if vacant, does it need any work to be rent ready and stand out from the competition?

Some towns require a nightly online form to be filled out for any non-residents who are parking their cars (this is easily automated from an operational standpoint).As the MTR market becomes saturated over time, those who have separated themselves from the rest of the "competition" will continue to perform well by having an outstanding listing and all the MTR-specific amenities.

@Deirdre Lizio see a lot of competiting PMCs start with a pledge of doing it better than "what's out there".Always interesting to revisit them 3-5 years later - after they've experienced the reality of challenging tenants AND owners.Look no further than Evernest: they started out with flat fee management at $99/month and promises of better & fairer service & pricing.Now they're at 10%, capped at $199/month - wonder what changed?

Cities like these offer untapped potential without the intense competition found in larger metros.3.

To me STR and hotel caters to different groups of travelers and so despite competition as long as the travel demand of Hawaii remains (as you pointed out is a robust assumption) I think both will continue to do well.  

If that is true I would probably sell and buy in a place where there is less competition.   

While the property is in a smaller town, it’s relatively close to a larger city, which I think adds a lot of potential for attracting both short-term guests and long-term tenants.The motel has fewer than 16 rooms, and the nightly rates are extremely competitive for the area.

Hindsight Critique•Continue to build relationships to increase deal flow•Property manager (Mercer Hughes) is critical to completing renovations and quick tenant placement•Continue to build relationships with private lenders and personal investors•Have cash available to make quick competitive offers Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Keep in mind it’s more than likely most of the competitive banks these days for real estate investing may not be local!  

Hugely popular area.Our cabin is doing good, hopefully the calendar will fill in more throughout the year.Although lots of people visit the area there is a lot of competition.