1624 Dole St #604 · Urban Honolulu, HI 96822

$335,000

2 bd · 1.0 ba · 599 sqft · Condo public records · 69 Days on market

Built 1975 $559/sqft · 8% below area Est $364k · 8% under $1504/mo HOA · 47% of rent

---

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 +11.1/15.0
• Appreciation +6.4/10.0
• 1% rule +4.5/10.0
• Rent growth +3.8/5.0
• Cash flow +3.7/30.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

This is a remodeled apartment with numerous improvements made over the past 10 years, including the installation of custom windows in 2024, featuring heat resistance and noise reduction. Other improvements include newer kitchen cabinets, a walk-in shower with safety bars, newer flooring, and interior painting. There is a nice view of the city from the lanai and living room. The maintenance fee includes electricity, gas, water and sewer.

Key facts

• Heat resistance
• Noise reduction
• Custom windows

Tags

• CUSTOM WINDOWS
• HEAT RESISTANCE
• NOISE REDUCTION
• WALK-IN SHOWER
• SAFETY BARS
• NEWER KITCHEN CABINETS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $335k.

Deal economics

• At list price, monthly cash flow is $-977 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $162k (51.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $320k (4.6% below list).
• Recommended offer: $162k (51.5% below list) — sets the bar for cash-flow.
• Cap rate 2.8% 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 D — 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: King William Lunalilo Elementary School (math 27% / reading 42%, grade F, #108 of 183 statewide, top 61%, 260 students, 64% FRL); President George Washington Middle School (math 30% / reading 46%, grade F, #17 of 42 statewide, top 39%, 569 students, 61% FRL); President Theodore Roosevelt High School (math 41% / reading 73%, grade C, #3 of 43 statewide, top 7%, 1,433 students, 39% FRL) — zoned schools average 55% FRL vs 39% district-wide (16 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+5.3%/yr); 180 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$39k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 69 days — a 6% lower offer ($315k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 20y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 47% of rent.

Recommended offer $162,389 (51.5% 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 69 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — 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: 0.95% ✗
• Cap rate: 2.79%
• Cash-on-cash: -12.50%
• DSCR: 0.44
• GRM: 8.7

CMA / ARV

• ARV (median comp): $363,940
• List price: $335,000
• Delta: -7.95%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.71% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: -3.4%
• Equity multiple: 0.80×
• Total profit: $-18,492
• Equity at exit: $145,175

10-year hold

• IRR: 2.8%
• Equity multiple: 1.44×
• Total profit: $41,460
• Equity at exit: $219,580

Cash invested: $93,800 (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 96822

• Home prices YoY: 1.0%
• Rents YoY: 5.3%
• Active inventory: 180
• Price-to-rent: 8.7×

Monthly cashflow live

• Estimated rent: $3,196 high
• Mortgage (P&I): −$1,757
• Tax from tax record: −$102 /mo · $1,222/yr
• Insurance: −$140
• HOA: −$1,504
• Vacancy / Maint / Mgmt: −$671
• Net cashflow: $-977

Break-even live

Break-even rent $4,433

Max offer price $162,389

Occupancy floor —

Sensitivity live

Price	-10% $-787	-5% $-882	+0% $-977	+5% $-1,072	+10% $-1,167
Rent	-10% $-1,230	-5% $-1,103	+0% $-977	+5% $-851	+10% $-725
Rate	-1.0pp $-808	-0.5pp $-892	base $-977	+0.5pp $-1,064	+1.0pp $-1,152

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: $83,750
• Closing costs: $10,050
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	25d	3	0.36mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	25d	1	0.58mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	5d	1	0.60mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	25d	1	0.66mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	25d	1	0.66mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	18d	1	0.66mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	25d	1	0.66mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	21d	1	0.66mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	18d	1	0.66mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	45d	1	0.66mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	21d	1	0.68mi
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	3d	1	0.71mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	23d	1	0.71mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	25d	1	0.75mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	23d	1	0.78mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,950	$6.86	5d	1	0.79mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,050	$5.30	25d	1	0.79mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	3d	2	0.79mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$6,300	$6.82	18d	2	0.79mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$6,300	$6.86	45d	2	0.79mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$3,000	$3.51	25d	2	0.86mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$3,000	$3.76	23d	3	0.86mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	5d	1	0.88mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	12d	1	0.88mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	25d	1	0.88mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	45d	1	0.88mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,735	$6.58	25d	1	0.88mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$4,750	$4.89	5d	2	0.92mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	25d	1	0.94mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	17d	1	0.96mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	18d	2	0.96mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	13d	1	0.98mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$3,550	$3.64	16d	2	1.01mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	13d	1	1.03mi
2710 Kaaha St Honolulu, HI	1.0	1.0	418	$3,300	$7.89	25d	1	1.03mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	13d	3	1.03mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	45d	2	1.04mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	5d	4	1.04mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	46d	3	1.04mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	5d	2	1.04mi

