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1390 Kapiolani Blvd #902
D Composite 43.41
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 +6.0/10.0
  • Cash flow +5.5/30.0
  • Schools +4.0/10.0
  • Condition / age +4.0/5.0
  • Rent growth +3.3/5.0
  • 1% rule +3.1/10.0
  • Livability +2.5/5.0
  • DSCR +0.0/10.0

$459,000

1390 Kapiolani Blvd #902 · Urban Honolulu, HI 96814
2 bd · 1.0 ba · 598 sqft · Condo · 106 Days on market
Built 2021 Good condition $768/sqft · 35% below area Est $709k · 35% under $718/mo HOA · 19% of rent

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

Rare opportunity to own a 2-bedroom, 1-bath residence at The Flats at Sky Ala Moana East. This thoughtfully designed 598 sq. ft. unit features modern finishes, efficient use of space, and one covered parking stall. Conveniently located in the heart of Honolulu, just minutes from Ala Moana Center, Ala Moana Beach Park, shopping, dining, entertainment, and major transportation routes. Enjoy the benefits of urban living in a newer residential community with easy access to everything Honolulu has to offer. Perfect for owner-occupants seeking an affordable home in a prime location. This property is subject to City and County of Honolulu Affordable Housing Program restrictions.

Key facts

  • Urban living
  • Modern finishes
  • Prime location

Tags

MODERN FINISHESCOVERED PARKING STALLPRIME LOCATIONURBAN LIVINGNEWER RESIDENTIAL COMMUNITY

Neighborhood map

Property Rental comp Retail Costco Walmart Transit Schools Stadiums Fortune 500 · Circle radius: 6.0 mi
Loading POIs…

What this means for you Summary

Snapshot

  • This is a 2-bed/1.0-bath condo listed at $459k. Condition is rated good.

Deal economics

  • At list price, monthly cash flow is $-970 ($-12k/yr) — negative.
  • To cash-flow at today's rent, offer at most $319k (30.6% below list).
  • To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $370k (19.5% below list).
  • Recommended offer: $319k (30.6% 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: Queen Kaahumanu Elementary School (math 27% / reading 43%, grade F, #107 of 183 statewide, top 58%, 430 students, 63% FRL); Robert Louis Stevenson Middle School (math 30% / reading 57%, grade D, #10 of 42 statewide, top 22%, 576 students, 43% FRL); President William Mckinley High School (math 28% / reading 69%, grade D, #13 of 43 statewide, top 33%, 1,502 students, 50% FRL).
  • Market conditions: Rents rising (+3.1%/yr); 779 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 99d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 92% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
  • At $3,696/mo this rent would consume 57% of the median local household income ($78k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

  • In year one you build about $12k of equity ($3k loan paydown + $9k appreciation (2.0% local appreciation)).
  • Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
  • By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

  • It's been on market 106 days — a 9% lower offer ($418k) is reasonable based on typical stale-listing flexibility.
Recommended offer $318,570 (30.6% 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 106 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
  3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
  4. 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?
  5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
  6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
  7. 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?
  8. 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.
  9. 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.
  10. 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
0.81%
Cap rate
3.76%
Cash-on-cash
-9.06%
DSCR
0.60
GRM
10.4

CMA / ARV

ARV (median comp)
$708,787
List price
$459,000
Delta
-35.24%
Verdict
UNDERPRICED
Comps
20 within 1.0 mi
Show comp detail 12 sales within ~0.75 mi
Address Dist Beds/Ba Sqft Sold Price $/sf Match
1388 Kapiolani Blvd #3104 0.02mi 1/1.0 (-1) 521 (-13%) 0mo $690,000 $1,324 72
411 Hobron Ln #3814 0.68mi 2/1.0 616 (+3%) 0mo $510,000 $828 63
949 Prospect St #301 1.01mi 2/1.0 569 (-5%) 0mo $440,000 $773 57
600 Ala Moana Blvd #4003 1.23mi 1/1.0 (-1) 579 (-3%) 0mo $800,000 $1,382 55
445 Seaside Ave #2402 1.45mi 1/1.0 (-1) 563 (-6%) 0mo $515,000 $915 50
2240 Kuhio Ave #905 1.38mi 1/1.0 (-1) 538 (-10%) 0mo $120,000 $223 43
2240 Kuhio Ave #1501 1.38mi 1/1.0 (-1) 538 (-10%) 0mo $130,000 $242 43
1702 Kewalo St #508 1.04mi 2/1.0 736 (+23%) 0mo $315,000 $428 40
600 Queen St #809 1.06mi 1/1.0 (-1) 672 (+12%) 0mo $610,000 $908 39
965 Prospect St #403 1.01mi 2/1.5 723 (+21%) 0mo $180,000 $249 38
445 Kaiolu St #504 1.25mi 1/1.0 (-1) 456 (-24%) 0mo $210,750 $462 35
1700 Makiki St #109 1.00mi 1/1.0 (-1) 480 (-20%) 0mo $245,000 $510 35

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

1.98% appreciation · 3.1% rent growth · sell at horizon

5-year hold
IRR
-4.3%
Equity multiple
0.77×
Total profit
$-30,022
Equity at exit
$180,457
10-year hold
IRR
0.7%
Equity multiple
1.10×
Total profit
$12,667
Equity at exit
$259,412

Cash invested: $128,520 (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.

