2240 Kuhio Ave #3204 · Urban Honolulu, HI 96815

$320,000

2 bd · 2.0 ba · 1,163 sqft · Condo public records · 141 Days on market

Built 1976 $275/sqft · 43% below area Est $560k · 43% under $2409/mo HOA · 68% 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
• 1% rule +6.1/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks MLS

Welcome to Royal Kuhio, a well-known and centrally located condominium in the heart of Waikiki, Honolulu. Just steps away from Waikiki Beach, world-class shopping, dining, and entertainment, this residence offers the perfect balance of island lifestyle and urban convenience. This unit features a bright and open layout, designed to maximize comfort and natural light. Enjoy cool trade winds, city or mountain views (depending on unit), and the vibrant energy of Waikiki right outside your door. Royal Kuhio is a secure, well-managed building with excellent amenities, including a Swimming pool, Sun deck, Fitness center, , Recreation room, 24-hour security. Whether you are looking for a vacation home, long-term residence, or investment property, Royal Kuhio is a highly desirable option with strong rental appeal and exceptional location value.

Key facts

• World-class shopping
• Entertainment
• City views

Tags

• WORLD-CLASS SHOPPING
• DINING
• ENTERTAINMENT
• URBAN CONVENIENCE
• CITY VIEWS
• MOUNTAIN VIEWS

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $320k.

Deal economics

• At list price, monthly cash flow is $-2k ($-21k/yr) — negative.
• To cash-flow at today's rent, offer at most $41k (87.1% below list).
• Meets the 1% rule at list price ($4k rent vs $320k).
• Recommended offer: $41k (87.1% below list) — sets the bar for cash-flow.
• Cap rate 0.2% vs local median 1.5% in Urban Honolulu — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Market conditions: Rents rising fast (+6.0%/yr); 814 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• At $3,564/mo this rent would consume 55% of the median local household income ($77k/yr) (locally 2422% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 141 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 11y 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: flood insurance adds $122/mo; HOA is 68% 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 $41,131 (87.1% 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 141 days. Have you received any prior offers? Is the seller open to a 87% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — 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: 1.11% ✓
• Cap rate: 0.19%
• Cash-on-cash: -21.81%
• DSCR: 0.03
• GRM: 7.5

CMA / ARV

• ARV (median comp): $560,367
• List price: $320,000
• Delta: -42.89%
• 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: -12.3%
• Equity multiple: 0.28×
• Total profit: $-64,707
• Equity at exit: $139,275

10-year hold

• IRR: -3.2%
• Equity multiple: 0.46×
• Total profit: $-47,967
• Equity at exit: $211,122

Cash invested: $89,600 (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: 814
• Price-to-rent: 7.5×

Monthly cashflow live

• Estimated rent: $3,564 high
• Mortgage (P&I): −$1,678
• Tax from tax record: −$224 /mo · $2,682/yr
• Insurance: −$133
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$2,409
• Vacancy / Maint / Mgmt: −$748
• Net cashflow: $-1,751

