Thank you for the second opinion, theoverlook.
The condo (2 bedroom, 1 bath) is located in Makaha, which is a very remote area of the island (bad for commuters, good for retired surfers/golfers), hence the $200K price.
You can get condos in Waikiki for the same price, but they're usually hotel rooms (250-350 square feet), sometimes with much higher HOA fees (depending on utilities included, amenities).
Off topic: For anyone interested in browsing Oahu real estate listings, I recommend OahuRE:
https://www.oahure.com/ . Just be aware that some of the cheapest listings will be parking spaces and leaseholds (paying the purchase price locks you into a guaranteed monthly rent for a certain number of years; when the leasehold expires, you no longer own the property). Full-ownership listings will be labeled as "fee simple."