2500 Kalakaua Ave #201 · Urban Honolulu, HI 96815

$300,000

2 bd · 2.0 ba · 1,544 sqft · Condo public records · 43 Days on market

Built 1962 $194/sqft · 75% below area $4341/mo HOA · 102% of rent ↓ 3% since listing

---

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 +9.2/10.0
• 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
• Cash flow +0.0/30.0
• DSCR +0.0/10.0

Listing remarks

Enjoy the true Waikiki lifestyle experience! This prestigious building is located at the historic 2500 Kalakaua Avenue just steps from the beach. Foster Tower has been an iconic landmark as Waikiki's first condominium high-rise. This large 1,544 sq. ft. second floor corner unit features a large wrap-around patio overlooking the famous Waikiki Beach, new flooring in bedrooms and bathrooms, full kitchen, two full bathrooms, new AC units and ceiling fans. This is perfect for as your vacation or second home. You are walking distance from all of the popular attractions such as the beautiful Waikiki beaches, Diamond Head, Kapiolani Park, International Market Place and many other shops and eaterie

Key facts

• Full kitchen
• Wrap-around patio
• New flooring

Tags

• HISTORIC 2500 KALAKAUA AVENUE
• WRAP-AROUND PATIO
• OVERLOOKING WAIKIKI BEACH
• NEW FLOORING
• FULL KITCHEN
• TWO FULL BATHROOMS

Property features AI

Finance

• Other: Pets allowed — contact management for details
• Financial info: Monthly maintenance expense listed; Lease in place with stated lease amount and expiration
• HOA & community: Association covers common area maintenance, ground and structure maintenance, sewer, cable TV, and internet; On-site management; Community amenities include clubhouse, pool, fitness center, sauna, patio/deck, and trash chute

Exterior

• Parking: Assigned covered parking; Secured parking with guest stalls; One parking space assigned
• Security: Closed-circuit cameras; Secured elevator; Key card entry; Security guard
• Utilities: Sewer service covered by association; Cable and internet included in association
• Home design: Condominium unit in Foster Tower; Entry on level 2; Leasehold land tenure; Resort mixed-use zoning; Built/updated in 2022 (effective year)
• Construction: Concrete construction
• Exterior features: Heated pool; Clubhouse, fitness center, sauna, patio/deck, and pool in the community; Trash chute; Deck/porch

Interior

• Bedrooms: Bedroom located on the main level
• Flooring: Ceramic tile; Hardwood; Vinyl
• Bathrooms: 2 full bathrooms
• Interior features: Partially furnished; End unit with common wall on one side; Bedroom on main level; Full bathroom on main level; Updated/remodeled and in good condition; Has a view

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $-3k ($-38k/yr) — negative.
• Rent doesn't cover operating costs at any purchase price — skip.
• Meets the 1% rule at list price ($4k rent vs $300k).
• Recommended offer: $291k (3.0% below list) — sets the bar for market timing.
• Cap rate -6.2% vs local median 1.5% in Urban Honolulu — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

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.
• Zoned schools: President Thomas Jefferson Elementary School (math 42% / reading 47%, grade F, #73 of 183 statewide, top 41%, 340 students, 55% FRL); President George Washington Middle School (math 30% / reading 46%, grade F, #17 of 42 statewide, top 39%, 569 students, 61% FRL); Kaimuki High School (math 12% / reading 47%, grade F, #35 of 43 statewide, top 86%, 620 students, 60% FRL) — zoned schools average 59% FRL vs 39% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 813 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 22d 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 $10k of equity ($2k loan paydown + $8k 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 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 43 days — a 3% lower offer ($291k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 29y 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 $199k; list at $300k implies a 51% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 102% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $291,000 (3.0% 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 43 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
3. Built in 1962 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.42% ✓
• Cap rate: -6.23%
• Cash-on-cash: -44.71%
• DSCR: -0.99
• GRM: 5.9

CMA / ARV

• ARV (median comp): $1,197,392
• List price: $300,000
• Delta: -74.95%
• 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: -30.1%
• Equity multiple: -0.80×
• Total profit: $-151,229
• Equity at exit: $130,571

10-year hold

• IRR: -15.3%
• Equity multiple: -1.71×
• Total profit: $-227,788
• Equity at exit: $197,927

Cash invested: $84,000 (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: 813
• Price-to-rent: 5.9×

Monthly cashflow live

• Estimated rent: $4,265 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$460 /mo · $5,526/yr
• Insurance: −$125
• HOA: −$4,341
• Vacancy / Maint / Mgmt: −$896
• Net cashflow: $-3,130

Break-even live

Break-even rent $8,227

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-2,960	-5% $-3,045	+0% $-3,130	+5% $-3,215	+10% $-3,300
Rent	-10% $-3,467	-5% $-3,298	+0% $-3,130	+5% $-2,962	+10% $-2,793
Rate	-1.0pp $-2,979	-0.5pp $-3,054	base $-3,130	+0.5pp $-3,208	+1.0pp $-3,287

