I’ve been talking with a few investors lately who mentioned they’re shifting focus from large rehabs to smaller, quicker flips — especially in markets where holding costs and labor are getting tougher to manage.
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Brrrr strategy is best deployed in where RE prices are high and rehabs can add significant value.  

I’ve been looking at different STR models lately (not Hawaii specifically), and one thing that keeps coming up is how big of a difference the marketing side makes compared to traditional PM.A couple things I’ve noticed from other investors’ experiences:• Direct booking + strong branding can make a huge impact in high-end STR markets• Relying fully on OTAs (Airbnb/VRBO) in luxury areas usually leaves money on the table• Having solid boots-on-the-ground is huge — not just for cleaning/turnovers, but for fast response times, quality control, and protecting the guest experience• Areas with high traveler expectations tend to reward hosts who manage the “guest journey” themselvesBreak-even cash flow being important makes sense, especially with Hawaii’s pricing and regulations.

Would be curious to see that underwriting...The main driver for the high IRR is the short hold period.

High-end appliances?

If you keep the standards high, the cash flow stays high.Appreciate that.

What you're probably experiencing first-hand is how low-rent rentals rarely provide positive cashflow in reality (even if they do in a spreadsheet) because they turn over more often and because the rent typically isn't high enough to cover the true cost of ownership (especially if you're not hands-on with the property, self managing and doing your own turnovers etc.).

Assuming cash flow is sufficient for your goals, you have high confidence in your income and vacancy projections, and a high confidence in the HOA not changing the existing restrictions, I don't see anything else that should give you second thought, based on what you've shared here. 

I think i've got a very solid PM managing a 5 unit- they're responsive (which I value highly) not only to me, but equally important to my residents. 

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