98-142 Lipoa Pl #214 · Waimalu, HI 96701

$215,000

1 bd · 1.0 ba · 506 sqft · Condo public records · 173 Days on market

Built 1966 $425/sqft · 20% below area Est $269k · 20% under $533/mo HOA · 24% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +12.2/30.0
• 1% rule +5.4/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• DSCR +3.6/10.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Prime location for this one-bedroom, one-bath home, conveniently situated across from Pearlridge Center with close proximity to Pearl Harbor, shopping, Pali Momi Hospital, dining, and freeway access. This second-floor corner unit is located closest to the stairs and includes one assigned parking stall. The property is in need of a full remodel, offering a blank canvas to customize to your taste or reposition as an investment. Ideal for first-time buyers or investors seeking an entry-level opportunity in a highly central and desirable location.

Key facts

• Highly central
• Full remodel
• $533 HOA

Tags

• FULL REMODEL
• ASSIGNED PARKING STALL
• HIGHLY CENTRAL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $215k.

Deal economics

• At list price, monthly cash flow is $-45 ($-535/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (3.7% below list).
• Meets the 1% rule at list price ($2k rent vs $215k).
• Recommended offer: $189k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.0% vs local median 1.8% in Waimalu — 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 76/100 on livability (#11 in HI, #3,359 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, schools B+; Watch: amenities D, 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.
• Market conditions: Rents rising fast (+6.2%/yr); 101 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $1k of loan paydown is wiped out by about $6k 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 173 days — a 12% lower offer ($189k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $26k; list at $215k implies a 711% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $189,200 (12.0% 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 173 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are B-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?
9. 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.
10. 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.
11. 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: 1.04% ✓
• Cap rate: 6.04%
• Cash-on-cash: -0.89%
• DSCR: 0.96
• GRM: 8.0

CMA / ARV

• ARV (median comp): $269,030
• List price: $215,000
• Delta: -20.08%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.15% rent growth · sell at horizon

5-year hold

• IRR: -13.4%
• Equity multiple: 0.50×
• Total profit: $-30,137
• Equity at exit: $32,057

10-year hold

• IRR: 0.6%
• Equity multiple: 1.05×
• Total profit: $3,046
• Equity at exit: $18,589

Cash invested: $60,200 (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 96701

• Rents YoY: 6.2%
• Active inventory: 101
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $2,235 high
• Mortgage (P&I): −$1,127
• Tax from tax record: −$60 /mo · $726/yr
• Insurance: −$90
• HOA: −$533
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $-45

Break-even live

Break-even rent $2,292

Max offer price $207,125

Occupancy floor 97%

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: $53,750
• Closing costs: $6,450
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
98-142 Lipoa Pl Aiea, HI	1.0–2.0	1.0	583	$2,000	$3.43	23d	2	0.03mi
98-135 Lipoa Pl #102 Aiea, HI	2.0	1.0	660	$2,600	$3.94	21d	1	0.03mi
98-941 Moanalua Rd #504 Aiea, HI	1.0	1.0	523	$2,150	$4.11	23d	1	0.29mi
98-099 Uao Pl Aiea, HI	2.0	1.0–2.0	756	$3,525	$4.66	1d	1	0.39mi
98-080 Uao Pl Unit C9 Aiea, HI	2.0	1.0	731	$2,400	$3.28	23d	1	0.46mi
98-288 Kaonohi St #2106 Aiea, HI	1.0	1.0	515	$2,250	$4.37	23d	1	0.47mi
98-1038 Moanalua Rd Aiea, HI	1.0	1.0	583	$2,000	$3.43	3d	2	0.51mi
98-402 Koauka Loop #303 Aiea, HI	1.0	1.0	610	$2,000	$3.28	17d	1	0.54mi
98-402 Koauka Loop #303 Aiea, HI	1.0	1.0	610	$2,000	$3.28	21d	1	0.54mi
98-402 Koauka Loop #1907 Aiea, HI	1.0	1.0	610	$2,400	$3.93	3d	1	0.54mi
98-500 Koauka Loop Aiea, HI	1.0	1.0	605	$2,100	$3.47	16d	1	0.66mi
98-227 Kaluamoi Pl Unit D Pearl City, HI	2.0	1.0	500	$2,200	$4.40	23d	1	0.79mi
98-227 Kaluamoi Pl Unit B Pearl City, HI	2.0	1.0	650	$2,350	$3.62	23d	1	0.79mi
98-212 Kaulike Dr Unit 102 Pearl City, HI	2.0	1.0	750	$2,200	$2.93	3d	1	0.86mi

