I will post again with an update when it is all said and done.

Even though the property may have recently been updated you still need to save for future repairs/replacement.  

Regular FHA loan won't work.

I am only wanting to do 1 or 2 deals this year as I do this on the side from my regular job. 

The electrical needs to be updated so this type of work would cost around $18,000.

I regularly hear of pocket and off market listings that never hit the MLS and most of those deals have ended up being the ones that are most attractive to investors.

They probably haven't done any updating in quite a while, so you have a good renovation opportunity. 

This property to me looks like it will cash flow and since it needs updating etc, there is plenty of value that I can add.

Minimal time to manage your investment, no A/C or heater expense, and don't need to update the finishes as much as pretty much anywhere on the mainland.I travel back to Oahu 1-2x per year.

A very small proportion of the total available residential inventory trades each year because of the stable demand and influences above, which makes competition for the small inventory high and tendency for price competition on the upside regular.