12-4353 Iolani St · Black Sands, HI 96778

$175,000

3 bd · 1.5 ba · 2,000 sqft · SingleFamily · 72 Days on market

Built 2017 Fair condition 7,750 sqft lot $88/sqft · 41% below area Est $295k · 41% under $10/mo HOA ↓ 20% since listing

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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
• ARV discount +15.0/15.0
• DSCR +10.0/10.0
• 1% rule +9.8/10.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Plenty of ohana memories waiting to be made in this  exotic Hawaiian off grid compound, with multiple structures offering tons of under roof square footage. Surrounded by beautiful Ohia trees, ferns and orchid jungle, the property comes turnkey with furniture and surf boards! Completely off grid with owned solar and battery systems for electricity, as well as rain water catchment. Main building has an entryway / office downstairs adjacent to the main bedroom. Upstairs is a large kitchen (with propane range oven), dining, and living area with pleasant views of the surrounding jungle. A second structure, with a shed / storage downstairs and a bedroom upstairs is connected by a bridge covered walkway to the main building. A third structure, detached, is used as a third bedroom and has potential to be its own independent unit. A fourth sma ller building structure has a shower with an on demand water heater connected to a portable propane tank and a toilet room. There is also a covered carport with a concrete slab by the entrance gate big enough for two cars. The potential is endless with this property! Did I mention there is a community park nearby! This property is located approximately halfway between quaint Kalapana village and Pahoa with its eclectic downtown and 40 million dollar new shopping center. Property is 10 / 20 minutes away from beautiful Kehena beach and its local scene and Pohoiki black sand beach.

Key facts

• Off grid compound
• Owned solar systems
• Large kitchen

Tags

• OFF GRID COMPOUND
• OWNED SOLAR SYSTEMS
• RAIN WATER CATCHMENT
• ENTRYWAY OFFICE
• LARGE KITCHEN
• COVERED WALKWAY

What this means for you Summary

Snapshot

• This is a 3-bed/1.5-bath single-family listed at $175k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $822 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $175k).
• Recommended offer: $164k (6.0% below list) — sets the bar for market timing.

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: Pahoa Elementary School (math 12% / reading 22%, grade F, #166 of 183 statewide, top 92%, 377 students, 80% FRL); Pahoa High & Intermediate School (math 17% / reading 42%, grade F, #35 of 43 statewide, top 86%, 723 students, 74% FRL) — zoned schools average 77% FRL vs 39% district-wide (38 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 41% district-wide (-18 pts) — the specific schools serving this property underperform the Hawaii Department Of Education average; the district grade overstates school quality for this exact location.
• Market conditions: 388 active listings in the ZIP; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 3.0% rent growth), your $49k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($164k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 4y ago; this cycle's ask has dropped $24k (12%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $164,500 (6.0% below list)

Questions for the listing agent

1. It's been on market 72 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.48% ✓
• Cap rate: 11.93%
• Cash-on-cash: 20.14%
• DSCR: 1.90
• GRM: 5.6

CMA / ARV

• ARV (median comp): $295,007
• List price: $175,000
• Delta: -40.68%
• Verdict: UNDERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 12.4%
• Equity multiple: 1.49×
• Total profit: $24,068
• Equity at exit: $26,093

10-year hold

• IRR: 21.3%
• Equity multiple: 2.81×
• Total profit: $88,589
• Equity at exit: $15,131

Cash invested: $49,000 (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 96778

• Home prices YoY: -15.3%
• Active inventory: 388
• Price-to-rent: 5.6×

Monthly cashflow live

• Estimated rent: $2,585 medium
• Mortgage (P&I): −$918
• Tax est. 1.5%: −$219 /mo · $2,625/yr
• Insurance: −$73
• HOA: −$10
• Vacancy / Maint / Mgmt: −$543
• Net cashflow: $822

Break-even live

Break-even rent $1,544

Max offer price $175,000

Occupancy floor 63%

Sensitivity live

Price	-10% $943	-5% $883	+0% $822	+5% $762	+10% $701
Rent	-10% $618	-5% $720	+0% $822	+5% $925	+10% $1,027
Rate	-1.0pp $911	-0.5pp $867	base $822	+0.5pp $777	+1.0pp $731

