Is Honolulu a good market for buy and hold right now?

[Benigno Cunanan]

Just saw some properties in Honolulu 96815, condos that are around $50k to $90k, 1 bed condos, that typically rent for $1400 to $1600. That's awesome cash flow! Even with HOA fees as $600 you can potentially cash flow $500 a month! What's the catch?? Why is it so cheap? My only properties are in Memphis, TN so I'm used to that price point, but not in Hawaii! Is this a good market to enter? Any Honolulu investors please enlighten me. What's typical vacancy rates, cash flows, Cap rates? Thanks!!