Impossible or hard to cash flow in Hawaii? Latest rental numbers!

[Andrey Y.]

Hello all, just wanted to share the details of my latest project near Honolulu, HI. I hear at meetings time and again that here, you can pretty much break even or get 1-2% CoC returns, with rentals in Hawaii.

If anyone has an extra min here http://www.biggerpockets.com/forums/311/topics/205...  is the thread explaining how it took 4 weeks to get carpet put in the unit. The place rented in <1 week after carpet was installed. Annual numbers:

Cash down: just under $52,000 (down payment, CC, materials + labor)

Gross rent: $20,535 (5% vacancy which is very high but had to include due to the delay in carpet install.

Expenses: $14,817 (Mortgage, taxes, insurance, maint. fees)

$476.50/month before reserves

My experience with rentals where I pay a maintenance fee so far (no roof, no hvac): <<$50/year additional expenses, but I will set aside $1200/year for fun.

$376.50/month after reserves

I couldn't have done it with the generous guidance both on BP as well as the awesome veteran investors especially @Michael Mazzella @Account Closed :)

Yes I do have a mortgage for this one. But this is a condo. Waaaay less repairs/hassles/calls (since you pay an HOA). I know the lack of love for condos, and for good reason (can be risky), Another option for us folks living in HI or southern CA is buy a SFH in the midwest for $30-70k, with a roof, snow, leaky pipes, an hvac, to earn $100/month or a little more (you'll use a PM)?

Would love to hear your guys' thoughts on condos.