Yes, it costs a little more... adjust your offers accordingly.The law is a mirage.

This is just one of the many ideas I'd love to implement in this new build.I've talked to a fantastic builder in the area and the build from start to finish with the lot should cost about $450-500k.

All of that is independent of one-off maintenance costs - for example, trimming my palms costs $100 a couple of times per year.

Costs to do anything are high in Hawaii so I know what you see here is not normal everywhere. 

I am looking to invest out-of-state as a long-term, buy and hold investor in the lower cost, higher cash-flowing markets of the midwest and southeastern US.

Best way would be by getting an estimate from a contractor.  

If the conditions are not good, then you've saved a lot of grief and money buying into the wrong area at the cost of a lower amount of grief and money through the sub-lease.I 100% agree, though, that extended paralysis will render you subject to the whims of a changing market. 

Are there variables based on scope, cost, duration, etc?

On the other hand, your rent payment will be part of the investment property income, so the numbers may work.Example:A fourplex costs $500,000.

Now your housing costs are $4700, but you are getting $2900 in rent.