HOA detail condo

• Monthly dues: $533 · $6,396/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $215,000 Active 173 DOM
2. 2026-06-17
   days on market $215,000 Active 172 DOM
3. 2026-06-15
   days on market $215,000 Active 170 DOM
4. 2026-06-13
   days on market $215,000 Active 168 DOM
5. 2026-06-13
   days on market $215,000 Active 167 DOM
6. 2026-06-10
   days on market $215,000 Active 165 DOM
7. 2026-06-09
   days on market $215,000 Active 164 DOM
8. 2026-06-08
   days on market $215,000 Active 163 DOM
9. 2026-06-07
   days on market $215,000 Active 162 DOM
10. 2026-06-05
    days on market $215,000 Active 159 DOM
11. 2026-06-03
    days on market $215,000 Active 158 DOM
12. 2026-06-02
    days on market $215,000 Active 157 DOM
13. 2026-06-01
    days on market $215,000 Active 156 DOM
14. 2026-05-31
    days on market $215,000 Active 155 DOM
15. 2026-03-18
    price $224,000 549-char remark

    Show marketing remark (549 chars)

    Prime location for this one-bedroom, one-bath home, conveniently situated across from Pearlridge Center with close proximity to Pearl Harbor, shopping, Pali Momi Hospital, dining, and freeway access. This second-floor corner unit is located closest to the stairs and includes one assigned parking stall. The property is in need of a full remodel, offering a blank canvas to customize to your taste or reposition as an investment. Ideal for first-time buyers or investors seeking an entry-level opportunity in a highly central and desirable location.

16. 2025-12-24
    listed $235,000 Active 549-char remark

    Show marketing remark (549 chars)

    Prime location for this one-bedroom, one-bath home, conveniently situated across from Pearlridge Center with close proximity to Pearl Harbor, shopping, Pali Momi Hospital, dining, and freeway access. This second-floor corner unit is located closest to the stairs and includes one assigned parking stall. The property is in need of a full remodel, offering a blank canvas to customize to your taste or reposition as an investment. Ideal for first-time buyers or investors seeking an entry-level opportunity in a highly central and desirable location.

17. 1993-08-09
    soldstatus $26,500
18. 1977-10-24
    soldstatus $24,000

ⓘ 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: $726 · $60/mo
• Projected year-2 tax: $726 · $60/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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $26,825
• − Mortgage interest: −$12,043
• − Property taxes: −$726
• − Insurance: −$1,075
• − Repairs & maintenance: −$2,146
• − Management: −$2,146
• − HOA: −$6,396
• − Depreciation: −$6,255
• Taxable loss: −$3,962
• Est. tax savings @ 24.0%: +$951
• After-tax cash flow: $416/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 — Waimalu

• Score: 76/100
• State rank: #11
• US rank: #3359

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waimalu, HI
• County: Honolulu County · 963,448 people
• Metro: Urban Honolulu, HI
• Population (ZIP): 39,200
• Household income: $111,173
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 878.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Asian 54% Two or more races 23% White 10% Pacific Islander 8% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Russian 1% Lithuanian 1% Romanian 1%
• Foreign-born: 16% · China, South Korea, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 11% Tagalog/Filipino 4% Chinese 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: ▼ -538.09%
• Current HPI: 351.1868
• Rent YoY: ▲ 6.15%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+833.3% since first listed

4 events — show timeline

• 2026-03-18 Price Changed $224,000 HiCentral MLS
• 2025-12-24 Listed $235,000 HiCentral MLS
• 1993-08-09 Sold (Public Records) $26,500 Public Records
• 1977-10-24 Sold (Public Records) $24,000 Public Records

Property tax history

+4.5%/yr

Latest (2022): $726 · +9.7% YoY. Source: county tax records.