55-249 Kamehameha Hwy Unit A

Laie, HI 96762

$2,499,000D-

3 bd · 3.0 ba · 2,464 sqft · Built 2004 · Condo · Active · 76 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $17,067/mo
• Mortgage (P&I): −$13,105
• Tax + insurance: −$1,828
• HOA: −$0
• Vac / Maint / Mgmt: −$3,584
• Net cashflow: $-1,450/mo
• Annual: $-17,406/yr
• Cap rate: 5.60%
• Cash-on-cash: -2.49%
• DSCR: 0.89
• 1% rule: 0.68%
• Cash to close: $699,720

Investor read

• This is a 3-bed/3.0-bath condo listed at $2.50M.
• At list price, monthly cash flow is $-1k ($-17k/yr) — negative.
• To cash-flow at today's rent, offer at most $2.24M (10.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.71M (31.7% below list).
• It's been on market 76 days — a 6% lower offer ($2.35M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.71M (31.7% below list) — sets the bar for 1% rule.
• In year one you build about $267k of equity ($17k loan paydown + $250k appreciation (10.0% local appreciation)).
• Location reads 80/100 on livability (#3 in HI, #1,833 nationally) — a professional / high-income tenant draw. Strengths: schools A+, commute A+, employment A+; Watch: amenities F, cost of living F.
• Market conditions: 1 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 67% of comp listings sitting > 30 days — soft ceiling on asking rent; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 4 sale attempts since 10y 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.
• By year 2, paydown + projected appreciation supports a ~$429k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 76 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are A-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?
• 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?
• 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.