologize if there is already a thread that answers my question.

It could be looked at in two ways. The first, and negative, way is that people have found it to not be profitable and have given up on it. The positive is that you may have found a niche that is fairly non-crowded and may pay off in a big way. You have a plan of action and the worst that can happen is that you don't do as well as you hoped. The potential upside seems to be niche dominance and a real money-spinning site. I say go for it.

Do you have Market Samurai? At the least grab the trial version and check out the competition data for your keyword. Sometimes those amateurish sites can be deceptive!