2240 Kuhio Ave #3102 · Urban Honolulu, HI 96815

$169,000

1 bd · 1.0 ba · 445 sqft · Condo public records · 127 Days on market

Built 1976 $380/sqft · 59% below area $926/mo HOA · 40% 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).

• 1% rule +8.6/10.0
• Cash flow +8.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.1/10.0

Listing remarks MLS

High-floor 1-bed, 1-bath condo at the iconic Royal Kuhio in the heart of Waikiki. This seldom-available unit offers spectacular views toward the mountains and golf course from a desirable upper floor, plus comfortable living space ideal for owners and investors alike. Bright interior with flexible layout and easy access to resort-style amenities including pool, BBQ area, gym, sauna, patio deck and 24/7 security. Secured covered parking stall included. Fantastic location mere steps from world-class dining, shopping, and Waikiki Beach — embrace the quintessential Hawaiian lifestyle.

Key facts

• Fantastic location
• Spectacular views
• $926 HOA

Tags

• SPECTACULAR VIEWS
• RESORT-STYLE AMENITIES
• SECURED COVERED PARKING
• FANTASTIC LOCATION

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $169k.

Deal economics

• At list price, monthly cash flow is $-294 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $117k (30.7% below list).
• Meets the 1% rule at list price ($2k rent vs $169k).
• Recommended offer: $117k (30.7% below list) — sets the bar for cash-flow.
• Cap rate 5.1% 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.
• Market conditions: Rents rising fast (+6.0%/yr); 814 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 36% 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 $6k of equity ($1k loan paydown + $5k 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 6, 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 127 days — a 12% lower offer ($149k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 25y ago; this cycle's ask has dropped $11k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 40% 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 $117,127 (30.7% 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 127 days. Have you received any prior offers? Is the seller open to a 31% 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: 1.36% ✓
• Cap rate: 5.08%
• Cash-on-cash: -4.35%
• DSCR: 0.81
• GRM: 6.1

CMA / ARV

• ARV (median comp): $416,813
• List price: $169,000
• Delta: -59.45%
• 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: 2.6%
• Equity multiple: 1.15×
• Total profit: $7,108
• Equity at exit: $73,555

10-year hold

• IRR: 8.8%
• Equity multiple: 2.42×
• Total profit: $67,198
• Equity at exit: $111,499

Cash invested: $47,320 (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: 6.1×

Monthly cashflow live

• Estimated rent: $2,293 high
• Mortgage (P&I): −$886
• Tax from tax record: −$100 /mo · $1,204/yr
• Insurance: −$70
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$926
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $-294

Break-even live

Break-even rent $2,665

Max offer price $117,127

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: $42,250
• Closing costs: $5,070
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	24d	8	0.30mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	24d	1	0.30mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	24d	1	0.30mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	12d	1	0.32mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.32mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	44d	1	0.40mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	21d	1	0.43mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	24d	1	0.43mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	24d	2	0.51mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	3d	1	0.51mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	24d	1	0.53mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	44d	1	0.62mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	3d	3	0.69mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	24d	1	0.75mi
234 Hua AVE Unit 103 Honolulu, HI	—	1.0	257	$1,550	$6.03	3d	1	0.94mi

HOA detail condo

• Monthly dues: $926 · $11,112/yr
• Likely covers: poolgymsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-06-18
   days on market $169,000 Active 127 DOM
2. 2026-06-17
   days on market $169,000 Active 126 DOM
3. 2026-06-16
   days on market $169,000 Active 125 DOM
4. 2026-06-15
   days on market $169,000 Active 124 DOM
5. 2026-06-13
   days on market $169,000 Active 122 DOM
6. 2026-06-13
   remarks 693-char remark
7. 2026-06-13
   days on market $169,000 Active 121 DOM
8. 2026-06-10
   days on market $169,000 Active 119 DOM
9. 2026-06-09
   days on market $169,000 Active 118 DOM
10. 2026-06-08
    days on market $169,000 Active 117 DOM
11. 2026-06-07
    days on market $169,000 Active 116 DOM
12. 2026-06-05
    days on market $169,000 Active 113 DOM
13. 2026-06-03
    days on market $169,000 Active 112 DOM
14. 2026-06-02
    days on market $169,000 Active 111 DOM
15. 2026-06-01
    days on market $169,000 Active 110 DOM
16. 2026-05-31
    days on market $169,000 Active 109 DOM
17. 2026-05-08
    price $169,000 593-char remark

    Show marketing remark (593 chars)

    High-floor 1-bed, 1-bath condo at the iconic Royal Kuhio in the heart of Waikiki. This seldom-available unit offers spectacular views toward the mountains and golf course from a desirable upper floor, plus comfortable living space ideal for owners and investors alike. Bright interior with flexible layout and easy access to resort-style amenities including pool, BBQ area, gym, sauna, patio deck and 24/7 security. Secured covered parking stall included. Fantastic location mere steps from world-class dining, shopping, and Waikiki Beach — embrace the quintessential Hawaiian lifestyle.

