95-2039 Waikalani Pl Unit C304

Waipio Acres, HI 96789

$333,000D-

2 bd · 1.0 ba · 799 sqft · Built 1973 · Condo · Active · 97 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,521/mo
• Mortgage (P&I): −$1,746
• Tax + insurance: −$195
• HOA: −$1,018
• Vac / Maint / Mgmt: −$529
• Net cashflow: $-968/mo
• Annual: $-11,615/yr
• Cap rate: 2.80%
• Cash-on-cash: -12.46%
• DSCR: 0.45
• 1% rule: 0.76%
• Cash to close: $93,240

Investor read

• This is a 2-bed/1.0-bath condo listed at $333k.
• 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).
• It's been on market 97 days — a 9% lower offer ($303k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $162k (51.3% below list) — sets the bar for cash-flow.
• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (1.5% local appreciation)).
• 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.
• Watch-outs: HOA is 40% of rent.
• Market conditions: Rents rising fast (+5.5%/yr); 135 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).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 97 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
• Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?