1911 Kalakaua Ave #506 · Urban Honolulu, HI 96815

$315,000

1 bd · 1.0 ba · 437 sqft · Condo public records · 82 Days on market

Built 1966 $721/sqft · 26% below area Est $426k · 26% under $983/mo HOA · 36% 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 +15.0/15.0
• Appreciation +6.4/10.0
• Cash flow +5.6/30.0
• Rent growth +4.0/5.0
• 1% rule +3.8/10.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome Home to the Kalakauan, a boutique building located at the Gateway to Waikiki ! Close to All the festivities of Waikiki but less noise. This 1 bedroom, 1 bath is centrally located, close to the airport, restaurants and Ala Moana Shopping Center. This sweet and simple condo with a lanai is zoned for legal short-term rental and is located on the 5th floor, off the main street. The maintenance fee includes all utilities (ELECTRICITY, Water & Sewer)! Updated refrigerator, stove, TV, microwave, kitchen disposal and portable A/C. Recently painted with updated cabinets and countertop. Comfortable layout maximizes space. AirBnB ready and property is 100% insured. Secure entry and shared laundry facilities. Easy access to dining, shopping and beaches. Call to view this wonderful unit today.

Key facts

• 5th floor
• Updated cabinets
• Updated refrigerator

Tags

• LEGAL SHORT-TERM RENTAL
• 5TH FLOOR
• UPDATED REFRIGERATOR
• UPDATED CABINETS
• SHARED LAUNDRY FACILITIES
• EASY ACCESS TO DINING

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $315k.

Deal economics

• At list price, monthly cash flow is $-778 ($-9k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (43.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (12.3% below list).
• Recommended offer: $178k (43.6% below list) — sets the bar for cash-flow.
• Cap rate 3.8% 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: President Thomas Jefferson Elementary School (math 42% / reading 47%, grade F, #73 of 183 statewide, top 41%, 340 students, 55% FRL); President George Washington Middle School (math 30% / reading 46%, grade F, #17 of 42 statewide, top 39%, 569 students, 61% FRL); Kaimuki High School (math 12% / reading 47%, grade F, #35 of 43 statewide, top 86%, 620 students, 60% FRL) — zoned schools average 59% FRL vs 39% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 813 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).

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 ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 82 days — a 6% lower offer ($296k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 20y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $140k; list at $315k implies a 125% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 36% of rent.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $177,620 (43.6% 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 82 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 0.88% ✗
• Cap rate: 3.80%
• Cash-on-cash: -8.92%
• DSCR: 0.60
• GRM: 9.5

CMA / ARV

• ARV (median comp): $426,475
• List price: $315,000
• Delta: -26.14%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.74% appreciation · 6.0% rent growth · sell at horizon

5-year hold

• IRR: -1.3%
• Equity multiple: 0.92×
• Total profit: $-6,734
• Equity at exit: $137,099

10-year hold

• IRR: 4.7%
• Equity multiple: 1.75×
• Total profit: $65,966
• Equity at exit: $207,823

Cash invested: $88,200 (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 96815

• Home prices YoY: 0.9%
• Rents YoY: 6.0%
• Active inventory: 813
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $2,764 high
• Mortgage (P&I): −$1,652
• Tax from tax record: −$73 /mo · $873/yr
• Insurance: −$131
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$983
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $-778

Break-even live

Break-even rent $3,748

Max offer price $177,620

Occupancy floor —

Sensitivity live

Price	-10% $-599	-5% $-689	+0% $-778	+5% $-867	+10% $-956
Rent	-10% $-996	-5% $-887	+0% $-778	+5% $-669	+10% $-559
Rate	-1.0pp $-619	-0.5pp $-698	base $-778	+0.5pp $-859	+1.0pp $-942

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: $78,750
• Closing costs: $9,450
• Reserves months: —
• Total cash needed: —

Rent comps 19 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	13d	1	0.30mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.30mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	25d	1	0.76mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	25d	8	0.91mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	25d	1	0.91mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	25d	1	0.91mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	45d	1	1.01mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	23d	1	1.04mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	25d	1	1.04mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	25d	2	1.12mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	5d	1	1.12mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	25d	1	1.14mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	45d	1	1.23mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	5d	3	1.29mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	19d	9	1.39mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	18d	8	1.39mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	12d	9	1.39mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	25d	2	1.43mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	25d	1	1.47mi