Active competition Active MLS

For sale now
13 active · 21 under contract
Median asking
$547,500 ($1095/sqft)
Median days on market
128 d
This list price
46% of active listings are priced below it
ARV vs active asking
+8.2% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 96814

Home prices YoY
0.5%
Rents YoY
3.1%
Active inventory
779
Price-to-rent
10.4×

Monthly cashflow live

Estimated rent
$3,696 high interval (Pro) →
Mortgage (P&I)
$2,407
Tax est. 1.5%
$574 /mo · $6,885/yr
Insurance
$191
HOA
$718
Vacancy / Maint / Mgmt
$776
Net cashflow
$-970

Break-even live

Break-even rent $4,924
Max offer price $318,570
Occupancy floor

Sensitivity live

Price -10% $-653 -5% $-812 +0% $-970 +5% $-1,129 +10% $-1,288
Rent -10% $-1,262 -5% $-1,116 +0% $-970 +5% $-825 +10% $-679
Rate -1.0pp $-739 -0.5pp $-854 base $-970 +0.5pp $-1,089 +1.0pp $-1,210

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
$114,750
Closing costs
$13,770
Reserves months
Total cash needed

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested
Monthly P&I
Monthly cashflow
DSCR
Eligible?

Short-term bridge; refi at stabilization.

Rent comps 40 comps

AddressBedsBaths SqftRent$/sqft DOM Units Dist
1388 Kapiolani Blvd Unit 2004 Honolulu, HI 1.0 1.0 521 $3,200 $6.14 82d 1 0.04mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI 1.0 1.0 519 $4,000 $7.71 7d 1 0.04mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI 1.0 1.0 619 $4,000 $6.46 99d 1 0.04mi
1388 Kapiolani Blvd #1505 Honolulu, HI 1.0 1.0 567 $3,300 $5.82 57d 1 0.04mi
1388 Kapiolani Blvd #1505 Honolulu, HI 1.0 1.0 567 $3,300 $5.82 62d 1 0.04mi
1388 Kapiolani Blvd #2703 Honolulu, HI 1.0 1.0 574 $3,500 $6.10 119d 1 0.04mi
1388 Kapiolani Blvd #3403 Honolulu, HI 1.0 1.0 649 $4,200 $6.47 10d 1 0.04mi
1388 Kapiolani Blvd #4205 Honolulu, HI 1.0 1.0 567 $4,500 $7.94 139d 1 0.04mi
1388 Kapiolani Blvd #2903 Honolulu, HI 1.0 1.0 574 $3,500 $6.10 106d 1 0.04mi
1391 Kapiolani Blvd Honolulu, HI 1.0–2.0 1.0–2.0 855 $5,000 $5.85 87d 1 0.06mi
629 Keeaumoku St Honolulu, HI 1.0–2.0 1.0–2.0 923 $6,300 $6.82 112d 2 0.08mi
629 Keeaumoku St Honolulu, HI 1.0–2.0 1.0–2.0 883 $5,500 $6.23 65d 3 0.08mi
