1863 Kaioo Dr #404 · Urban Honolulu, HI 96815

$49,000

1 bd · 1.0 ba · 448 sqft · Condo public records · 7 Days on market

Built 1970 $693/mo HOA · 25% of rent ↓ 16% since listing

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Why this score? — see what drove the C- 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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Welcome to Kaioo Terrace, ideally located in the heart of Waikiki. This top-floor 1-bedroom, 1-bath residence with 1 unassigned parking stall offers bright, breezy island living with tradewinds throughout. The unit features air conditioning in the living room plus ceiling fans in both rooms. Built in 1970, Kaioo Terrace offers classic Hawaiiana charm with amenities including a pool, hot tub, secured entry, refuse chute, and community laundry on every floor. Enjoy one of Honolulu’s most walkable locations, minutes from Waikiki Beach, Ala Moana Shopping Center, grocery stores, restaurants, and public transportation. Monthly maintenance fees include water, sewer, gas, electricity, and re

Key facts

• Community laundry
• Hot tub
• Pool

Tags

• POOL
• HOT TUB
• SECURED ENTRY
• COMMUNITY LAUNDRY
• WALKABLE LOCATION
• MINUTES FROM WAIKIKI BEACH

Property features AI

Finance

• Other: Zoned X2 - Apartment Precinct; Property in good condition
• Financial info: Lease amount: $697 (lease expires 2033-12-31); Pets: contact management
• HOA & community: Association fee covers electricity, gas, hot water, sewer and water; Monthly maintenance expense: $630.11

Exterior

• Parking: One unassigned open parking space
• Security: Closed-circuit camera system; Key card entry
• Utilities: Electricity included in association fee; Gas included in association fee; Hot water included in association fee; Sewer included in association fee; Water included in association fee
• Home design: One-story building; Kaioo Terrace condominium; Entry on level 4; Leasehold property
• Construction: Concrete construction
• Exterior features: Community pool; Sauna; Trash chute; Closed-circuit cameras; Key card entry

Interior

• Bedrooms: Bedroom located on the main level
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Interior features: Furnishing negotiable; Bedroom on main level; Laminate flooring

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $49k.

Deal economics

• At list price, monthly cash flow is $715 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $49k).
• Cap rate 34.2% 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 C — 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; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 43% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $2k of equity ($339 loan paydown + $1k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.7% appreciation + 6.0% rent growth), your $14k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 7 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 3y 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 $427/mo; HOA is 25% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $49,000

Questions for the listing agent

1. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 5.59% ✓
• Cap rate: 34.25%
• Cash-on-cash: 99.84%
• DSCR: 5.44
• GRM: 1.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 73.5%
• Equity multiple: 5.37×
• Total profit: $60,016
• Equity at exit: $21,327

10-year hold

• IRR: 75.2%
• Equity multiple: 13.09×
• Total profit: $165,940
• Equity at exit: $32,328

Cash invested: $13,720 (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: 1.5×

Monthly cashflow live

• Estimated rent: $2,740 high
• Mortgage (P&I): −$257
• Tax from tax record: −$52 /mo · $630/yr
• Insurance: −$20
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$693
• Vacancy / Maint / Mgmt: −$575
• Net cashflow: $715

Break-even live

Break-even rent $1,835

Max offer price $49,000

Occupancy floor 69%

Sensitivity live

Price	-10% $743	-5% $729	+0% $715	+5% $701	+10% $687
Rent	-10% $499	-5% $607	+0% $715	+5% $823	+10% $931
Rate	-1.0pp $740	-0.5pp $727	base $715	+0.5pp $702	+1.0pp $689

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: $12,250
• Closing costs: $1,470
• 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	12d	1	0.39mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.39mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	24d	1	0.91mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	24d	8	0.97mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	24d	1	0.97mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	24d	1	0.97mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	44d	1	1.07mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	22d	1	1.10mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	24d	1	1.10mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	24d	2	1.18mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	4d	1	1.19mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	24d	1	1.19mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	44d	1	1.29mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	17d	8	1.31mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	18d	9	1.31mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	11d	9	1.31mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	4d	3	1.32mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	24d	2	1.35mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	24d	1	1.49mi

HOA detail condo

• Monthly dues: $693 · $8,316/yr
• Likely covers: watersewertrashgaselectricpoolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 7 events

1. 2026-06-09
   status $49,000 Pending 7 DOM
2. 2026-06-08
   days on market $49,000 Active Under Contract 7 DOM
3. 2026-06-07
   days on market $49,000 Active Under Contract 6 DOM
4. 2026-06-05
   statusdays on market $49,000 Active Under Contract 3 DOM
5. 2026-06-03
   days on market $49,000 Active 2 DOM
6. 2026-06-02
   remarks 693-char remark
7. 2026-06-02
   listed $49,000 Active 1 DOM

ⓘ 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: $630 · $52/mo
• Projected year-2 tax: $630 · $52/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $32,876
• − Mortgage interest: −$2,745
• − Property taxes: −$630
• − Insurance: −$5,364
• − Repairs & maintenance: −$2,630
• − Management: −$2,630
• − HOA: −$8,316
• − Depreciation: −$1,425
• Taxable income: $9,136
• Est. tax owed @ 24.0%: −$2,193
• After-tax cash flow: $6,387/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

-15.5% since first listed

15 events — show timeline

• 2026-06-01 Listed $49,000 HiCentral MLS
• 2025-12-08 Listing Removed — HiCentral MLS
• 2025-10-30 Price Changed $53,900 HiCentral MLS
• 2025-09-26 Listed $59,000 HiCentral MLS
• 2024-09-16 Relisted — HiCentral MLS
• 2024-09-10 Contingent — HiCentral MLS
• 2024-08-23 Listed $68,900 HiCentral MLS
• 2023-08-21 Listing Removed — HiCentral MLS
• 2023-08-11 Listed $68,500 HiCentral MLS
• 2009-07-20 Sold (Public Records) $125,642 Public Records
• 2006-10-09 Sold (Public Records) $160,000 Public Records
• 1986-09-01 Sold (Public Records) $43,000 Public Records
• 1986-08-28 Sold (Public Records) $43,000 Public Records
• 1980-01-01 Sold (Public Records) $58,000 Public Records
• 1979-12-27 Sold (Public Records) $58,000 Public Records

Property tax history

+1.4%/yr

Latest (2022): $630 · -21.7% YoY. Source: county tax records.