I think the sweet spot for rentals is in the $125-165K tax range.

Kind of a large range. 

I would buy 2 or 3 rental houses in the $20-30k range, wholesale, then save the remaining balance for a safety net.

Yeah, its tough competing with so many cash buyers in your market, especially when you are in a lower price range. 

For example I just sold a beach house and all the comps were in the mid to high $400k range.

The new owner should get all those for when the tenant leaves, you will have sufficient coverage for any damages and what not.

Some are more expensive than others (HOA) fees, some have central water and sewers while others have well and septic systems; most all have recreational facilities; you will find a wide range of prices, dues and taxes.  

Condos in my price range on the other islands just don't command the same kind of high nightly prices that I can get in Waikiki.

@Jon G.I think the market is sufficiently hott right now in NYC, I would definitely let go of it, especially with these low interest rates.

Your purchased list would probably have filtered out that price range and thats what I am talking about.Your list should contain ALL properties where there is an opportunity to buy a property that needs work.