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
250 Ohua Ave Honolulu, HI	2.0	2.0	1067	$4,200	$3.94	45d	1	0.24mi
303 Liliuokalani Ave Honolulu, HI	2.0	1.5–2.0	1096	$2,995	$2.73	45d	2	0.26mi
311 Ohua Ave Ph 4 Honolulu, HI	3.0	2.5	1886	$5,200	$2.76	16d	1	0.28mi
2380 Kuhio Ave Honolulu, HI	3.0	1.0–3.0	1212	$10,275	$8.47	3d	51	0.29mi
2215 Aloha Dr Unit DH1205 Honolulu, HI	2.0	2.0	1128	$3,500	$3.10	45d	1	0.58mi
223 Saratoga Rd Honolulu, HI	1.0–3.0	1.0–3.5	1417	$8,200	$5.78	45d	4	0.64mi
430 Kaiolu St #1101 Honolulu, HI	2.0	2.0	1575	$3,900	$2.48	45d	1	0.68mi
3123 Esther St Honolulu, HI	3.0	2.0	1500	$3,850	$2.57	25d	1	0.68mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	23d	2	0.71mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	5d	2	0.71mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	12d	1	0.71mi
2895 Kalakaua Ave Honolulu, HI	1.0–2.0	1.0–2.0	852	$13,000	$15.25	4d	4	0.82mi
2895 Kalakaua Ave Honolulu, HI	1.0–2.0	1.0–2.0	852	$13,000	$15.25	19d	5	0.82mi
3153 Kaunaoa St Honolulu, HI	3.0	1.5	1156	$4,000	$3.46	45d	1	0.84mi
581 Kamoku St #2006 Honolulu, HI	3.0	2.0	1187	$4,100	$3.45	45d	1	0.85mi
500 University Ave Honolulu, HI	2.0	2.5	1120	$3,150	$2.81	12d	2	0.90mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	13d	3	0.90mi
2943 Kalakaua Ave Honolulu, HI	2.0	2.0	1129	$6,100	$5.40	25d	1	0.92mi
2979 Kalakaua Ave Honolulu, HI	1.0–2.0	1.0–2.0	1361	$9,500	$6.98	45d	3	1.00mi
1910 Ala Moana Blvd Honolulu, HI	2.0	2.0	1238	$4,975	$4.02	5d	2	1.07mi
1860 Ala Moana Blvd #1809 Honolulu, HI	2.0	2.0	1180	$3,800	$3.22	45d	1	1.09mi
1860 Ala Moana Blvd Unit 902B Honolulu, HI	2.0	2.0	1171	$3,100	$2.65	25d	1	1.09mi
2724 Kahoaloha Ln Honolulu, HI	2.0	2.0	939	$2,998	$3.19	25d	2	1.11mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$2,990	$2.72	5d	4	1.11mi
469 Ena Rd #1501 Honolulu, HI	3.0	3.0	1249	$4,000	$3.20	45d	1	1.11mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$3,000	$2.73	19d	3	1.11mi
1888 Kalakaua Ave Honolulu, HI	2.0–3.0	2.0–3.0	2176	$6,500	$2.99	5d	2	1.12mi
1837 Kalakaua Ave Honolulu, HI	2.0	2.0	1004	$4,850	$4.83	5d	3	1.14mi
1837 Kalakaua Ave Unit 28032803 Honolulu, HI	2.0	2.0	1145	$5,500	$4.80	25d	1	1.14mi
3065 Kalakaua Ave #8 Honolulu, HI	2.0	2.0	1228	$10,000	$8.14	16d	1	1.15mi
3065 Kalakaua Ave Honolulu, HI	2.0	2.0	1947	$10,000	$5.14	25d	1	1.15mi
3340 Kaimuki Ave Honolulu, HI	3.0	1.0	1290	$4,000	$3.10	5d	1	1.17mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1365	$4,800	$3.52	16d	2	1.20mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1301	$4,575	$3.52	45d	2	1.20mi
343 Hobron Ln Honolulu, HI	1.0–2.0	1.5–2.5	1220	$5,750	$4.71	25d	4	1.20mi
343 Hobron Ln Honolulu, HI	1.0–2.0	1.5–2.5	1220	$5,750	$4.71	21d	4	1.20mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1282	$4,825	$3.76	18d	2	1.20mi
343 Hobron Ln #2604 Honolulu, HI	2.0	2.5	1650	$5,750	$3.48	5d	1	1.20mi
1717 Ala Wai Blvd Honolulu, HI	2.0–3.0	2.0	1026	$2,750	$2.68	5d	2	1.21mi
1104 4th Ave Unit A Honolulu, HI	3.0	2.0	1692	$4,500	$2.66	19d	1	1.27mi

