Flashing-induced instability (FII) has a significant impact on the safe operation of a natural circulation circuit, a phenomenon frequently encountered in the cooling systems of advanced light water reactors. While one-dimensional system codes are commonly used for the engineering design and safety analysis of FII, there is a strong academic interest in understanding the underlying physical mechanisms. To address this, high-resolution computational fluid dynamics (CFD) simulations serve as a valuable tool. However, the current state of CFD modeling for two-phase flows with phase change, which are particularly highly transient fluctuating flashing flows, is still in its early stages of development. In this study, we establish a CFD model that focuses on interphase heat transfer to analyze the phase change during FII. By incorporating experimental data from the literature, we investigate the transient flow field and thermodynamic behavior in the riser of the GENEVA test facility. The study provides valuable insights into the non-equilibrium and interfacial transfer phenomena during the phase change as well as the effect of high-frequency fluctuation. Additionally, we discuss in detail the challenges associated with FII modeling and the limitations of the current model. We also provide suggestions for potential improvements in future numerical studies. The results show that the thermal phase change and heat transfer coefficient model adopted for the simulation reasonably captures the evaporation and condensation process. However, it tends to under-predict the evaporation rate, which results in a larger pressure drop through the riser. The observation that the void fraction close to the wall is higher than that in the riser center evidences that the reliable modeling of bubble size distribution as well as the inclusion of non-drag forces are important for predicting the transverse void distribution. Furthermore, it reveals that both the temperature and pressure change in an FII, and their effects on phase change should be taken into account simultaneously.