1516 Emerson St #104 · Urban Honolulu, HI 96813

$79,900

1 bd · 1.0 ba · 540 sqft · Condo public records · 38 Days on market

Built 1967 $148/sqft · 76% below area $365/mo HOA · 12% of rent

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Why this score? — see what drove the B grade

The composite is a weighted blend of 9 inputs, each scored 0–100. Each bar is that input's sub-score; the figure is the points it added to the 100-point composite (weight × sub-score).

• Cash flow +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.6/10.0
• Schools +3.7/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Ground floor 1-bedroom, 1-bath unit in Emerson Plaza located in the Punchbowl/Liliha area. Unit features approximately 540 sq ft of interior living space with an open lanai area. Assigned parking stall included. Building offers secured entry, resident manager, community laundry, and trash chute. Conveniently located near Downtown Honolulu, freeway access, hospitals, and shopping. Property is being sold in as-is condition.

Key facts

• Open lanai area
• Community laundry
• Trash chute

Tags

• OPEN LANAI AREA
• SECURED ENTRY
• RESIDENT MANAGER
• COMMUNITY LAUNDRY
• TRASH CHUTE
• FREEWAY ACCESS

Property features AI

Finance

• Other: Lot size area: 5,924; Zoning: 12 - A-2 Medium Density Apartment
• Financial info: Monthly maintenance/lease fee: $365.96 (maintenance expense, lease amount); lease expires 2035-08-01
• HOA & community: Association fee covers common areas, sewer, and water; Association provides management

Exterior

• Parking: Assigned parking (one space); Open parking available
• Security: Key card entry
• Utilities: Water and sewer included in association fee
• Home design: Condominium (Emerson Plaza); Entry level: 104; Leasehold tenure; Zoned A-2 medium density apartment; Has a view
• Construction: Masonry, concrete, and stucco construction; Built by Central Pacific Development Corporation
• Exterior features: Key card entry; Recreation area; Trash chute; Community laundry facilities

Interior

• Bedrooms: Bedroom located on the main level
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom
• Interior features: Bedroom on main level; Full bathroom on main level; Average condition; Has a view
• Laundry & utility: On-site laundry facilities (community)

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $80k.

Deal economics

• At list price, monthly cash flow is $1k ($18k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $80k).
• Recommended offer: $78k (3.0% below list) — sets the bar for market timing.
• Cap rate 28.7% vs local median 1.5% in Urban Honolulu — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads: area grade B — affects rentability + tenant quality, not the cash-flow math above.
• Hawaii Department Of Education (suburban): math 32% / reading 50% proficiency, ranked #1 of 1 in HI (top 100%) — families likely to look elsewhere, expect single-tenant / working-renter base with shorter leases.
• Zoned schools: Royal Elementary School (math 27% / reading 32%, grade F, #122 of 183 statewide, top 71%, 325 students, 65% FRL); Robert Louis Stevenson Middle School (math 30% / reading 57%, grade D, #10 of 42 statewide, top 22%, 576 students, 43% FRL); President Theodore Roosevelt High School (math 41% / reading 73%, grade C, #3 of 43 statewide, top 7%, 1,433 students, 39% FRL).
• Market conditions: Rents flat; 200 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• This rent runs 40% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $552 of loan paydown is wiped out by about $582 of value loss. Plan a longer hold.
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-0.7% appreciation + 0.6% rent growth), your $22k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 38 days — a 3% lower offer ($78k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 25y ago; this cycle's ask has dropped $15k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $77,503 (3.0% below list)

Questions for the listing agent

1. It's been on market 38 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Any open or pending special assessments — roof, HVAC, plumbing, elevator, façade? What's the per-unit balance and payoff schedule, and is the seller paying it off at close or rolling it to the buyer?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. What's the average days-on-market for RENTAL listings here right now (not sales)? A rising rental-DOM trend means longer vacancies and softer asking-rent achievability than the comps imply.
7. What's the recent tenant-quality profile in this submarket — average credit score on applications, eviction rate, late-payment / NSF rate, and stable-employment percentage? A property-management company in the area should have these aggregated.
8. How much new apartment / multifamily construction is in the pipeline within 1–3 miles? Heavy new supply (>2% of stock underway) typically softens rents 12–24 months out; light construction supports rent growth.

