A few years ago, a client of mine decided to buy a studio in the Seashore condo building in Waikiki. It is located one-half block to the beach across the street from the Hyatt Regency at the Diamond Head side of Waikiki and zoned for daily vacation rentals.
Once they closed on their Seashore condo, they set up a vacation rental website and within 60 days they had more reservation requests than they could accommodate, so they bought another one.
Another client bought the above pictured Seashore condo for personal use and now needs to sell. It is currently listed at $133K. This studio condo has a kitchenette that will save you money on meals if you are staying for several weeks or more.
I did a search to see what else is available in Waikiki for under $140K that can be set up as a vacation rental:
Palms At Waikiki
Palms At Waikiki (pictured above) is at the other end of Waikiki, located across the street from the Hilton Hawaiian Village. There are currently five units available for sale under $140K.
These units are also known as condotels and do not have any type of kitchen facility. Palms At Waikiki has a front desk and is run just like a hotel. Owners can put their units into the rental pool and let the management company handle everything for them.
Rosalei Ltd. is located in the middle of Waikiki and #714 (pictured above) is currently on the market listed at $135K, and has a full kitchen. However, this building requires a 6 month minimum initial rental lease.
Another building worth looking at that has a front desk and allows daily rentals is Aloha Surf with three condotels currently on the market under $140K.
You will find all these properties on my Waikiki Condo Vacation Homes property gallery and you can feel free to contact me anytime for additional information.