95-2039 Waikalani Pl Unit C304 · Waipio Acres, HI 96789

$333,000

2 bd · 1.0 ba · 799 sqft · Condo public records · 94 Days on market

Built 1973 $417/sqft · 12% below area Est $380k · 12% under $1018/mo HOA · 40% of rent

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Why this score? — see what drove the D- 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).

• ARV discount +13.0/15.0
• Appreciation +5.7/10.0
• Rent growth +3.9/5.0
• Cash flow +3.8/30.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

MOTIVATED SELLER!!! Welcome to this thoughtfully designed, Accessible unit, meticulously crafted to ensure ease and comfort for all residents. Boasting unparalleled convenience, this property is strategically located on the same level as the 2 covered assigned parking stalls, mailbox, and trash bin, eliminating the need for stairs and providing seamless, accessible entry. The well-maintained unit is presently in livable condition and offers a solid foundation for a new owner. While it does require some updating to fully realize its potential, the current state allows for immediate occupancy and enjoyment.

Key facts

• Accessible unit
• Well maintained unit
• Immediate occupancy

Tags

• ACCESSIBLE UNIT
• COVERED ASSIGNED PARKING
• SEAMLESS ACCESSIBLE ENTRY
• WELL MAINTAINED UNIT
• IMMEDIATE OCCUPANCY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $333k.

Deal economics

• At list price, monthly cash flow is $-968 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (51.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $252k (24.3% below list).
• Recommended offer: $162k (51.3% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 74/100 on livability (#14 in HI, #4,795 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: amenities F, cost of living F.
• 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.
• Market conditions: Rents rising fast (+5.5%/yr); 137 active listings in the ZIP; 25 comparable units currently listed for rent nearby; rentals at typical pace (median 18d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (1.5% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($303k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 28y ago; this cycle's ask has dropped $22k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $57k; list at $333k implies a 484% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 40% of rent.

Recommended offer $162,007 (51.3% below list)

Questions for the listing agent

1. What do current leases actually rent for vs. the listed asking? Can we see a recent rent roll and the last 12 months of T-12 income?
2. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 0.76% ✗
• Cap rate: 2.80%
• Cash-on-cash: -12.46%
• DSCR: 0.45
• GRM: 11.0

CMA / ARV

• ARV (median comp): $379,559
• List price: $333,000
• Delta: -12.27%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.48% appreciation · 5.55% rent growth · sell at horizon

5-year hold

• IRR: -8.2%
• Equity multiple: 0.57×
• Total profit: $-40,383
• Equity at exit: $122,153

10-year hold

• IRR: -0.9%
• Equity multiple: 0.88×
• Total profit: $-11,532
• Equity at exit: $169,096

Cash invested: $93,240 (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 96789

• Home prices YoY: 0.3%
• Rents YoY: 5.5%
• Active inventory: 137
• Price-to-rent: 11.0×

Monthly cashflow live

• Estimated rent: $2,521 high
• Mortgage (P&I): −$1,746
• Tax from tax record: −$56 /mo · $677/yr
• Insurance: −$139
• HOA: −$1,018
• Vacancy / Maint / Mgmt: −$529
• Net cashflow: $-968

Break-even live

Break-even rent $3,746

Max offer price $162,007

Occupancy floor —

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: $83,250
• Closing costs: $9,990
• Reserves months: —
• Total cash needed: —

