Do you think it would be wise to invest here?

It's great to find something that will do both.   

Do you think its worth investing in these older properties in the Bay Area from resale stand-point?

I think Brian ^ posted a pretty elaborate reply, so I will not say anything about Ko'olina or Turtle Bay.Generally speaking, doing a STR in Waikiki area is not the same as it used to be.

You might be able to get a better yield by finding a value-add project or a BRRR type property, but the market rate stabilized is 4-6% probably.Just be careful of insurance right now, it's been going up and seems to have stabilized, but it's still all over the map depending on the specific property and who is doing the insurance.

I'd connect with them...they do a bunch of whole sale and subject to deals.The key is really the attorney over the title company though, in my opinion.

But per lot it will cost roughly the following:$1,500 Electrical poles, meter installation $2,000 water taps and connections$5,000 grading and land prep$8,000 septic installation (assuming a 1:1 ratio of homes to 1000 gallon septics)$5,000 down payment on each home ($700-750 / thereafter per unit)$21,500 total set up x 17 = $365,000Ongoing expenses after development would look something this for POH model: $12,750 a month in mobile home mortgages (17 x 750 for PITI on each unit) $1,900 a month in land mortgage PITI (house) $3,000 a month landscaping$2,000 a month in reserve emergency fund$2,200 management$21,850 a month total expenses $262,200‬/yearOngoing incomes after development would look something this for POH model:$27,000/month ($1500 x 18 {17 mobile homes plus house})$324,000/year324k-262,2k = 61,800 net pre-tax profit or $5,150/month.Opportunities to reduce start up expenses: Bulk deals with the government or contractors for doing all the work at once (electrical, water, land grading, septic) Trade free rent for someone to mow and landscape (turning a $3k event into a $650 event every month).

The best way to gauge value is to do it yourself based on reviewing comps taht were sold and condition and come up with your own number is what I have found.

To ensure your STR performs well, do your kitchen and bathrooms need to be fully renovated and updated?

When something is your passion, do you really ever work?