Factor in higher renovation budgets due to rising material & labor costs.

Also factoring in that majority of the tourist come to Oahu not Big Island I think you might have to lower your occupancy rating.  

Not its saying simple, however its highly possible with the conditions in this market.I can go into detail about the additional million plus people moving to the area, the light rail construction,  and other factors but thats another topic.Same goes with the "trophy numbers".

One,if they have similar properties in the area that may help. the quality of the property is also a factor.

Someone can make nearly 200k a year and have nothing to show for it in 5 years and someone making 100k a year can live frugally below their means and have 300k by that time with prudent investing.Living a 100k lifestyle when you make 1,000,000 a year income isn't a big deal but living a 75k lifestyle on 100k income will not get you very far.

Tell us exactly what you're trying to achieve financially, lifestyle wise, business wise, etc, etc, then it's easier for us to tell you based on our experience if investing locally or out of state makes sense. 

^^^^^^^^^^^^^^^^^^^^^^FOR STEVEN^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^Everyone;Newbies and seasoned investors and operators, there are four underlying factors of real property.

Do you have closing costs and holding costs factored?

In fact, it’s a major factor in your ability to successfully raise money.

Adding a walk in closet to to lower bedroom that will most likely be a guest bedroom or a child's room, wont do anything for the salability or marketablity of the property.With a home of this size you want to sell life style and comfort more than anything else.