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: $43,750
• Closing costs: $5,250
• Reserves months: —
• Total cash needed: —

HOA detail

• Monthly dues: $10 · $120/yr
• Likely covers: waterelectric

Listing history 22 events

1. 2026-06-21
   days on market $175,000 Active 72 DOM
2. 2026-06-18
   days on market $175,000 Active 69 DOM
3. 2026-06-17
   price $175,000 Active 68 DOM
4. 2026-06-17
   days on market $199,000 Active 68 DOM
5. 2026-06-16
   days on market $199,000 Active 67 DOM
6. 2026-06-15
   days on market $199,000 Active 66 DOM
7. 2026-06-13
   days on market $199,000 Active 64 DOM
8. 2026-06-13
   days on market $199,000 Active 63 DOM
9. 2026-06-10
   days on market $199,000 Active 61 DOM
10. 2026-06-09
    days on market $199,000 Active 60 DOM
11. 2026-06-08
    days on market $199,000 Active 59 DOM
12. 2026-06-07
    days on market $199,000 Active 58 DOM
13. 2026-06-05
    days on market $199,000 Active 55 DOM
14. 2026-06-03
    days on market $199,000 Active 54 DOM
15. 2026-06-02
    days on market $199,000 Active 53 DOM
16. 2026-06-01
    days on market $199,000 Active 52 DOM
17. 2026-05-31
    days on market $199,000 Active 51 DOM
18. 2026-04-05
    listed $199,000 Active 1440-char remark

    Show marketing remark (1440 chars)

    Plenty of ohana memories waiting to be made in this  exotic Hawaiian off grid compound, with multiple structures offering tons of under roof square footage. Surrounded by beautiful Ohia trees, ferns and orchid jungle, the property comes turnkey with furniture and surf boards! Completely off grid with owned solar and battery systems for electricity, as well as rain water catchment. Main building has an entryway / office downstairs adjacent to the main bedroom. Upstairs is a large kitchen (with propane range oven), dining, and living area with pleasant views of the surrounding jungle. A second structure, with a shed / storage downstairs and a bedroom upstairs is connected by a bridge covered walkway to the main building. A third structure, detached, is used as a third bedroom and has potential to be its own independent unit. A fourth sma ller building structure has a shower with an on demand water heater connected to a portable propane tank and a toilet room. There is also a covered carport with a concrete slab by the entrance gate big enough for two cars. The potential is endless with this property! Did I mention there is a community park nearby! This property is located approximately halfway between quaint Kalapana village and Pahoa with its eclectic downtown and 40 million dollar new shopping center. Property is 10 / 20 minutes away from beautiful Kehena beach and its local scene and Pohoiki black sand beach.

19. 2022-11-08
    historical
20. 2022-09-30
    price $239,900
21. 2022-08-12
    price $245,000
22. 2022-06-25
    listed $250,000 Active

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

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: $31,015
• − Mortgage interest: −$9,803
• − Property taxes: −$2,625
• − Insurance: −$875
• − Repairs & maintenance: −$2,481
• − Management: −$2,481
• − HOA: −$120
• − Depreciation: −$5,091
• Taxable income: $7,539
• Est. tax owed @ 24.0%: −$1,809
• After-tax cash flow: $8,060/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.

Condition & rehab AI · 12 photos

Fair 45/100 Moderate rehab

The property is in fair condition with moderate repairs and maintenance needed. The property has potential for significant value increase with proper repairs and improvements.

Repairs flagged

• Major kitchen cabinets — Cluttered and disorganized, indicating potential structural issues or damage.
• Major bathroom fixtures — Appears to be in need of cleaning and possibly some repairs.
• Moderate roof — Aged appearance, may need minor repairs or replacement.
• Moderate exterior siding — Some vegetation and debris around the property, indicating potential structural issues or damage.
• Major flooring — Appears to be in need of cleaning and possibly some repairs.
• Major interior walls/paint — Paint appears chipped and worn in some areas, indicating potential structural issues or damage.
• Major landscaping — Some vegetation and debris around the property, indicating potential structural issues or damage.

