355 Aoloa St Unit E202 · Kailua, HI 96734

$385,000

2 bd · 2.0 ba · 814 sqft · Condo public records · 29 Days on market

Built 1989 $473/sqft · 37% below area Est $615k · 37% under $700/mo HOA · 21% of rent ↓ 59% since listing

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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
• Cash flow +7.7/30.0
• Livability +4.2/5.0
• Rent growth +3.9/5.0
• Schools +3.7/10.0
• 1% rule +3.5/10.0
• Condition / age +2.5/5.0
• DSCR +1.8/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Hokulani in Kailua two bedroom, two bath, second floor's view is preservation land. Renovated kitchen with Laminate floors in both bedrooms and tile through out house, fresh paint. Pet friendly building. Close to Kailua Town, restaurants, shopping, and Kailua Beach.

Key facts

• Countertop seating
• Treetop views
• Fresh paint

Tags

• TREETOP VIEWS
• COVERED LANAI
• ARCHED DOORWAYS
• COUNTERTOP SEATING
• FRESH PAINT
• NEW LIGHT FIXTURES

Property features AI

Finance

• Financial info: Monthly lease payment approximately $681.71 (lease expires 2052-12-31)
• HOA & community: Association covers common areas, water, and sewer; On-site management; Maintenance fee approximately $700; Community amenities: barbecue, deck/porch, patio, playground

Exterior

• Parking: Assigned covered parking; Guest parking; On-street parking available; One parking space assigned
• Security: Key card entry
• Utilities: Water included in association; Sewer included in association
• Home design: One-story building; Entry on level 2; Leasehold property; Hokulani In Kailua
• Construction: Built in 2015 (effective); Double wall, masonry, and stucco construction
• Exterior features: Key card entry; Deck/porch; Patio; Barbecue area; Playground

Interior

• Flooring: Ceramic tile; Laminate
• Bathrooms: 2 full bathrooms
• Interior features: Excellent condition; Good condition; Has view

🏷️ Possibly a rental listed for sale. The $385,000 price doesn't fit this home's estimated sale value (~$614,723) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $385k.

Deal economics

• At list price, monthly cash flow is $-453 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $305k (20.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $328k (14.7% below list).
• Recommended offer: $305k (20.8% below list) — sets the bar for cash-flow.
• Cap rate 4.9% vs local median 1.6% in Kailua — 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 83/100 on livability (#2 in HI, #906 nationally) — a professional / high-income tenant draw. Strengths: crime A+, amenities A+, commute A+; Watch: 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.
• Zoned schools: Kailua Elementary School (math 22% / reading 42%, grade F, #113 of 183 statewide, top 63%, 309 students, 50% FRL); Kailua Intermediate School (math 34% / reading 70%, grade C+, #7 of 42 statewide, top 15%, 706 students, 31% FRL); Kalaheo High School (math 27% / reading 82%, grade C-, #6 of 43 statewide, top 14%, 856 students, 18% FRL).
• Market conditions: Rents rising fast (+5.6%/yr); 121 active listings in the ZIP; 23 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $3k of loan paydown is wiped out by about $12k of value loss. Plan a longer hold.
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 29 days — a 2% lower offer ($379k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 24y 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 21% of rent.

Recommended offer $304,998 (20.8% 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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
6. 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?
7. 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.
8. 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.
9. 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: 0.85% ✗
• Cap rate: 4.88%
• Cash-on-cash: -5.04%
• DSCR: 0.78
• GRM: 9.8

CMA / ARV

• ARV (median comp): $614,723
• List price: $385,000
• Delta: -28.75%
• Verdict: UNDERPRICED
• Comps: 9 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 5.57% rent growth · sell at horizon

5-year hold

• IRR: -21.5%
• Equity multiple: 0.24×
• Total profit: $-82,237
• Equity at exit: $57,405

10-year hold

• IRR: -9.3%
• Equity multiple: 0.35×
• Total profit: $-69,926
• Equity at exit: $33,288

Cash invested: $107,800 (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 96734

• Rents YoY: 5.6%
• Active inventory: 121
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $3,283 high
• Mortgage (P&I): −$2,019
• Tax from tax record: −$167 /mo · $2,003/yr
• Insurance: −$160
• HOA: −$700
• Vacancy / Maint / Mgmt: −$689
• Net cashflow: $-453

Break-even live

Break-even rent $3,856

Max offer price $304,998

Occupancy floor —

Sensitivity live

Price	-10% $-235	-5% $-344	+0% $-453	+5% $-562	+10% $-671
Rent	-10% $-712	-5% $-583	+0% $-453	+5% $-323	+10% $-194
Rate	-1.0pp $-259	-0.5pp $-355	base $-453	+0.5pp $-553	+1.0pp $-654