Break-even live

Break-even rent $5,780

Max offer price $41,131

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2215 Aloha Dr Unit DH1205 Honolulu, HI	2.0	2.0	1128	$3,500	$3.10	43d	1	0.07mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	23d	1	0.12mi
451 Nahua St Honolulu, HI	2.0	1.0	786	$2,895	$3.68	23d	1	0.18mi
431 Nahua St Honolulu, HI	2.0	2.0	898	$3,500	$3.90	23d	2	0.19mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	3d	2	0.19mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	21d	2	0.19mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	10d	1	0.19mi
2380 Kuhio Ave Honolulu, HI	3.0	1.0–3.0	1212	$10,275	$8.47	1d	51	0.25mi
421 Olohana St #2003 Honolulu, HI	2.0	2.0	1023	$4,200	$4.11	3d	1	0.25mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$4,225	$6.44	23d	8	0.30mi
2415 Ala Wai Blvd Honolulu, HI	1.0–2.0	1.0	665	$3,500	$5.26	17d	3	0.34mi
223 Saratoga Rd Honolulu, HI	1.0–3.0	1.0–3.5	1417	$8,200	$5.78	43d	4	0.34mi
2440 Khi AVE Unit 2102 Honolulu, HI	3.0	1.5	976	$4,420	$4.53	43d	1	0.39mi
2440 Khi AVE Unit 1906 Honolulu, HI	3.0	1.5	1037	$4,900	$4.73	43d	1	0.39mi
2440 Khi AVE Unit 2105 Honolulu, HI	3.0	1.5	976	$4,900	$5.02	23d	1	0.39mi
2440 Khi AVE Unit 2106 Honolulu, HI	3.0	1.0	1037	$4,500	$4.34	3d	1	0.39mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	11d	3	0.40mi
500 University Ave Honolulu, HI	2.0	2.5	1120	$3,150	$2.81	10d	2	0.40mi
581 Kamoku St #2006 Honolulu, HI	3.0	2.0	1187	$4,100	$3.45	43d	1	0.41mi
581 Kamoku St Ph 4 Honolulu, HI	1.0	1.0	792	$2,850	$3.60	21d	1	0.41mi
581 Kamoku St Honolulu, HI	1.0	1.0	792	$2,850	$3.60	23d	1	0.42mi
2465 Ala Wai Blvd Honolulu, HI	2.0	2.0	935	$2,900	$3.10	43d	2	0.45mi
2499 Kapiolani Blvd #1408 Honolulu, HI	2.0	2.0	947	$3,750	$3.96	43d	1	0.46mi
430 Keoniana St Honolulu, HI	2.0	2.0	887	$2,900	$3.27	23d	1	0.46mi
2333 Kapiolani Blvd Honolulu, HI	2.0	2.0	827	$3,050	$3.69	16d	2	0.46mi
2333 Kapiolani Blvd #810 Honolulu, HI	2.0	2.0	831	$3,200	$3.85	14d	1	0.47mi
320 Liliuokalani Ave Honolulu, HI	2.0	1.0–1.5	762	$3,000	$3.94	20d	1	0.48mi
2474 Kapiolani Blvd #401 Honolulu, HI	2.0	2.0	793	$3,100	$3.91	23d	1	0.49mi
2474 Kapiolani Blvd #401 Honolulu, HI	2.0	2.0	793	$3,100	$3.91	3d	1	0.49mi
303 Liliuokalani Ave Honolulu, HI	2.0	1.5–2.0	1096	$2,995	$2.73	43d	2	0.50mi
250 Ohua Ave Honolulu, HI	2.0	2.0	1067	$4,200	$3.94	43d	1	0.53mi
320 Ohua Ave #901 Honolulu, HI	2.0	2.0	845	$2,300	$2.72	21d	1	0.54mi
320 Ohua Ave #1301 Honolulu, HI	2.0	2.0	845	$3,100	$3.67	3d	1	0.54mi
2440 Date St #901 Honolulu, HI	3.0	1.5	918	$2,600	$2.83	17d	1	0.56mi
2533 Ala Wai Blvd #1203 Honolulu, HI	2.0	2.0	989	$3,300	$3.34	16d	1	0.57mi
1910 Ala Moana Blvd Honolulu, HI	2.0	2.0	1238	$4,975	$4.02	3d	2	0.61mi
300 Wai Nani Way Unit II2212 Honolulu, HI	2.0	2.0	944	$3,500	$3.71	3d	1	0.62mi
1888 Kalakaua Ave Honolulu, HI	2.0–3.0	2.0–3.0	2176	$6,500	$2.99	3d	2	0.62mi
469 Ena Rd #1501 Honolulu, HI	3.0	3.0	1249	$4,000	$3.20	43d	1	0.63mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$3,000	$2.73	17d	3	0.63mi

