1655 Makaloa St #1616 · Urban Honolulu, HI 96814

$349,000

1 bd · 1.0 ba · 484 sqft · Condo public records · 194 Days on market

Built 1970 $721/sqft · 12% above area Est $312k · 12% over $905/mo HOA · 30% of rent

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Why this score? — see what drove the F 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 +6.3/30.0
• Appreciation +6.0/10.0
• Schools +3.7/10.0
• 1% rule +3.5/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.1/15.0
• DSCR +0.6/10.0

Listing remarks MLS

Location, Location, Location!!! Newly painted, electrical upgrade, and renovated flooring with travertine marble tile. Natural light fills the space with nice views of town . Centrally Located in town with an easy commute for all your needs. The Kpiolani Manor locates directly across from Don Quijote, Palama Market, WalMart, Sam's Clum and many restaurant. near Super Markets , offers rooftop amenities with views of the water. The neighborhood amenities and services are only a block away for all you will need. Monthly maintenance fee includes everything from electricity, water , sewage, and cable. There is a trash shoot and community laundry room on every floor for convenience. There is so convenience many bus lines.

Key facts

• Views of the water
• Natural light
• Renovated flooring

Tags

• ELECTRICAL UPGRADE
• RENOVATED FLOORING
• TRAVERTINE MARBLE TILE
• NATURAL LIGHT
• ROOFTOP AMENITIES
• VIEWS OF THE WATER

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $349k.

Deal economics

• At list price, monthly cash flow is $-687 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (34.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $298k (14.6% below list).
• Recommended offer: $228k (34.8% below list) — sets the bar for cash-flow.
• Cap rate 4.2% 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 F — 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); President George Washington Middle School (math 30% / reading 46%, grade F, #17 of 42 statewide, top 39%, 569 students, 61% FRL); President William Mckinley High School (math 28% / reading 69%, grade D, #13 of 43 statewide, top 33%, 1,502 students, 50% FRL) — zoned schools average 58% FRL vs 39% district-wide (19 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.1%/yr); 561 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k 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 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($307k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 15y 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.
• Current owner paid $235k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,575 (34.8% 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. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 35% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — 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: 0.85% ✗
• Cap rate: 4.16%
• Cash-on-cash: -7.62%
• DSCR: 0.66
• GRM: 9.8

CMA / ARV

• ARV (median comp): $311,655
• List price: $349,000
• Delta: 11.98%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.7%
• Equity multiple: 0.80×
• Total profit: $-19,537
• Equity at exit: $137,210

10-year hold

• IRR: 1.3%
• Equity multiple: 1.17×
• Total profit: $16,931
• Equity at exit: $197,243

Cash invested: $97,720 (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 96814

• Home prices YoY: 0.5%
• Rents YoY: 3.1%
• Active inventory: 561
• Price-to-rent: 9.8×

Monthly cashflow live

• Estimated rent: $2,980 high
• Mortgage (P&I): −$1,830
• Tax from tax record: −$94 /mo · $1,132/yr
• Insurance: −$145
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$905
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $-687

Break-even live

Break-even rent $3,850

Max offer price $227,575

Occupancy floor —

Sensitivity live

Price	-10% $-490	-5% $-589	+0% $-687	+5% $-786	+10% $-885
Rent	-10% $-923	-5% $-805	+0% $-687	+5% $-570	+10% $-452
Rate	-1.0pp $-512	-0.5pp $-599	base $-687	+0.5pp $-778	+1.0pp $-870

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: $87,250
• Closing costs: $10,470
• Reserves months: —
• Total cash needed: —

Rent comps 14 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	13d	1	0.72mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.72mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	25d	1	0.96mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	19d	9	1.03mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	18d	8	1.03mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	12d	9	1.03mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	25d	1	1.06mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	25d	2	1.09mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	25d	1	1.34mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	25d	1	1.34mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	25d	8	1.34mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	45d	1	1.43mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	23d	1	1.46mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	25d	1	1.46mi

