Especially in Hawaii, where appreciation will either make you or break you. 

If so, I'd underwrite it with a range of interest rates and see where the deal breaks.  

The upside of this strategy is you can acquire properties much faster, with less money out of pocket, a shorter break-even point in which you actually start making money on the property (keep in mind, if you put 20% down, you don't actually make any money until you've recouped your 20%, and all closing cost), for some people this could be many many years when you're cash flowing at $150-$300 per month, unless you do a BRRR property to recoup your cash you put into the deal to start profiting faster. 

As far as payback in increased rent, I don't think you would ever find a break even point.

This is a property in a flood zone (AE) 1st question: that will make or break it.

What many newbies don't realize is that closing costs on a purchase can make or break your initial cash on cash return so if one can eliminate that, all the better.

This property will break your heart. 125 a month..doesn't add up to much.

This is a place that was affected by the dam breaking in 2015...

The tax collector, mortgage holder, and insurance company likely won't be extending you any breaks.

It may be safe to assume that even if a large number of people come down with the virus, and even if social distancing in 2020 makes remote work and online schooling more widespread, the kids will still attend college on campus far into the foreseeable future (online classes don't match in-person instruction perfectly, and the social benefits of campus life can make or break careers, too).