Investment metrics

• 1% rule: 3.80% ✓
• Cap rate: 28.70%
• Cash-on-cash: 80.02%
• DSCR: 4.56
• GRM: 2.2

CMA / ARV

• ARV (median comp): $327,289
• List price: $79,900
• Delta: -75.59%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.73% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: 78.8%
• Equity multiple: 4.72×
• Total profit: $83,176
• Equity at exit: $20,333

10-year hold

• IRR: 80.1%
• Equity multiple: 8.85×
• Total profit: $175,722
• Equity at exit: $22,256

Cash invested: $22,372 (down + closing). Projections, not guarantees.

Landlord ↔ Tenant lean methodology

• Overall (STATE): 37 Tenant-Leaning
• State Hawaii: 37 Tenant-Leaning · D+13
• County: — inherits STATE
• City: — inherits STATE

Honolulu has source-of-income protections; warranty of habitability strong.

Methodology + full state rankings →

ZIP-level market 96813

• Home prices YoY: -0.3%
• Rents YoY: 0.6%
• Active inventory: 200
• Price-to-rent: 2.2×

Monthly cashflow live

• Estimated rent: $3,033 high
• Mortgage (P&I): −$419
• Tax from tax record: −$87 /mo · $1,047/yr
• Insurance: −$33
• HOA: −$365
• Vacancy / Maint / Mgmt: −$637
• Net cashflow: $1,492

Break-even live

Break-even rent $1,145

Max offer price $79,900

Occupancy floor 46%

Sensitivity live

Price	-10% $1,537	-5% $1,514	+0% $1,492	+5% $1,469	+10% $1,447
Rent	-10% $1,252	-5% $1,372	+0% $1,492	+5% $1,612	+10% $1,731
Rate	-1.0pp $1,532	-0.5pp $1,512	base $1,492	+0.5pp $1,471	+1.0pp $1,450

UW: 25.0% down · 7.5% · 30yr · 1.5% tax · 5.0% vac · 8.0% maint · 8.0% mgmt

Financing live

Cash to close

• Down payment: $19,975
• Closing costs: $2,397
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	25d	1	0.27mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	18d	1	0.46mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	25d	1	0.47mi
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	3d	1	0.50mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$3,500	$3.01	4d	4	0.62mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$2,700	$3.19	4d	1	0.67mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	20d	1	0.68mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$2,700	$3.42	4d	2	0.72mi
1132 Bishop St Honolulu, HI	1.0	1.0	486	$3,250	$6.68	4d	1	0.73mi
1255 Nuuanu Ave Unit E3203 Honolulu, HI	1.0	1.0	615	$2,800	$4.55	25d	1	0.73mi
1088 Bishop St #3310 Honolulu, HI	1.0	1.0	650	$2,600	$4.00	25d	1	0.76mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	25d	1	0.78mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	25d	2	0.79mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	3d	2	0.79mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	21d	1	0.80mi
60 N Beretania St Honolulu, HI	1.0–2.0	1.0–2.0	895	$2,950	$3.30	4d	3	0.83mi
555 South St Honolulu, HI	1.0–2.0	1.0–2.0	718	$2,750	$3.83	18d	2	0.85mi
225 Queen St Unit 17A Honolulu, HI	2.0	2.0	704	$3,300	$4.69	25d	1	0.85mi
225 Queen St Honolulu, HI	1.0	1.0	469	$3,500	$7.46	45d	1	0.85mi
225 Queen St Unit 24E Honolulu, HI	2.0	2.0	604	$2,600	$4.30	25d	1	0.85mi
225 Queen St Unit 21H Honolulu, HI	2.0	2.0	624	$2,700	$4.33	4d	1	0.85mi
225 Queen St Unit 16A Honolulu, HI	2.0	2.0	704	$3,500	$4.97	45d	1	0.85mi
225 Queen St Unit 24B Honolulu, HI	2.0	2.0	707	$3,399	$4.81	46d	1	0.85mi
988 Halekauwila St Honolulu, HI	1.0	1.0	511	$2,700	$5.28	4d	1	0.85mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	13d	1	0.85mi
988 Halekauwila St Honolulu, HI	2.0	2.0	738	$3,600	$4.88	17d	1	0.86mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$2,900	$2.98	16d	2	0.86mi
988 Halekauwila St Unit Ke Kilohana Honolulu, HI	2.0	2.0	739	$3,700	$5.01	12d	1	0.86mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	18d	9	0.86mi
987 Queen St Honolulu, HI	1.0	1.0	606	$3,975	$6.56	45d	2	0.86mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	12d	9	0.86mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	17d	8	0.86mi
333 Ward Ave #530 Honolulu, HI	—	1.0	389	$3,000	$7.71	4d	1	0.90mi
333 Ward Ave #2315 Honolulu, HI	1.0	1.0	726	$4,200	$5.79	4d	1	0.90mi
333 Ward Ave #3707 Honolulu, HI	1.0	1.0	728	$4,200	$5.77	3d	1	0.90mi
333 Ward Ave #2209 Honolulu, HI	1.0	1.0	563	$4,200	$7.46	17d	1	0.90mi
333 Ward Ave #3609 Honolulu, HI	1.0	1.0	565	$4,000	$7.08	3d	1	0.90mi
333 Ward Ave #2309 Honolulu, HI	1.0	1.0	563	$3,900	$6.93	13d	1	0.90mi
333 Ward Ave #1709 Honolulu, HI	1.0	1.0	565	$4,000	$7.08	12d	1	0.90mi
333 Ward Ave #3409 Honolulu, HI	1.0	1.0	565	$3,600	$6.37	3d	1	0.90mi