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: $96,250
• Closing costs: $11,550
• Reserves months: —
• Total cash needed: —

Rent comps 23 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
355 Aoloa St Kailua, HI	1.0–2.0	1.0–2.0	701	$3,089	$4.41	23d	2	0.03mi
355 Aoloa St Unit C104 Kailua, HI	1.0	1.0	588	$2,800	$4.76	12d	1	0.03mi
1015 Aoloa Pl #210 Kailua, HI	2.0	2.0	959	$3,350	$3.49	46d	1	0.10mi
1015 Aoloa Pl Kailua, HI	2.0	2.0	959	$3,000	$3.13	19d	1	0.10mi
1015 Aoloa Pl Kailua, HI	2.0	2.0	944	$3,300	$3.50	5d	1	0.10mi
322 Aoloa St Kailua, HI	1.0–3.0	1.0–2.0	978	$3,762	$3.85	5d	2	0.11mi
308 Awakea Rd Kailua, HI	1.0	1.0	777	$3,200	$4.12	16d	1	0.29mi
14 Aulike St #404 Kailua, HI	2.0	2.0	861	$3,800	$4.41	25d	1	0.46mi
14 Aulike St #806 Kailua, HI	2.0	2.0	868	$3,700	$4.26	12d	1	0.46mi
45 Aulike St #301 Kailua, HI	2.0	1.0	890	$2,450	$2.75	5d	1	0.52mi
45 Aulike St #301 Kailua, HI	2.0	1.0	890	$2,450	$2.75	18d	1	0.52mi
104 Kihapai St Unit 602 Kailua, HI	1.0	1.0	525	$1,588	$3.02	4d	1	0.61mi
104 Kihapai St Unit 602 Kailua, HI	1.0	1.0	525	$1,629	$3.10	23d	1	0.61mi
711 Wailepo Pl Kailua, HI	2.0	2.0	672	$3,100	$4.61	25d	1	0.66mi
4 S Kalaheo Ave Kailua, HI	1.0	1.0	750	$2,800	$3.73	25d	1	0.71mi
129 Ulupa St Unit A Kailua, HI	1.0	1.0	728	$2,850	$3.91	19d	1	0.78mi
528 Oneawa St Kailua, HI	3.0	1.0	720	$3,800	$5.28	12d	1	1.06mi
606 Kaulani Way Unit B-2 Kailua, HI	2.0	1.0	730	$2,900	$3.97	5d	1	1.06mi
619 Oneawa St Kailua, HI	3.0	2.0	1080	$4,800	$4.44	4d	1	1.16mi
619 Oneawa St Unit NA Kailua, HI	3.0	2.0	1080	$4,500	$4.17	5d	1	1.16mi
407 Kalama St Apt A Kailua, HI	2.0	1.0	700	$3,200	$4.57	25d	1	1.33mi
1505 Kanapuu Dr Kailua, HI	2.0	2.0	792	$3,400	$4.29	25d	1	1.43mi
1054 Koohoo Pl Unit 1 Kailua, HI	1.0	1.5	780	$3,300	$4.23	45d	1	1.47mi

HOA detail condo

• Monthly dues: $700 · $8,400/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-21
   days on market $385,000 Active 29 DOM
2. 2026-06-18
   days on market $385,000 Active 26 DOM
3. 2026-06-17
   days on market $385,000 Active 25 DOM
4. 2026-06-16
   days on market $385,000 Active 24 DOM
5. 2026-06-15
   days on market $385,000 Active 23 DOM
6. 2026-06-13
   days on market $385,000 Active 21 DOM
7. 2026-06-13
   days on market $385,000 Active 20 DOM
8. 2026-06-10
   days on market $385,000 Active 18 DOM
9. 2026-06-09
   days on market $385,000 Active 17 DOM
10. 2026-06-08
    days on market $385,000 Active 16 DOM
11. 2026-06-07
    days on market $385,000 Active 15 DOM
12. 2026-06-05
    days on market $385,000 Active 12 DOM
13. 2026-06-03
    days on market $385,000 Active 11 DOM
14. 2026-06-02
    days on market $385,000 Active 10 DOM
15. 2026-06-01
    days on market $385,000 Active 9 DOM
16. 2026-05-31
    days on market $385,000 Active 8 DOM
17. 2026-05-09
    price $385,000 940-char remark
18. 2026-04-14
    status Active 940-char remark
19. 2026-04-11
    price $438,000 940-char remark
20. 2026-04-10
    historical 940-char remark
21. 2026-04-06
    listed $488,000 940-char remark
22. 2017-10-16
    soldstatus $380,000 Sold 266-char remark

    Show marketing remark (266 chars)

    Hokulani in Kailua two bedroom, two bath, second floor's view is preservation land. Renovated kitchen with Laminate floors in both bedrooms and tile through out house, fresh paint. Pet friendly building. Close to Kailua Town, restaurants, shopping, and Kailua Beach.