Value-add opportunities

• Both Clean and organize kitchen and bathroom — A clean and organized space is more appealing to potential buyers and renters.
• Both Inspect and repair roof — A repaired roof will prevent water damage and improve the overall appearance of the property.
• Both Inspect and repair exterior siding — A repaired exterior siding will improve the overall appearance of the property and prevent water damage.
• Both Inspect and repair flooring — A repaired flooring will improve the overall appearance of the property and prevent further damage.
• Both Inspect and repair interior walls/paint — A repaired interior walls/paint will improve the overall appearance of the property and prevent further damage.
• Both Inspect and repair landscaping — A repaired landscaping will improve the overall appearance of the property and prevent further damage.

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Cluttered and disorganized, indicating potential structural issues or damage.	Major	$15,000–50,000
bathroom fixtures · Appears to be in need of cleaning and possibly some repairs.	Major	$15,000–50,000
roof · Aged appearance, may need minor repairs or replacement.	Moderate	$3,000–15,000
exterior siding · Some vegetation and debris around the property, indicating potential structural issues or damage.	Moderate	$3,000–15,000
flooring · Appears to be in need of cleaning and possibly some repairs.	Major	$15,000–50,000
interior walls/paint · Paint appears chipped and worn in some areas, indicating potential structural issues or damage.	Major	$15,000–50,000
landscaping · Some vegetation and debris around the property, indicating potential structural issues or damage.	Major	$15,000–50,000
Total estimated repair cost · 7 items		$81,000–280,000

Value-add ROI direction

• Both Clean and organize kitchen and bathroom — A clean and organized space is more appealing to potential buyers and renters. ↑
• Both Inspect and repair roof — A repaired roof will prevent water damage and improve the overall appearance of the property. ↑
• Both Inspect and repair exterior siding — A repaired exterior siding will improve the overall appearance of the property and prevent water damage. ↑
• Both Inspect and repair flooring — A repaired flooring will improve the overall appearance of the property and prevent further damage. ↑
• Both Inspect and repair interior walls/paint — A repaired interior walls/paint will improve the overall appearance of the property and prevent further damage. ↑
• Both Inspect and repair landscaping — A repaired landscaping will improve the overall appearance of the property and prevent further damage. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Black Sands

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

Census & demographics

• Census place: Black Sands, HI
• Population (ZIP): 14,225

Population outlook (Hawaii County) Hauer SSP2

• Today (2025): 220,733 people
• By 2030: 232,156 · +5.2%
• By 2040: 252,486 · +14.4%
• By 2050: 272,703 · +23.5%
• By 2075: 332,113 · +50.5%
• By 2100: 398,342 · +80.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.82)
• Race & ethnicity: White 37% Two or more races 30% Hispanic / Latino 15% Pacific Islander 15% Asian 12%
• Hispanic origin (detail): Mexican 4% Puerto Rican 9%
• Common ancestry: Russian 7% Italian 3% Romanian 3%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 11% Tagalog/Filipino 1% Russian/Polish/Slavic 1%

Political lean MEDSL · Hawaii

• 2024 margin: Strong D (+28.3) · D 63.0% · R 34.7% · Other 2.3%
• 2008→2024 swing: -25.4pp toward R · 2008: 53.7pp · 2024: 28.3pp
• All cycles: 2024: D+28.3 2020: D+36.2 2016: D+36.6 2012: D+51.3 2008: D+53.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▼ -31.52%
• Current HPI: 173.8168
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-20.4% since first listed

5 events — show timeline

• 2026-04-05 Listed $199,000 HI Information Service
• 2022-11-08 Listing Removed — HI Information Service
• 2022-09-30 Price Changed $239,900 HI Information Service
• 2022-08-12 Price Changed $245,000 HI Information Service
• 2022-06-25 Listed $250,000 HI Information Service