HOA detail condo

• Monthly dues: $2,409 · $28,908/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $320,000 Active 141 DOM
2. 2026-06-17
   days on market $320,000 Active 140 DOM
3. 2026-06-16
   days on market $320,000 Active 139 DOM
4. 2026-06-15
   days on market $320,000 Active 138 DOM
5. 2026-06-13
   days on market $320,000 Active 136 DOM
6. 2026-06-13
   days on market $320,000 Active 135 DOM
7. 2026-06-10
   days on market $320,000 Active 133 DOM
8. 2026-06-09
   days on market $320,000 Active 132 DOM
9. 2026-06-08
   days on market $320,000 Active 131 DOM
10. 2026-06-07
    days on market $320,000 Active 130 DOM
11. 2026-06-05
    days on market $320,000 Active 127 DOM
12. 2026-06-03
    days on market $320,000 Active 126 DOM
13. 2026-06-02
    days on market $320,000 Active 125 DOM
14. 2026-06-01
    days on market $320,000 Active 124 DOM
15. 2026-05-31
    days on market $320,000 Active 123 DOM
16. 2026-01-28
    listed $320,000 Active 847-char remark

    Show marketing remark (847 chars)

    Welcome to Royal Kuhio, a well-known and centrally located condominium in the heart of Waikiki, Honolulu. Just steps away from Waikiki Beach, world-class shopping, dining, and entertainment, this residence offers the perfect balance of island lifestyle and urban convenience. This unit features a bright and open layout, designed to maximize comfort and natural light. Enjoy cool trade winds, city or mountain views (depending on unit), and the vibrant energy of Waikiki right outside your door. Royal Kuhio is a secure, well-managed building with excellent amenities, including a Swimming pool, Sun deck, Fitness center, , Recreation room, 24-hour security. Whether you are looking for a vacation home, long-term residence, or investment property, Royal Kuhio is a highly desirable option with strong rental appeal and exceptional location value.

17. 2025-10-21
    historical
18. 2025-04-22
    listed $320,000 Active
19. 2024-09-10
    historical
20. 2024-05-10
    listed $320,000 Active
21. 2024-05-06
    historical
22. 2023-12-06
    listed $320,000 Active
23. 2022-10-17
    listed $330,000 Active
24. 2022-08-31
    historical
25. 2022-05-13
    listed $320,000 Active
26. 2015-12-10
    soldstatus $320,000 Sold
27. 2015-12-10
    soldstatus $320,000
28. 2015-10-19
    listed $320,000 Active
29. 1983-08-01
    soldstatus $300,000
30. 1983-07-01
    soldstatus $300,000

ⓘ 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: $2,682 · $224/mo
• Projected year-2 tax: $2,682 · $224/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 8/10 Severe FEMA zone AO · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $42,768
• − Mortgage interest: −$17,925
• − Property taxes: −$2,682
• − Insurance: −$3,068
• − Repairs & maintenance: −$3,421
• − Management: −$3,421
• − HOA: −$28,908
• − Depreciation: −$9,309
• Taxable loss: −$25,967
• Est. tax savings @ 24.0%: +$6,232
• After-tax cash flow: $-14,776/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

+6.7% since first listed

15 events — show timeline

• 2026-01-28 Listed $320,000 HiCentral MLS
• 2025-10-21 Listing Removed — HiCentral MLS
• 2025-04-22 Listed $320,000 HiCentral MLS
• 2024-09-10 Listing Removed — HiCentral MLS
• 2024-05-10 Listed $320,000 HiCentral MLS
• 2024-05-06 Listing Removed — HiCentral MLS
• 2023-12-06 Listed $320,000 HiCentral MLS
• 2022-10-17 Listed $330,000 HiCentral MLS
• 2022-08-31 Listing Removed — HiCentral MLS
• 2022-05-13 Listed $320,000 HiCentral MLS
• 2015-12-10 Sold (Public Records) $320,000 Public Records
• 2015-12-10 Sold (MLS) $320,000 HiCentral MLS
• 2015-10-19 Listed $320,000 HiCentral MLS
• 1983-08-01 Sold (Public Records) $300,000 Public Records
• 1983-07-01 Sold (Public Records) $300,000 Public Records

Property tax history

+1.4%/yr

Latest (2022): $2,682 · -9.5% YoY. Source: county tax records.