Yes, there is still a market for flipping homes, but one must be very careful.
The days of crazy appreciation in Hawaii are gone, so profit from flipping will have to be earned primarily upon adding real value to the property -- at a cost which is less than the added value. Assuming a stable market with zero appreciation, with any property type (Single-family home or condo), you must be able to increase the market value of the property (in my opinion) by at least 20%, while keeping your expenses, including carrying costs, realtor fees, etc., to no more than half of that amount. Naturally if your costs are less, you can afford to have less of an increase in the market value of the property.
And, also (in my opinion), the property must be either ever so slightly underpriced or spot on, so it sells rapidly.
The best areas on Oahu for flipping are those that are still appreciating, or that are stable and not declining - and this is provided that you are dealing with property types (e.g. 3 versus 2 BR homes w/ 2 versus 1 BA) and price points with the highest demand (right now the greastest demand seems to be both on the very low end and the very high end for SF homes). Look for foreclosures and eyesores which are really horrible only cosmetically, to get the max return. Right now, there is so much condo inventory that they may not be the best thing for flipping.