Geez @Brandon Turner If you're in Honolulu I'm giving an installing luxury vinyl plank seminar in Waikiki.  

Well you don't really have the luxury of making an all cash offer that can compete with what they've got.

@Clint G.I would definitely advertise... and since you have the luxury of not yet paying expenses I would list it at a rent price point higher than you think you can get- you may be pleasantly surprised.

For what it's worth, my estimates for rehab came in at $9,200 because we were putting some luxury finishes in to try and pull $800/month.

I also buy in high demand C+ locations, where even if there is a downturn, this market is still viable, its not luxury condos, and people losing their houses will be looking to rent. 

As you may already know, the luxury home market isn't as greatly effected with the sub-prime mortgage meltdown, as most of the buyers of luxury homes have the necessary capital to purchase.In addition, with the strength of the euro and the pound against the US dollar, now is a great time for the British and others from abroad to invest in US luxury homes.There are many other reasons to explore opportunities in this market too!

Of course, ours were hardly "luxury" rentals and such clientele may not want to be bothered with this.

By virtue of increasing the units to 3 or more, I'm obligated to install a spinkler system in accordance with New York City code.  

Most of the new TOD high rises are luxury condos and the one closest to me is trying to sell the condos for ~500-550k per.

This is a luxury property that I live in myself right now, this one is also a full rehab and attracts high end renters from downtown, has an 8 ft wrought iron gate around it, new everything!