HOA detail condo

• Monthly dues: $1,504 · $18,048/yr
• Likely covers: watersewergaselectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-21
   days on market $335,000 Active 69 DOM
2. 2026-06-18
   days on market $335,000 Active 66 DOM
3. 2026-06-17
   days on market $335,000 Active 65 DOM
4. 2026-06-16
   days on market $335,000 Active 64 DOM
5. 2026-06-15
   days on market $335,000 Active 63 DOM
6. 2026-06-13
   days on market $335,000 Active 61 DOM
7. 2026-06-13
   days on market $335,000 Active 60 DOM
8. 2026-06-10
   days on market $335,000 Active 58 DOM
9. 2026-06-09
   days on market $335,000 Active 57 DOM
10. 2026-06-08
    days on market $335,000 Active 56 DOM
11. 2026-06-07
    days on market $335,000 Active 55 DOM
12. 2026-06-05
    days on market $335,000 Active 52 DOM
13. 2026-06-03
    days on market $335,000 Active 51 DOM
14. 2026-06-02
    days on market $335,000 Active 50 DOM
15. 2026-06-01
    days on market $335,000 Active 49 DOM
16. 2026-05-31
    days on market $335,000 Active 48 DOM
17. 2026-04-13
    listed $335,000 Active 440-char remark

    Show marketing remark (440 chars)

    This is a remodeled apartment with numerous improvements made over the past 10 years, including the installation of custom windows in 2024, featuring heat resistance and noise reduction. Other improvements include newer kitchen cabinets, a walk-in shower with safety bars, newer flooring, and interior painting. There is a nice view of the city from the lanai and living room. The maintenance fee includes electricity, gas, water and sewer.

18. 2026-04-11
    historical
19. 2026-01-27
    price $335,000
20. 2025-04-11
    listed $425,000 Active
21. 2009-12-11
    soldstatus $1,746,000
22. 2009-12-11
    soldstatus $45,343
23. 2007-08-11
    historical
24. 2006-08-11
    listed $205,000
25. 2005-06-28
    soldstatus $641,133
26. 1985-08-30
    soldstatus $74,500
27. 1985-08-01
    soldstatus $74,500

ⓘ 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: $1,222 · $102/mo
• Projected year-2 tax: $1,222 · $102/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: $38,355
• − Mortgage interest: −$18,765
• − Property taxes: −$1,222
• − Insurance: −$1,675
• − Repairs & maintenance: −$3,068
• − Management: −$3,068
• − HOA: −$18,048
• − Depreciation: −$9,745
• Taxable loss: −$17,237
• Est. tax savings @ 24.0%: +$4,137
• After-tax cash flow: $-7,588/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): 43,747
• Household income: $95,947
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 2139.0

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 0.72)
• Race & ethnicity: Asian 48% White 21% Two or more races 20% Pacific Islander 7% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Russian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 20% · South Korea, China, Vietnam
• Languages at home: 73% English-only · Other Asian/Pacific 11% Chinese 4% Korean 3%

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: ▲ 2.71%
• Current HPI: 273.9456
• Rent YoY: ▲ 5.35%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+349.7% since first listed

11 events — show timeline

• 2026-04-13 Listed $335,000 HiCentral MLS
• 2026-04-11 Listing Removed — HiCentral MLS
• 2026-01-27 Price Changed $335,000 HiCentral MLS
• 2025-04-11 Listed $425,000 HiCentral MLS
• 2009-12-11 Sold (Public Records) $45,343 Public Records
• 2009-12-11 Sold (Public Records) $1,746,000 Public Records
• 2007-08-11 Listing Removed — HiCentral MLS
• 2006-08-11 Listed $205,000 HiCentral MLS
• 2005-06-28 Sold (Public Records) $641,133 Public Records
• 1985-08-30 Sold (Public Records) $74,500 Public Records
• 1985-08-01 Sold (Public Records) $74,500 Public Records

Property tax history

+2.2%/yr

Latest (2022): $1,222 · +1.1% YoY. Source: county tax records.