I always find it interesting when people give advice regarding outranking competitors in SERPs. There are SO MANY variables that go along with it that no one can give you a simple answer without you first providing a lot of information.
For example if you wanted to rank for Payday Loans who are we to tell you that you can't and it won't be profitable? We don't know you, or your budget, or your SEO skills or your 100+ SEO Team's skills for that matter because you didn't tell us any of this info. We just know it's not easy, but we don't know if it's worth the effort for you to do or not.
People need to clearly define their goals before asking SEO questions generically.
We also have no clue how you plan to monetize it, your budget, etc.
Some people may make $2/lead/click/whatever while others who have experience may be able to squeeze $5+ out of it. Obviously those who only make $2 won't be able to dump near as much into it as those who make $5+. Thus knowing if you should do it or not is up in the air.
You see where I`m going with this ?
It's like someone who does PPC for the same offer as someone else and wonders how they can pay 2x or 3x as much for the same keywords/ads. Experience, and knowing what you are doing to make money is what it comes down too.
In the end only YOU know if it's worth it for you to try to outrank them because you know all the numbers, and were just guessing based on basic information you provide.
SerpIQ, PageRank, # of Backlinks, etc are just metrics you need to learn to understand over time so that you can estimate the challenge of passing up the existing sites in SERPs. What might be hard for you might be not so hard for someone else, and vice-versa.
If you provide us with a budget (one-time / monthly), SerpIQ, PR, Backlink Info, domain EMD or not, domain age, site goals (thin affiliate or kickass unique content quality site) then we can help out more.
Keep in mind backlink info != simply quantity of links. You need to REALLY analyze the other competitors backlinks and start to understand the entire backlink profile so you can profile competitors in the space you are researching and plan it out.