HOA detail condo

• Monthly dues: $365 · $4,380/yr
• Likely covers: trashparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 44 events

1. 2026-06-21
   days on market $79,900 Active 38 DOM
2. 2026-06-18
   days on market $79,900 Active 35 DOM
3. 2026-06-17
   days on market $79,900 Active 34 DOM
4. 2026-06-16
   days on market $79,900 Active 33 DOM
5. 2026-06-15
   days on market $79,900 Active 32 DOM
6. 2026-06-13
   days on market $79,900 Active 30 DOM
7. 2026-06-13
   days on market $79,900 Active 29 DOM
8. 2026-06-10
   days on market $79,900 Active 27 DOM
9. 2026-06-09
   days on market $79,900 Active 26 DOM
10. 2026-06-08
    days on market $79,900 Active 25 DOM
11. 2026-06-07
    pricedays on market $79,900 Active 24 DOM
12. 2026-06-05
    days on market $94,900 Active 21 DOM
13. 2026-06-03
    days on market $94,900 Active 20 DOM
14. 2026-06-02
    days on market $94,900 Active 19 DOM
15. 2026-06-01
    days on market $94,900 Active 18 DOM
16. 2026-05-31
    days on market $94,900 Active 17 DOM
17. 2026-03-30
    listed $94,900 Active 425-char remark
18. 2025-12-28
    historical
19. 2025-11-14
    price $118,000
20. 2025-10-06
    price $124,100
21. 2025-09-02
    listed $134,900 Active
22. 2025-08-12
    historical
23. 2025-06-25
    price $144,900
24. 2025-05-16
    price $154,900
25. 2025-04-10
    listed $164,900 Active
26. 2025-04-09
    historical
27. 2025-03-19
    listed $174,900 Active
28. 2025-03-09
    historical
29. 2025-02-07
    price $184,900
30. 2025-01-06
    price $194,900
31. 2024-11-14
    price $204,900
32. 2024-10-09
    listed $214,900 Active
33. 2010-09-02
    soldstatus $963,500
34. 2005-10-26
    soldstatus $165,000
35. 2005-10-26
    soldstatus $165,000
36. 2005-06-06
    listed $173,000
37. 2004-01-09
    soldstatus $45,000
38. 2002-01-29
    soldstatus $37,900
39. 2001-12-28
    historical
40. 2001-12-03
    listed $37,900
41. 1988-12-01
    soldstatus $61,000
42. 1988-12-01
    soldstatus $61,000
43. 1988-12-01
    soldstatus $68,800
44. 1985-09-01
    soldstatus $79,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast HI · Partial reset (capped growth)

• Current annual tax: $1,047 · $87/mo
• Projected year-2 tax: $1,047 · $87/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $36,400
• − Mortgage interest: −$4,476
• − Property taxes: −$1,047
• − Insurance: −$400
• − Repairs & maintenance: −$2,912
• − Management: −$2,912
• − HOA: −$4,380
• − Depreciation: −$2,324
• Taxable income: $17,950
• Est. tax owed @ 24.0%: −$4,308
• After-tax cash flow: $13,594/yr

For passive investors: Depreciation is non-cash, so a rental often shows a tax loss while cash-flowing — sheltering income. Rental losses are passive: they offset passive income freely, and up to $25,000/yr can offset ordinary (W-2) income if you actively participate and your MAGI is under $100k (phasing out to $0 by $150k); unused losses carry forward. On sale, claimed depreciation is recaptured at up to 25%, and gains may owe capital-gains tax (a 1031 exchange can defer both). Figures are a year-1 estimate at your 24.0% rate — not tax advice; consult a CPA.

