Exact keyword matching domains in com/net/org in conjunction with some of the on-page SEO that's been mentioned is where it's at to minimize the amount of off-page SEO needed for many of the terms out there. For some terms it's impossible to rank for them without linkbuilding, but for a lot of them, exact keyword matching domain + some content (doesn't have to be a LOT) + on-page SEO = rankings. I just sold an adult domain which ranked #2 for its term (18,100 search/mo term) with just a parked page. For the terms where linkbuilding etc. would be absolutely necessary, if you have the domain and you and your competitors are all linkbuilding, your domain could very well tip the scales. Companies like CreditCards.com and Cars.com have completely pwned far larger, more established, higher authority entities for the #1 rankings for those terms because of their domain.
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