46-63 Emepela Pl Unit U206 · Kaneohe, HI 96744

$189,900

2 bd · 2.0 ba · 1,231 sqft · Condo public records · 94 Days on market

Built 1989 $154/sqft · 69% below area $1024/mo HOA · 33% 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).

• Cash flow +19.6/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.2/10.0
• Rent growth +4.6/5.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Highly desired unit in the well kept complex of Windward Estates. Preferred location in the back of the complex with nice serene views of the pond and garden area. Unit has two reserved parking stalls in front of the unit. This is a Leasehold Unit. LH will need to be confirmed.

Key facts

• Serene views
• Pond
• Garden area

Tags

• SERENE VIEWS
• POND
• GARDEN AREA

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $190k.

Deal economics

• At list price, monthly cash flow is $218 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $190k).
• Recommended offer: $173k (9.0% below list) — sets the bar for market timing.
• Cap rate 7.7% vs local median 1.6% in Kaneohe — 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 74/100 on livability (#15 in HI, #4,828 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, 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 (+8.4%/yr); 121 active listings in the ZIP; 17 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $53k cash investment doubles in ~8 years — after that, you're playing with house money.

Negotiation context

• It's been on market 94 days — a 9% lower offer ($173k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $310k (62%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $172,809 (9.0% below list)

Questions for the listing agent

1. It's been on market 94 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 1.64% ✓
• Cap rate: 7.67%
• Cash-on-cash: 4.93%
• DSCR: 1.22
• GRM: 5.1

CMA / ARV

• ARV (median comp): $616,820
• List price: $189,900
• Delta: -69.21%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 0.1%
• Equity multiple: 1.00×
• Total profit: $261
• Equity at exit: $28,315

10-year hold

• IRR: 16.3%
• Equity multiple: 2.80×
• Total profit: $95,788
• Equity at exit: $16,419

Cash invested: $53,172 (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 96744

• Rents YoY: 8.4%
• Active inventory: 121
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $3,123 high
• Mortgage (P&I): −$996
• Tax from tax record: −$150 /mo · $1,802/yr
• Insurance: −$79
• HOA: −$1,024
• Vacancy / Maint / Mgmt: −$656
• Net cashflow: $218

Break-even live

Break-even rent $2,847

Max offer price $189,900

Occupancy floor 88%

Sensitivity live

Price	-10% $326	-5% $272	+0% $218	+5% $165	+10% $111
Rent	-10% $-28	-5% $95	+0% $218	+5% $342	+10% $465
Rate	-1.0pp $314	-0.5pp $267	base $218	+0.5pp $169	+1.0pp $119

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: $47,475
• Closing costs: $5,697
• Reserves months: —
• Total cash needed: —

Rent comps 17 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
46-078 Emepela Pl Unit I200 Kaneohe, HI	3.0	2.0	1362	$3,600	$2.64	44d	1	0.06mi
46-1060 Emepela Way Unit 9R Kaneohe, HI	2.0	1.0	717	$2,500	$3.49	4d	1	0.08mi
46-261 Kahuhipa St Unit A111 Kaneohe, HI	2.0	1.0	800	$2,700	$3.38	18d	1	0.17mi
46-259 Kahuhipa St Unit 206B Kaneohe, HI	3.0	2.0	1097	$3,500	$3.19	44d	1	0.18mi
46-270 Kahuhipa St Unit A410 Kaneohe, HI	2.0	1.0	802	$2,275	$2.84	24d	1	0.20mi
46-270 Kahuhipa St Kaneohe, HI	2.0	1.0	876	$2,500	$2.85	24d	1	0.20mi
46-232 Kahuhipa St Kaneohe, HI	2.0	1.5–2.0	900	$2,475	$2.75	4d	2	0.22mi
46-318 Haiku Rd #56 Kaneohe, HI	1.0	1.5	944	$3,000	$3.18	4d	1	0.24mi
45-1133-B Cobb Adams Rd Unit B Kaneohe, HI	2.0	2.0	900	$3,350	$3.72	21d	1	0.68mi
45-643 Keneke St Kaneohe, HI	3.0	1.5	1021	$3,600	$3.53	24d	1	0.85mi
46 Puulena St Unit 203 Kaneohe, HI	2.0	2.0	870	$2,500	$2.87	12d	1	0.91mi
45-995 Wailele Rd #80 Kaneohe, HI	3.0	3.0	1122	$6,500	$5.79	44d	1	1.16mi
45-446 Ihilani St Unit A Kaneohe, HI	1.0	1.0	900	$2,600	$2.89	21d	1	1.21mi
45-253 Wena St Unit A Kaneohe, HI	3.0	2.0	964	$5,000	$5.19	12d	1	1.22mi
45-253 Wena St Kaneohe, HI	3.0	2.0	964	$5,000	$5.19	15d	1	1.22mi
45-535 Luluku Rd Unit G1 Kaneohe, HI	2.0	1.0	722	$2,900	$4.02	24d	1	1.23mi
46-051 Konohiki St Kaneohe, HI	2.0	2.0	871	$3,900	$4.48	24d	1	1.30mi