23. 2017-10-13
    soldstatus $380,000
24. 2017-07-20
    price $398,000 266-char remark

    Show marketing remark (266 chars)

    Hokulani in Kailua two bedroom, two bath, second floor's view is preservation land. Renovated kitchen with Laminate floors in both bedrooms and tile through out house, fresh paint. Pet friendly building. Close to Kailua Town, restaurants, shopping, and Kailua Beach.

25. 2017-05-20
    listed $408,000 Active 266-char remark

    Show marketing remark (266 chars)

    Hokulani in Kailua two bedroom, two bath, second floor's view is preservation land. Renovated kitchen with Laminate floors in both bedrooms and tile through out house, fresh paint. Pet friendly building. Close to Kailua Town, restaurants, shopping, and Kailua Beach.

26. 2002-11-15
    soldstatus $148,000
27. 2002-11-15
    soldstatus $148,000
28. 2002-09-24
    historical
29. 2002-07-22
    listed $165,000
30. 1998-05-13
    soldstatus $1,000
31. 1998-03-27
    soldstatus $1,000
32. 1994-10-14
    soldstatus $165,000
33. 1994-10-10
    soldstatus $165,000
34. 1989-07-03
    soldstatus $930,000

ⓘ 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: $2,003 · $167/mo
• Projected year-2 tax: $2,003 · $167/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: $39,395
• − Mortgage interest: −$21,566
• − Property taxes: −$2,003
• − Insurance: −$1,925
• − Repairs & maintenance: −$3,152
• − Management: −$3,152
• − HOA: −$8,400
• − Depreciation: −$11,200
• Taxable loss: −$12,003
• Est. tax savings @ 24.0%: +$2,881
• After-tax cash flow: $-2,554/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 — Kailua

• Score: 83/100
• State rank: #2
• US rank: #906

Category grades

Amenities A+ Commute A+ Cost of living F Crime A+ Employment A+ Housing C Health & safety A+ User ratings B

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kailua, HI
• County: Honolulu County · 963,448 people
• City population: 50,670
• Metro: Urban Honolulu, HI
• Population (ZIP): 50,670
• Household income: $132,782
• Rent vs Own: 37.2% rent · 62.8% own
• Severe rent burden: 1926.0

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 0.76)
• Race & ethnicity: White 44% Two or more races 27% Asian 19% Hispanic / Latino 10% Pacific Islander 4% Black 1%
• Hispanic origin (detail): Mexican 5% Puerto Rican 2%
• Common ancestry: Russian 3% Slovak 2% Romanian 2%
• Foreign-born: 8% · Canada, Vietnam, South Korea
• Languages at home: 87% English-only · Spanish 4% Other Asian/Pacific 4% Chinese 1%

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: ▼ -818.54%
• Current HPI: 389.255
• Rent YoY: ▲ 5.57%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

-58.6% since first listed

20 events — show timeline

• 2026-05-23 Listed $385,000 HiCentral MLS
• 2026-05-21 Listing Removed — HiCentral MLS
• 2026-05-09 Price Changed $385,000 HiCentral MLS
• 2026-04-14 Relisted — HiCentral MLS
• 2026-04-11 Price Changed $438,000 HiCentral MLS
• 2026-04-10 Listing Removed — HiCentral MLS
• 2026-04-06 Listed $488,000 HiCentral MLS
• 2017-10-16 Sold (MLS) $380,000 HiCentral MLS
• 2017-10-13 Sold (Public Records) $380,000 Public Records
• 2017-07-20 Price Changed $398,000 HiCentral MLS
• 2017-05-20 Listed $408,000 HiCentral MLS
• 2002-11-15 Sold (Public Records) $148,000 Public Records
• 2002-11-15 Sold (MLS) $148,000 HiCentral MLS
• 2002-09-24 Listing Removed — HiCentral MLS
• 2002-07-22 Listed $165,000 HiCentral MLS
• 1998-05-13 Sold (Public Records) $1,000 Public Records
• 1998-03-27 Sold (Public Records) $1,000 Public Records
• 1994-10-14 Sold (Public Records) $165,000 Public Records
• 1994-10-10 Sold (Public Records) $165,000 Public Records
• 1989-07-03 Sold (Public Records) $930,000 Public Records

Property tax history

+5.1%/yr

Latest (2022): $2,003 · +5.9% YoY. Source: county tax records.