HOA detail condo

• Monthly dues: $983 · $11,796/yr
• Likely covers: watersewerelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-21
   days on market $315,000 Active 82 DOM
2. 2026-06-18
   days on market $315,000 Active 79 DOM
3. 2026-06-17
   days on market $315,000 Active 78 DOM
4. 2026-06-16
   days on market $315,000 Active 77 DOM
5. 2026-06-15
   days on market $315,000 Active 76 DOM
6. 2026-06-13
   days on market $315,000 Active 74 DOM
7. 2026-06-13
   days on market $315,000 Active 73 DOM
8. 2026-06-10
   days on market $315,000 Active 71 DOM
9. 2026-06-09
   days on market $315,000 Active 70 DOM
10. 2026-06-08
    days on market $315,000 Active 69 DOM
11. 2026-06-07
    days on market $315,000 Active 68 DOM
12. 2026-06-05
    days on market $315,000 Active 65 DOM
13. 2026-06-03
    pricedays on market $315,000 Active 64 DOM
14. 2026-06-02
    days on market $325,000 Active 63 DOM
15. 2026-06-01
    days on market $325,000 Active 62 DOM
16. 2026-05-31
    days on market $325,000 Active 61 DOM
17. 2026-03-31
    listed $345,000 Active 806-char remark

    Show marketing remark (806 chars)

    Welcome Home to the Kalakauan, a boutique building located at the Gateway to Waikiki ! Close to All the festivities of Waikiki but less noise. This 1 bedroom, 1 bath is centrally located, close to the airport, restaurants and Ala Moana Shopping Center. This sweet and simple condo with a lanai is zoned for legal short-term rental and is located on the 5th floor, off the main street. The maintenance fee includes all utilities (ELECTRICITY, Water & Sewer)! Updated refrigerator, stove, TV, microwave, kitchen disposal and portable A/C. Recently painted with updated cabinets and countertop. Comfortable layout maximizes space. AirBnB ready and property is 100% insured. Secure entry and shared laundry facilities. Easy access to dining, shopping and beaches. Call to view this wonderful unit today.

18. 2025-04-05
    historical
19. 2025-03-08
    price $405,000
20. 2025-01-09
    listed $420,000 Active
21. 2012-10-31
    soldstatus $140,000
22. 2012-10-31
    soldstatus $140,000
23. 2012-04-17
    listed $148,000
24. 2011-02-07
    historical
25. 2011-01-06
    listed $165,000
26. 2010-12-29
    historical
27. 2010-06-28
    listed $170,000
28. 2006-06-28
    soldstatus $222,000
29. 2006-06-26
    soldstatus $222,000
30. 2006-03-12
    listed $228,000
31. 2005-09-07
    soldstatus $33,000
32. 1995-03-29
    soldstatus $90,900
33. 1986-09-23
    soldstatus $34,000

ⓘ 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: $873 · $73/mo
• Projected year-2 tax: $877 · $73/mo
• Expected delta: +$5/yr ($0/mo · 0.5%)

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

Climate risk First Street

• 🌊 Flood 7/10 Severe FEMA zone AO · 75% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $33,167
• − Mortgage interest: −$17,645
• − Property taxes: −$873
• − Insurance: −$3,042
• − Repairs & maintenance: −$2,653
• − Management: −$2,653
• − HOA: −$11,796
• − Depreciation: −$9,164
• Taxable loss: −$14,660
• Est. tax savings @ 24.0%: +$3,518
• After-tax cash flow: $-5,814/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): 27,530
• Household income: $77,096
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 2422.0

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 0.71)
• Race & ethnicity: Asian 41% White 35% Two or more races 16% Hispanic / Latino 6% Pacific Islander 4% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 30% · China, South Korea, Canada
• Languages at home: 66% English-only · Other Asian/Pacific 15% Chinese 5% 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: ▲ 2.74%
• Current HPI: 291.9404
• Rent YoY: ▲ 6.00%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+914.7% since first listed

17 events — show timeline

• 2026-03-31 Listed $345,000 HiCentral MLS
• 2025-04-05 Listing Removed — HiCentral MLS
• 2025-03-08 Price Changed $405,000 HiCentral MLS
• 2025-01-09 Listed $420,000 HiCentral MLS
• 2012-10-31 Sold (Public Records) $140,000 Public Records
• 2012-10-31 Sold (MLS) $140,000 HiCentral MLS
• 2012-04-17 Listed $148,000 HiCentral MLS
• 2011-02-07 Listing Removed — HiCentral MLS
• 2011-01-06 Listed $165,000 HiCentral MLS
• 2010-12-29 Listing Removed — HiCentral MLS
• 2010-06-28 Listed $170,000 HiCentral MLS
• 2006-06-28 Sold (MLS) $222,000 HiCentral MLS
• 2006-06-26 Sold (Public Records) $222,000 Public Records
• 2006-03-12 Listed $228,000 HiCentral MLS
• 2005-09-07 Sold (Public Records) $33,000 Public Records
• 1995-03-29 Sold (Public Records) $90,900 Public Records
• 1986-09-23 Sold (Public Records) $34,000 Public Records

Property tax history

+5.0%/yr

Latest (2022): $873 · +6.8% YoY. Source: county tax records.