HOA detail condo

• Monthly dues: $1,024 · $12,288/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $189,900 Active 94 DOM
2. 2026-06-18
   days on market $189,900 Active 91 DOM
3. 2026-06-17
   days on market $189,900 Active 90 DOM
4. 2026-06-16
   days on market $189,900 Active 89 DOM
5. 2026-06-15
   days on market $189,900 Active 88 DOM
6. 2026-06-13
   days on market $189,900 Active 86 DOM
7. 2026-06-13
   days on market $189,900 Active 85 DOM
8. 2026-06-10
   days on market $189,900 Active 83 DOM
9. 2026-06-09
   days on market $189,900 Active 82 DOM
10. 2026-06-08
    days on market $189,900 Active 81 DOM
11. 2026-06-07
    days on market $189,900 Active 80 DOM
12. 2026-06-05
    pricedays on market $189,900 Active 77 DOM
13. 2026-06-03
    days on market $399,900 Active 76 DOM
14. 2026-06-02
    days on market $399,900 Active 75 DOM
15. 2026-06-01
    days on market $399,900 Active 74 DOM
16. 2026-05-31
    days on market $399,900 Active 73 DOM
17. 2026-04-30
    price $399,900 278-char remark

    Show marketing remark (278 chars)

    Highly desired unit in the well kept complex of Windward Estates. Preferred location in the back of the complex with nice serene views of the pond and garden area. Unit has two reserved parking stalls in front of the unit. This is a Leasehold Unit. LH will need to be confirmed.

18. 2026-03-19
    listed $499,900 Active 278-char remark

    Show marketing remark (278 chars)

    Highly desired unit in the well kept complex of Windward Estates. Preferred location in the back of the complex with nice serene views of the pond and garden area. Unit has two reserved parking stalls in front of the unit. This is a Leasehold Unit. LH will need to be confirmed.

19. 2025-12-04
    listed $695,000 Active
20. 2022-04-27
    price $2,400
21. 2004-02-03
    soldstatus $193,000
22. 1989-07-01
    soldstatus $119,500

ⓘ 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: $1,802 · $150/mo
• Projected year-2 tax: $1,802 · $150/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $37,480
• − Mortgage interest: −$10,637
• − Property taxes: −$1,802
• − Insurance: −$950
• − Repairs & maintenance: −$2,998
• − Management: −$2,998
• − HOA: −$12,288
• − Depreciation: −$5,524
• Taxable income: $282
• Est. tax owed @ 24.0%: −$68
• After-tax cash flow: $2,552/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 — Kaneohe

• Score: 74/100
• State rank: #15
• US rank: #4828

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kaneohe, HI
• County: Honolulu County · 963,448 people
• City population: 57,620
• Metro: Urban Honolulu, HI
• Population (ZIP): 57,620
• Household income: $131,653
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 789.0

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 0.83)
• Race & ethnicity: Asian 35% Two or more races 35% White 17% Hispanic / Latino 11% Pacific Islander 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Russian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Asian/Pacific 7% Spanish 1% Tagalog/Filipino 1%

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: ▼ -677.95%
• Current HPI: 376.8834
• Rent YoY: ▲ 8.45%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+234.6% since first listed

6 events — show timeline

• 2026-04-30 Price Changed $399,900 HiCentral MLS
• 2026-03-19 Listed $499,900 HiCentral MLS
• 2025-12-04 Listed $695,000 HiCentral MLS
• 2022-04-27 Price Changed $2,400 RENT.
• 2004-02-03 Sold (Public Records) $193,000 Public Records
• 1989-07-01 Sold (Public Records) $119,500 Public Records

Property tax history

+6.8%/yr

Latest (2022): $1,802 · +39.8% YoY. Source: county tax records.