Oahu is no longer a desirable Hawaiian vacation destination!
Honolulu in general and Waikiki in particular has degenerated into an overcrowded, overpriced, dilapidated shadow of its former self. The streets are jammed in gridlock, the sidewalks are jammed with aggressive, impolite humanity pushing to get "there" before you. And, as you learned, the rental condos are run down, malfunctioning relics of former beauty. The owners are simply not spending money to maintain them.
Construction and renovation is everywhere in the Waikiki area, with the din of machinery despoiling the expected tranquility of nature.
My last trip (last by decision) was several years ago. The traffic congestion at that time had grown far beyond what I had experienced during earlier visits which had begun in the late 1970's but I could see that worse was coming.
However, my friend Barbara went there a few weeks ago to accompany her sister who had taken a Waikiki condo for a month. The condo was one block from the beach with a magnificent view, much as you describe. However, the unit itself was run down, the bathroom was full of mold and the rooftop swimming pool was closed for renovation. Barbara's sister had arrived a week before Barbara went and by the time Barbara arrived her sister was suffering an undiagnosed illness. Barbara believed it was due to mold contamination.
Barbara immediately insisted they leave the contaminated condo, which they did. However, even after moving the ladies found getting around the traffic gridlock was both slow and expensive. At one time they attempted to use the bus system, only to be rudely pushed aside at the bus stop by people who appeared to be Japanese tourists. (Clamoring to get aboard mass transportation is commonplace in Japan.)
Prices are extremely high. Breakfast for two at McDonalds can run to $40. This is such a popular tourist destination, and is so crowded that it has become undesirable to those familiar with the facts.
At the conclusion of their visit the sisters made the determination that I had made earlier about visiting Hawaii. Honolulu is not the place to go.