18. 2026-02-11
    listed $179,900 Active 593-char remark

    Show marketing remark (593 chars)

    High-floor 1-bed, 1-bath condo at the iconic Royal Kuhio in the heart of Waikiki. This seldom-available unit offers spectacular views toward the mountains and golf course from a desirable upper floor, plus comfortable living space ideal for owners and investors alike. Bright interior with flexible layout and easy access to resort-style amenities including pool, BBQ area, gym, sauna, patio deck and 24/7 security. Secured covered parking stall included. Fantastic location mere steps from world-class dining, shopping, and Waikiki Beach — embrace the quintessential Hawaiian lifestyle.

19. 2001-08-31
    soldstatus $154,000 221-char remark

    Show marketing remark (221 chars)

    FULLY FURNISHED. UPGRADED. VERY NICE CONDITION. FURNITURE, APPLIANCE, BATHROOM NEW. RARELY AVAILABLE HIGH FLOOR UNIT. MTN & GOLF COURSE VIEW. VACANT. EASY TO SEE. CALL LISTING OFFICE AT 971-0101 FOR SHOWING.

20. 2001-08-31
    soldstatus $154,000

    Show marketing remark (221 chars)

    FULLY FURNISHED. UPGRADED. VERY NICE CONDITION. FURNITURE, APPLIANCE, BATHROOM NEW. RARELY AVAILABLE HIGH FLOOR UNIT. MTN & GOLF COURSE VIEW. VACANT. EASY TO SEE. CALL LISTING OFFICE AT 971-0101 FOR SHOWING.

21. 2001-07-25
    historical 221-char remark

    Show marketing remark (221 chars)

    FULLY FURNISHED. UPGRADED. VERY NICE CONDITION. FURNITURE, APPLIANCE, BATHROOM NEW. RARELY AVAILABLE HIGH FLOOR UNIT. MTN & GOLF COURSE VIEW. VACANT. EASY TO SEE. CALL LISTING OFFICE AT 971-0101 FOR SHOWING.

22. 2001-04-30
    listed $167,000 221-char remark

    Show marketing remark (221 chars)

    FULLY FURNISHED. UPGRADED. VERY NICE CONDITION. FURNITURE, APPLIANCE, BATHROOM NEW. RARELY AVAILABLE HIGH FLOOR UNIT. MTN & GOLF COURSE VIEW. VACANT. EASY TO SEE. CALL LISTING OFFICE AT 971-0101 FOR SHOWING.

23. 1996-05-24
    soldstatus $150,000
24. 1987-03-01
    soldstatus $100,000

ⓘ 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: $1,204 · $100/mo
• Projected year-2 tax: $1,204 · $100/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: $27,519
• − Mortgage interest: −$9,467
• − Property taxes: −$1,204
• − Insurance: −$2,312
• − Repairs & maintenance: −$2,202
• − Management: −$2,202
• − HOA: −$11,112
• − Depreciation: −$4,916
• Taxable loss: −$5,896
• Est. tax savings @ 24.0%: +$1,415
• After-tax cash flow: $-2,109/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

+69.0% since first listed

8 events — show timeline

• 2026-05-08 Price Changed $169,000 HiCentral MLS
• 2026-02-11 Listed $179,900 HiCentral MLS
• 2001-08-31 Sold (Public Records) $154,000 Public Records
• 2001-08-31 Sold (MLS) $154,000 HiCentral MLS
• 2001-07-25 Listing Removed — HiCentral MLS
• 2001-04-30 Listed $167,000 HiCentral MLS
• 1996-05-24 Sold (Public Records) $150,000 Public Records
• 1987-03-01 Sold (Public Records) $100,000 Public Records

Property tax history

+1.9%/yr

Latest (2022): $1,204 · -8.1% YoY. Source: county tax records.