Rent comps 25 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
95-2047 Waikalani Pl Unit D104 Mililani, HI	1.0	1.0	607	$2,100	$3.46	17d	1	0.04mi
95-099 Waikalani Dr Unit A104 Mililani, HI	2.0	1.0	850	$2,500	$2.94	21d	1	0.13mi
95-2052 Waikalani Pl Unit B107 Mililani, HI	2.0	1.0	799	$2,450	$3.07	3d	1	0.13mi
95-2052 Waikalani Pl Unit B106 Mililani, HI	2.0	1.0	799	$2,250	$2.82	3d	1	0.13mi
95-2048 Waikalani Pl Unit D106 Mililani, HI	2.0	1.0	799	$2,350	$2.94	21d	1	0.13mi
95-009 Waikalani Dr Unit A104 Mililani, HI	2.0	1.0	855	$2,500	$2.92	21d	1	0.23mi
95-024 Waihau St Unit 11A Mililani, HI	2.0	1.0	682	$2,245	$3.29	44d	1	0.33mi
95-142 Wailawa Pl Unit B Mililani, HI	3.0	2.0	900	$2,700	$3.00	3d	1	0.37mi
95-149 Wailawa Pl Unit B Mililani, HI	3.0	2.0	900	$2,700	$3.00	3d	1	0.42mi
95-257 Waikalani Dr Unit B503 Mililani, HI	2.0	1.0	793	$2,550	$3.22	16d	1	0.47mi
95-273 Waikalani Dr Mililani, HI	3.0	2.0	1023	$3,600	$3.52	10d	1	0.56mi
95-269 Waikalani Dr Unit C906 Mililani, HI	3.0	2.0	1023	$3,000	$2.93	17d	1	0.56mi
95-510 Wikao St Mililani, HI	2.0–3.0	1.0–2.0	895	$2,245	$2.51	44d	2	0.81mi
95-976 Ukuwai St #903 Mililani, HI	3.0	2.0	923	$3,250	$3.52	44d	1	1.03mi
95-664 Wikao St Unit L201 Mililani, HI	2.0	2.0	797	$2,800	$3.51	3d	1	1.12mi
95-664 Wikao St Unit L206 Mililani, HI	2.0	2.0	797	$2,700	$3.39	44d	1	1.12mi
95-1050 Makaikai St Mililani, HI	1.0	1.0	529	$2,000	$3.78	44d	1	1.13mi
95-648 Hanile St Unit C107 Mililani, HI	2.0	1.0	723	$2,600	$3.60	24d	1	1.17mi
95-1145 Koolani Dr #101 Mililani, HI	2.0	2.0	806	$2,500	$3.10	16d	1	1.25mi
95-797 Wikao St Unit B102 Mililani, HI	2.0	2.0	1056	$2,700	$2.56	3d	1	1.25mi
95-919 Wikao St Unit F303 Mililani, HI	2.0	1.0	713	$2,600	$3.65	24d	1	1.25mi
95-930 Wikao St Unit B102 Mililani, HI	2.0	2.0	1056	$2,700	$2.56	3d	1	1.35mi
95-1056 Ainamakua Dr Unit 108 Mililani, HI	2.0	1.0	855	$2,500	$2.92	44d	1	1.37mi
95-657 Alohilani St Mililani, HI	3.0	1.5	914	$3,600	$3.94	3d	1	1.44mi
95-1140 Makaikai St #17 Mililani, HI	2.0	2.0	730	$2,700	$3.70	44d	1	1.50mi

HOA detail condo

• Monthly dues: $1,018 · $12,216/yr
• Likely covers: trashparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-19
   pricestatus $333,000 Active 94 DOM
2. 2026-06-18
   days on market $325,000 Active Under Contract 94 DOM
3. 2026-06-17
   days on market $325,000 Active Under Contract 93 DOM
4. 2026-06-16
   statusdays on market $325,000 Active Under Contract 92 DOM
5. 2026-06-15
   days on market $325,000 Active 91 DOM
6. 2026-06-13
   days on market $325,000 Active 89 DOM
7. 2026-06-13
   days on market $325,000 Active 88 DOM
8. 2026-06-10
   days on market $325,000 Active 86 DOM
9. 2026-06-09
   days on market $325,000 Active 85 DOM
10. 2026-06-08
    days on market $325,000 Active 84 DOM
11. 2026-06-07
    days on market $325,000 Active 83 DOM
12. 2026-06-05
    days on market $325,000 Active 80 DOM
13. 2026-06-03
    days on market $325,000 Active 79 DOM
14. 2026-06-02
    days on market $325,000 Active 78 DOM
15. 2026-06-01
    days on market $325,000 Active 77 DOM
16. 2026-05-31
    days on market $325,000 Active 76 DOM
17. 2026-04-10
    price $325,000 612-char remark

    Show marketing remark (612 chars)

    MOTIVATED SELLER!!! Welcome to this thoughtfully designed, Accessible unit, meticulously crafted to ensure ease and comfort for all residents. Boasting unparalleled convenience, this property is strategically located on the same level as the 2 covered assigned parking stalls, mailbox, and trash bin, eliminating the need for stairs and providing seamless, accessible entry. The well-maintained unit is presently in livable condition and offers a solid foundation for a new owner. While it does require some updating to fully realize its potential, the current state allows for immediate occupancy and enjoyment.

18. 2026-03-16
    listed $355,000 Active 612-char remark

    Show marketing remark (612 chars)

    MOTIVATED SELLER!!! Welcome to this thoughtfully designed, Accessible unit, meticulously crafted to ensure ease and comfort for all residents. Boasting unparalleled convenience, this property is strategically located on the same level as the 2 covered assigned parking stalls, mailbox, and trash bin, eliminating the need for stairs and providing seamless, accessible entry. The well-maintained unit is presently in livable condition and offers a solid foundation for a new owner. While it does require some updating to fully realize its potential, the current state allows for immediate occupancy and enjoyment.

