Lanika is a diverse neighborhood in Kailua that has some of the most expensive proprties in the Islands and is also the home to numerous "bed and breakfast" type short term rentals. The short term rental market booms in Lanikai due to its location on Lanikai beach, argueably as nice as Kailua beach, and a short paddle to N? Mokulua referred to locally as the "Mokes" two interesting small islands only a few hundred yards from shore. In Hawaii N? Mokulua actually means "the two islands". Nothing is inexpensive in Lanikai with total fixer uppers starting in the very high $900's (not very big either) to mansions on the beach ownd by millionaires around the world (the Paul Mitchell Estate which caters to many Hollywood celebs is just one of the more famous properties).