I can either buy my flight clubs 177 for 50K (without avionics and a
high time engine (for 20K more the clubs mechanic will put a brand new
engine and prop on).

I can buy a Piper Arrow on the mainland and have it shipped to Hawai'i
for about 10K (from Cali), and refit that with the AVIDYNE system.

Here's my two cents... Both are reasonable planes. The Cardinal *had*
a bad reputation for years (and you could pick one up cheap as a
result), but they are beginning to recover from that. I fly a turbo
Arrow III, and have a natural preference for that - but question: What
is the primary use of the plane on leaseback? Is it for training, or
for sightseeing?

Obviously the cardinal has the edge for photo and general sightseeing
in the islands. But the Arrow is clearly preferred for pilots going
for their commercial ticket. Relatively bullet proof, cheap to
operate, and all the systems can be "tested." [Emergency gear
extension, for example.]

Frankly, if I was going to look at significant bucks (as you are),
*and* going to put the plane back on leaseback - I would not even
consider *new* for either. Buy a good quality used one (either plane,
but NOT a turbo Arrow for leaseback) with a run out engine. Have a
good shop do the overhaul, add your avionics suite - and while they are
at it, have the interior re-done and get a good paint job. You should
still be well under $200K, probably more like $120K or less total. The
plane will look like new, fly like new, feel like new - and your
payments at the bank will be a small fraction of what they would be
otherwise. This will allow you to charge a lot less per hour, keeping
it rented a lot more.