Schools (NCES district)

• District: Hawaii Department Of Education
• NCES district ID: 1500030
• Math proficiency: 32% ▼ -10.00%
• Reading proficiency: 50% ▼ -3.00%
• Median HH income: $69,005
• Composite: 37.07/100
• National rank: #4504
• State rank: #1 of 1 in HI

Livability — Urban Honolulu

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Urban Honolulu, HI
• County: Honolulu County · 963,448 people
• City population: 309,956
• Metro: Urban Honolulu, HI
• Population (ZIP): 26,766
• Household income: $91,690
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 1338.0

Population outlook (Honolulu County) Hauer SSP2

• Today (2025): 1,072,641 people
• By 2030: 1,110,460 · +3.5%
• By 2040: 1,181,593 · +10.2%
• By 2050: 1,257,584 · +17.2%
• By 2075: 1,501,120 · +39.9%
• By 2100: 1,764,430 · +64.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Asian 48% Two or more races 21% White 15% Pacific Islander 9% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Russian 2% Romanian 1% Lithuanian 1%
• Foreign-born: 23% · South Korea, China, Vietnam
• Languages at home: 72% English-only · Other Asian/Pacific 10% Chinese 7% Korean 5%

Political lean MEDSL · Honolulu

• 2024 margin: Strong D (+21.6) · D 59.9% · R 38.3% · Other 1.8%
• 2008→2024 swing: -19.4pp toward R · 2008: 41.1pp · 2024: 21.6pp
• All cycles: 2024: D+21.6 2020: D+26.9 2016: D+29.9 2012: D+39.1 2008: D+41.1

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -0.73%
• Current HPI: 231.8414
• Rent YoY: ▲ 0.63%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+1.1% since first listed

29 events — show timeline

• 2026-06-05 Price Changed $79,900 HiCentral MLS
• 2026-03-30 Listed $94,900 HiCentral MLS
• 2025-12-28 Listing Removed — HiCentral MLS
• 2025-11-14 Price Changed $118,000 HiCentral MLS
• 2025-10-06 Price Changed $124,100 HiCentral MLS
• 2025-09-02 Listed $134,900 HiCentral MLS
• 2025-08-12 Listing Removed — HiCentral MLS
• 2025-06-25 Price Changed $144,900 HiCentral MLS
• 2025-05-16 Price Changed $154,900 HiCentral MLS
• 2025-04-10 Listed $164,900 HiCentral MLS
• 2025-04-09 Listing Removed — HiCentral MLS
• 2025-03-19 Listed $174,900 HiCentral MLS
• 2025-03-09 Listing Removed — HiCentral MLS
• 2025-02-07 Price Changed $184,900 HiCentral MLS
• 2025-01-06 Price Changed $194,900 HiCentral MLS
• 2024-11-14 Price Changed $204,900 HiCentral MLS
• 2024-10-09 Listed $214,900 HiCentral MLS
• 2010-09-02 Sold (Public Records) $963,500 Public Records
• 2005-10-26 Sold (Public Records) $165,000 Public Records
• 2005-10-26 Sold (MLS) $165,000 HiCentral MLS
• 2005-06-06 Listed $173,000 HiCentral MLS
• 2004-01-09 Sold (Public Records) $45,000 Public Records
• 2002-01-29 Sold (MLS) $37,900 HiCentral MLS
• 2001-12-28 Listing Removed — HiCentral MLS
• 2001-12-03 Listed $37,900 HiCentral MLS
• 1988-12-01 Sold (Public Records) $68,800 Public Records
• 1988-12-01 Sold (Public Records) $61,000 Public Records
• 1988-12-01 Sold (Public Records) $61,000 Public Records
• 1985-09-01 Sold (Public Records) $79,000 Public Records

Property tax history

+5.8%/yr

Latest (2022): $1,047 · -12.0% YoY. Source: county tax records.