There are several condo options in Kailua town, starting at about $300k and up to $700k. One great option that is a short bike ride the beach and within walking distance of just about everything else is Hokulani.
Hokulani in Kailua was built around 1990, with a great location off Aoloa st, so you can walk to the grocery store, Starbucks, and anything in Kailua town. These townhouse style condos are about 800sqft, most with 2 bedrooms, and a decent grounds. The monthly fees are lower than Poinciana Manor or Gardenia Manor because the grounds are not as elaborate. No koi ponds, no pool, no tennis courts.
Hokuani has nice modern construction, and many of them have been nicely updated. At about $360k for a 2bedroom condo, the prices are hard to beat. You can have a nice mountain view from Hokulani, and it's about a 15 minute walk to the beach.
Condos in Kailua are a wonderful investment, as renters abound. Because it's only 5 minutes to the marine corps base, you can get a nice influx of military renters every season. If you buy a unit here with only 1 parking spot, which is common, you might be able to rent a spot from someone else, so look for a unit that has 2 spots.
People often ask me for 'inexpensive' condos in Kailua. Hokulani is one of the best options