Forget the green bar, search Google for the phrase and see how competitive the results are directly.
Look at how many websites are targetting the term organically and how much effort they are putting in to it. For example, is the first page of results full of websites with the term in their title? Do the websites have strong link profiles all using the phrase as anchor text?
Open Site Explorer may be useful for you to find this out if you haven't used it before.
If competition looks low (so you can rank with minimal effort) and you think you can make more back from the niche than the time/money you spend on it, then go for it.