629 Keeaumoku St Honolulu, HI 1.0–2.0 1.0–2.0 919 $6,300 $6.86 139d 2 0.08mi
629 Keeaumoku St Honolulu, HI 1.0 1.0 618 $3,150 $5.10 87d 3 0.08mi
1500 Rycroft St Unit 2304 Honolulu, HI 1.0 1.0 569 $3,200 $5.62 119d 1 0.20mi
1500 Rycroft St Unit 2607R Honolulu, HI 1.0 1.0 618 $3,500 $5.66 119d 1 0.20mi
1500 Rycroft St Unit 1904 Honolulu, HI 1.0 1.0 564 $3,000 $5.32 74d 1 0.20mi
1500 Rycroft St Unit 2306R Honolulu, HI 1.0 1.0 563 $4,000 $7.10 139d 1 0.20mi
1500 Rycroft St Honolulu, HI 1.0 1.0 523 $3,200 $6.12 112d 1 0.20mi
1500 Rycroft St Unit 4105R Honolulu, HI 1.0 1.0 523 $3,200 $6.12 74d 1 0.20mi
1500 Rycroft St Unit 3903 Honolulu, HI 1.0 1.0 571 $3,750 $6.57 119d 1 0.20mi
1500 Rycroft St Unit 1706R Honolulu, HI 1.0 1.0 563 $5,000 $8.88 78d 1 0.20mi
1500 Rycroft St Unit 2006R Honolulu, HI 1.0 1.0 628 $4,000 $6.37 7d 1 0.20mi
1500 Rycroft St Unit 3005R Honolulu, HI 1.0 1.0 523 $3,200 $6.12 115d 1 0.20mi
1296 Kapiolani Blvd Honolulu, HI 1.0–3.0 1.0–2.0 974 $3,550 $3.64 110d 2 0.26mi
1515 Liona St #4407 Honolulu, HI 1.0 1.0 606 $3,500 $5.78 62d 1 0.28mi
1288 Kapiolani Blvd Unit 1801 Honolulu, HI 1.0 1.0 701 $2,925 $4.17 74d 1 0.29mi
1315 Liona St Honolulu, HI 1.0 1.0 606 $3,750 $6.19 93d 1 0.30mi
1655 Makaloa St #1510 Honolulu, HI 1.0 1.0 500 $2,600 $5.20 117d 1 0.35mi
1189 Waimanu St Honolulu, HI 1.0–3.0 1.0–2.0 937 $4,350 $4.64 57d 3 0.43mi
475 Atkinson Dr #601 Honolulu, HI 1.0 1.0 700 $2,700 $3.86 87d 1 0.43mi
475 Atkinson Dr Honolulu, HI 1.0–2.0 1.0 798 $3,000 $3.76 117d 3 0.43mi
419A Atkinson Dr #1103 Honolulu, HI 2.0 1.0 664 $2,700 $4.07 111d 1 0.44mi
419A Atkinson Dr Honolulu, HI 2.0 1.0 664 $2,695 $4.06 92d 1 0.44mi
1133 Waimanu St #1808 Honolulu, HI 1.0 1.0 556 $2,800 $5.04 107d 1 0.47mi
1133 Waimanu St #405 Honolulu, HI 1.0 1.0 550 $2,700 $4.91 99d 1 0.47mi
1314 Kalakaua Ave Honolulu, HI 2.0 1.0–2.0 773 $4,675 $6.04 119d 3 0.50mi
1315 Kalakaua Ave #1406 Honolulu, HI 2.0 2.0 744 $2,600 $3.49 87d 1 0.52mi
1009 Kapiolani Blvd Honolulu, HI 2.0 2.0 745 $3,400 $4.56 119d 2 0.57mi
1009 Kapiolani Blvd Honolulu, HI 1.0–2.0 1.0–2.0 893 $4,600 $5.15 62d 1 0.57mi