HOA detail condo

• Monthly dues: $905 · $10,860/yr
• Likely covers: watertrashelectriccable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $349,000 Active 194 DOM
2. 2026-06-18
   days on market $349,000 Active 191 DOM
3. 2026-06-17
   days on market $349,000 Active 190 DOM
4. 2026-06-15
   days on market $349,000 Active 188 DOM
5. 2026-06-13
   days on market $349,000 Active 186 DOM
6. 2026-06-13
   days on market $349,000 Active 185 DOM
7. 2026-06-10
   days on market $349,000 Active 183 DOM
8. 2026-06-09
   days on market $349,000 Active 182 DOM
9. 2026-06-08
   days on market $349,000 Active 181 DOM
10. 2026-06-07
    days on market $349,000 Active 180 DOM
11. 2026-06-05
    days on market $349,000 Active 177 DOM
12. 2026-06-03
    days on market $349,000 Active 176 DOM
13. 2026-06-02
    days on market $349,000 Active 175 DOM
14. 2026-06-01
    days on market $349,000 Active 174 DOM
15. 2026-05-31
    days on market $349,000 Active 173 DOM
16. 2025-12-08
    listed $349,000 Active 730-char remark

    Show marketing remark (730 chars)

    Location, Location, Location!!! Newly painted, electrical upgrade, and renovated flooring with travertine marble tile. Natural light fills the space with nice views of town . Centrally Located in town with an easy commute for all your needs. The Kpiolani Manor locates directly across from Don Quijote, Palama Market, WalMart, Sam's Clum and many restaurant. near Super Markets , offers rooftop amenities with views of the water. The neighborhood amenities and services are only a block away for all you will need. Monthly maintenance fee includes everything from electricity, water , sewage, and cable. There is a trash shoot and community laundry room on every floor for convenience. There is so convenience many bus lines.

17. 2012-01-27
    soldstatus $235,000 363-char remark

    Show marketing remark (363 chars)

    Cool mauka views from this higher floor apartment. It has new paint and new wall-wall carpet and vinyl flooring, and the original wood cabinets are looking good! And, it is difficult to beat this location - close to shopping at Ala Moana or Don Quixote, the Convention Center, public transportation, and Ala Moana Beach park. Easy to see - call the office and go!

18. 2012-01-27
    soldstatus $235,000

    Show marketing remark (363 chars)

    Cool mauka views from this higher floor apartment. It has new paint and new wall-wall carpet and vinyl flooring, and the original wood cabinets are looking good! And, it is difficult to beat this location - close to shopping at Ala Moana or Don Quixote, the Convention Center, public transportation, and Ala Moana Beach park. Easy to see - call the office and go!

19. 2011-11-01
    listed $245,000 363-char remark

    Show marketing remark (363 chars)

    Cool mauka views from this higher floor apartment. It has new paint and new wall-wall carpet and vinyl flooring, and the original wood cabinets are looking good! And, it is difficult to beat this location - close to shopping at Ala Moana or Don Quixote, the Convention Center, public transportation, and Ala Moana Beach park. Easy to see - call the office and go!

20. 1970-08-01
    soldstatus $23,100

ⓘ 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: $1,132 · $94/mo
• Projected year-2 tax: $1,132 · $94/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 X (unshaded) · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $35,757
• − Mortgage interest: −$19,549
• − Property taxes: −$1,132
• − Insurance: −$2,542
• − Repairs & maintenance: −$2,861
• − Management: −$2,861
• − HOA: −$10,860
• − Depreciation: −$10,153
• Taxable loss: −$14,200
• Est. tax savings @ 24.0%: +$3,408
• After-tax cash flow: $-4,840/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): 24,689
• Household income: $77,768
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 1641.0

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 0.58)
• 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: —

Market trends

• HPI YoY: ▲ 1.98%
• Current HPI: 376.4197
• Rent YoY: ▲ 3.10%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+1410.8% since first listed

5 events — show timeline

• 2025-12-08 Listed $349,000 HiCentral MLS
• 2012-01-27 Sold (Public Records) $235,000 Public Records
• 2012-01-27 Sold (MLS) $235,000 HiCentral MLS
• 2011-11-01 Listed $245,000 HiCentral MLS
• 1970-08-01 Sold (Public Records) $23,100 Public Records

Property tax history

+2.7%/yr

Latest (2022): $1,132 · +5.0% YoY. Source: county tax records.