19. 1998-08-11
    soldstatus $57,000 217-char remark

    Show marketing remark (217 chars)

    HAP OWNED PROPERTY.ESCROW W/OLD REPUBLIC-FOY ESCARIO.SPECIAL CONTRACT.GREAT LOCATION.PRIVATE,PERIMETER 'C' BLDG.LOVELY VIEW! 2 COVERED PARKING LOCATED ON SAME FLOOR.EZ2C.4% TO BUYERS BROKER.

20. 1998-08-11
    soldstatus $57,000

    Show marketing remark (217 chars)

    HAP OWNED PROPERTY.ESCROW W/OLD REPUBLIC-FOY ESCARIO.SPECIAL CONTRACT.GREAT LOCATION.PRIVATE,PERIMETER 'C' BLDG.LOVELY VIEW! 2 COVERED PARKING LOCATED ON SAME FLOOR.EZ2C.4% TO BUYERS BROKER.

21. 1998-06-15
    historical 217-char remark

    Show marketing remark (217 chars)

    HAP OWNED PROPERTY.ESCROW W/OLD REPUBLIC-FOY ESCARIO.SPECIAL CONTRACT.GREAT LOCATION.PRIVATE,PERIMETER 'C' BLDG.LOVELY VIEW! 2 COVERED PARKING LOCATED ON SAME FLOOR.EZ2C.4% TO BUYERS BROKER.

22. 1998-03-19
    listed $62,000 217-char remark

    Show marketing remark (217 chars)

    HAP OWNED PROPERTY.ESCROW W/OLD REPUBLIC-FOY ESCARIO.SPECIAL CONTRACT.GREAT LOCATION.PRIVATE,PERIMETER 'C' BLDG.LOVELY VIEW! 2 COVERED PARKING LOCATED ON SAME FLOOR.EZ2C.4% TO BUYERS BROKER.

23. 1990-01-18
    soldstatus $102,000
24. 1983-11-01
    soldstatus $65,000
25. 1978-07-01
    soldstatus $31,500

ⓘ 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: $677 · $56/mo
• Projected year-2 tax: $805 · $67/mo
• Expected delta: +$128/yr (+$11/mo · 18.8%)

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

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone D · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $30,251
• − Mortgage interest: −$18,653
• − Property taxes: −$677
• − Insurance: −$1,665
• − Repairs & maintenance: −$2,420
• − Management: −$2,420
• − HOA: −$12,216
• − Depreciation: −$9,687
• Taxable loss: −$17,488
• Est. tax savings @ 24.0%: +$4,197
• After-tax cash flow: $-7,418/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 — Waipio Acres

• Score: 74/100
• State rank: #14
• US rank: #4795

Category grades

Amenities F Commute A+ Cost of living F Crime B+ Employment A+ Housing A Health & safety A+ User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waipio Acres, HI
• County: Honolulu County · 963,448 people
• Metro: Urban Honolulu, HI
• Population (ZIP): 54,278
• Household income: $127,066
• Rent vs Own: 22.2% rent · 77.8% own
• Severe rent burden: 920.0

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 0.75)
• Race & ethnicity: Asian 48% Two or more races 30% White 11% Hispanic / Latino 10% Pacific Islander 5% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Russian 3% Lithuanian 1% Romanian 1%
• Foreign-born: 10% · South Korea, China, Canada
• Languages at home: 87% English-only · Other Asian/Pacific 5% Tagalog/Filipino 3% Spanish 1%

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: ▲ 1.48%
• Current HPI: 436.0365
• Rent YoY: ▲ 5.55%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+931.7% since first listed

9 events — show timeline

• 2026-04-10 Price Changed $325,000 HiCentral MLS
• 2026-03-16 Listed $355,000 HiCentral MLS
• 1998-08-11 Sold (Public Records) $57,000 Public Records
• 1998-08-11 Sold (MLS) $57,000 HiCentral MLS
• 1998-06-15 Listing Removed — HiCentral MLS
• 1998-03-19 Listed $62,000 HiCentral MLS
• 1990-01-18 Sold (Public Records) $102,000 Public Records
• 1983-11-01 Sold (Public Records) $65,000 Public Records
• 1978-07-01 Sold (Public Records) $31,500 Public Records

Property tax history

+8.5%/yr

Latest (2022): $677 · +38.3% YoY. Source: county tax records.