Property features AI

Finance

Other
Community features include trash chute and gated access
Financial info
Annual tax information availablePets allowed — contact for details
HOA & community
Maintenance fee $718 (maintenance expense)Association covers common area maintenance, grounds maintenance, structure maintenance, and sewerOn-site management

Exterior

Parking
Assigned parkingGuest parking1 parking space total
Security
Elevator access securedGated communityKey card entry
Utilities
Sewer included in association fees
Home design
Condo in Sky Ala Moana EastEntry on level 9Fee simple ownershipZoned BMX-3 Community Business MProperty in excellent condition
Construction
Concrete construction
Exterior features
Secured elevatorGated communityKey card entryHas a viewTrash chute

Interior

Flooring
CarpetVinyl
Bathrooms
1 full bathroom
Interior features
UnfurnishedCarpet and vinyl flooring

HOA detail $718/mo · $8,616/yr condo

Assessments
None detected in remarks — confirm with the listing agent.

Listing history 50 events

  1. 2026-09-23
    days on market $459,000 Active 106 DOM
  2. 2026-09-22
    days on market $459,000 Active 105 DOM
  3. 2026-09-21
    days on market $459,000 Active 104 DOM
  4. 2026-09-20
    days on market $459,000 Active 103 DOM
  5. 2026-09-19
    days on market $459,000 Active 102 DOM
  6. 2026-09-18
    days on market $459,000 Active 101 DOM
  7. 2026-09-17
    days on market $459,000 Active 100 DOM
  8. 2026-09-16
    days on market $459,000 Active 99 DOM
  9. 2026-09-15
    days on market $459,000 Active 98 DOM
  10. 2026-09-14
    days on market $459,000 Active 97 DOM
  11. 2026-09-13
    days on market $459,000 Active 96 DOM
  12. 2026-09-12
    days on market $459,000 Active 95 DOM
  13. 2026-09-11
    days on market $459,000 Active 94 DOM
  14. 2026-09-05
    days on market $459,000 Active 88 DOM
  15. 2026-09-04
    days on market $459,000 Active 87 DOM
  16. 2026-09-03
    days on market $459,000 Active 86 DOM
  17. 2026-08-31
    days on market $459,000 Active 83 DOM
  18. 2026-08-29
    days on market $459,000 Active 81 DOM
  19. 2026-08-28
    days on market $459,000 Active 80 DOM
  20. 2026-08-27
    days on market $459,000 Active 79 DOM
  21. 2026-08-25
    days on market $459,000 Active 77 DOM
  22. 2026-08-24
    days on market $459,000 Active 76 DOM
  23. 2026-08-23
    days on market $459,000 Active 75 DOM
  24. 2026-08-22
    days on market $459,000 Active 74 DOM
  25. 2026-08-21
    days on market $459,000 Active 73 DOM
  26. 2026-08-20
    days on market $459,000 Active 72 DOM
  27. 2026-08-19
    days on market $459,000 Active 71 DOM
  28. 2026-08-18
    days on market $459,000 Active 70 DOM
  29. 2026-08-17
    days on market $459,000 Active 69 DOM
  30. 2026-08-16
    days on market $459,000 Active 68 DOM
  31. 2026-08-15
    days on market $459,000 Active 67 DOM
  32. 2026-08-14
    days on market $459,000 Active 66 DOM
  33. 2026-08-13
    days on market $459,000 Active 65 DOM
  34. 2026-08-12
    days on market $459,000 Active 64 DOM
  35. 2026-08-11
    days on market $459,000 Active 63 DOM
  36. 2026-08-10
    days on market $459,000 Active 62 DOM
  37. 2026-08-09
    days on market $459,000 Active 61 DOM
  38. 2026-08-08
    days on market $459,000 Active 60 DOM
  39. 2026-08-07
    days on market $459,000 Active 59 DOM
  40. 2026-08-06
    days on market $459,000 Active 58 DOM
  41. 2026-08-05
    days on market $459,000 Active 57 DOM
  42. 2026-08-04
    days on market $459,000 Active 56 DOM
  43. 2026-08-03
    days on market $459,000 Active 55 DOM
  44. 2026-07-31
    days on market $459,000 Active 52 DOM
  45. 2026-07-30
    days on market $459,000 Active 51 DOM
  46. 2026-07-30
    days on market $459,000 Active 50 DOM
  47. 2026-07-28
    days on market $459,000 Active 49 DOM
  48. 2026-07-26
    days on market $459,000 Active 47 DOM
  49. 2026-07-24
    days on market $459,000 Active 45 DOM
  50. 2026-07-23
    days on market $459,000 Active 44 DOM

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

Nearby sold comps map

Loading sold comps map…

Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income
$44,348
− Mortgage interest
−$25,711
− Property taxes
−$6,885
− Insurance
−$2,295
− Repairs & maintenance
−$3,548
− Management
−$3,548
− HOA
−$8,616
− Depreciation
−$13,353
Taxable loss
−$19,608
combined federal + state — saved on this device
Est. tax savings @ 24.0%
+$4,706
After-tax cash flow
$-6,940/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 · 9 photos

Good 80/100 Cosmetic rehab Est. rehab $2,990–$8,970 screening

This 2-bedroom, 1-bath condo is in good condition with modern finishes and efficient layout. It's located in a prime urban location with easy access to amenities. Painting the exterior and landscaping would significantly enhance its curb appeal and value.

Value-add opportunities

  • Both Painting exterior — Enhances curb appeal and resale value
  • Both Landscaping — Improves curb appeal and rental value
  • Both New flooring — Enhances interior aesthetics and resale value

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 40/100

Zoned Schools

Elementary Queen Kaahumanu Elementary School F HI #107/183 Nat'l #22,904/41,679 Middle President George Washington Middle School F HI #17/42 Nat'l #6,571/14,009 High President William Mckinley High School D HI #13/43 Nat'l #6,127/17,239

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 · 1,072,641 people
City population
309,956
Metro
Urban Honolulu, HI
Population (ZIP)
24,689
Household income
$77,768
Rent vs Own
49.9% rent · 50.1% own
Severe rent burden
12% of renters

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
Diverse neighborhood (Simpson 0.58)
Race & ethnicity
Asian 64% Two or more races 14% White 13% Pacific Islander 6% Hispanic / Latino 5% Black 1%
Hispanic origin (detail)
Mexican 2% Puerto Rican 2%
Common ancestry
Russian 1% Lithuanian 1% Italian 1%
Foreign-born
35% · China, South Korea, Vietnam
Languages at home
58% English-only · Other Asian/Pacific 15% Chinese 10% Korean 9%

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

Price history

1 event — show timeline
  • 2026-06-08 Listed $459,000 HiCentral MLS

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

Loading sold comps…