HOA detail condo

• Monthly dues: $4,341 · $52,092/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 49 events

1. 2026-06-21
   days on market $300,000 Active 43 DOM
2. 2026-06-18
   days on market $300,000 Active 40 DOM
3. 2026-06-17
   days on market $300,000 Active 39 DOM
4. 2026-06-16
   days on market $300,000 Active 38 DOM
5. 2026-06-15
   days on market $300,000 Active 37 DOM
6. 2026-06-13
   days on market $300,000 Active 35 DOM
7. 2026-06-13
   days on market $300,000 Active 34 DOM
8. 2026-06-10
   days on market $300,000 Active 32 DOM
9. 2026-06-09
   days on market $300,000 Active 31 DOM
10. 2026-06-08
    days on market $300,000 Active 30 DOM
11. 2026-06-07
    days on market $300,000 Active 29 DOM
12. 2026-06-05
    days on market $300,000 Active 26 DOM
13. 2026-06-03
    days on market $300,000 Active 25 DOM
14. 2026-06-02
    days on market $300,000 Active 24 DOM
15. 2026-06-01
    days on market $300,000 Active 23 DOM
16. 2026-05-31
    days on market $300,000 Active 22 DOM
17. 2026-05-09
    listed $300,000 Active 855-char remark
18. 2026-05-04
    historical
19. 2025-09-25
    price $350,000
20. 2025-05-05
    listed $395,000 Active
21. 2023-06-15
    historical
22. 2023-04-13
    price $400,000
23. 2023-03-30
    price $450,000
24. 2023-03-06
    historical
25. 2023-02-16
    price $550,000
26. 2023-02-02
    listed $650,000 Active
27. 2023-02-02
    listed $550,000 Active
28. 2022-06-01
    listed $450,000 Active
29. 2021-07-06
    soldstatus $199,000 Sold
30. 2021-04-19
    status Pending
31. 2021-01-20
    listed $199,000 Active
32. 2021-01-19
    historical
33. 2020-11-22
    price $259,000
34. 2020-08-03
    price $299,000
35. 2020-07-03
    price $339,000
36. 2020-06-25
    price $375,000
37. 2020-06-01
    listed $399,000 Active
38. 2020-05-12
    historical
39. 2020-02-26
    price $695,000
40. 2020-02-08
    price $899,000
41. 2019-07-05
    listed $949,000 Active
42. 2002-09-04
    soldstatus $1,435,000
43. 1997-12-31
    soldstatus $210,000
44. 1997-12-31
    soldstatus $210,000
45. 1997-12-09
    historical
46. 1997-08-26
    listed $330,000
47. 1989-08-01
    soldstatus $1,000,000
48. 1981-04-01
    soldstatus $310,000
49. 1981-03-01
    soldstatus $310,000

ⓘ 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: $5,526 · $460/mo
• Projected year-2 tax: $5,526 · $460/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 6/10 Major FEMA zone X (unshaded) · 73% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $51,185
• − Mortgage interest: −$16,805
• − Property taxes: −$5,526
• − Insurance: −$1,500
• − Repairs & maintenance: −$4,095
• − Management: −$4,095
• − HOA: −$52,092
• − Depreciation: −$8,727
• Taxable loss: −$41,654
• Est. tax savings @ 24.0%: +$9,997
• After-tax cash flow: $-27,563/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

-3.2% since first listed

33 events — show timeline

• 2026-05-09 Listed $300,000 HiCentral MLS
• 2026-05-04 Listing Removed — HiCentral MLS
• 2025-09-25 Price Changed $350,000 HiCentral MLS
• 2025-05-05 Listed $395,000 HiCentral MLS
• 2023-06-15 Listing Removed — HiCentral MLS
• 2023-04-13 Price Changed $400,000 HiCentral MLS
• 2023-03-30 Price Changed $450,000 HiCentral MLS
• 2023-03-06 Listing Removed — HiCentral MLS
• 2023-02-16 Price Changed $550,000 HiCentral MLS
• 2023-02-02 Listed $550,000 HiCentral MLS
• 2023-02-02 Listed $650,000 HiCentral MLS
• 2022-06-01 Listed $450,000 HiCentral MLS
• 2021-07-06 Sold (MLS) $199,000 HiCentral MLS
• 2021-04-19 Pending — HiCentral MLS
• 2021-01-20 Listed $199,000 HiCentral MLS
• 2021-01-19 Listing Removed — HiCentral MLS
• 2020-11-22 Price Changed $259,000 HiCentral MLS
• 2020-08-03 Price Changed $299,000 HiCentral MLS
• 2020-07-03 Price Changed $339,000 HiCentral MLS
• 2020-06-25 Price Changed $375,000 HiCentral MLS
• 2020-06-01 Listed $399,000 HiCentral MLS
• 2020-05-12 Listing Removed — HiCentral MLS
• 2020-02-26 Price Changed $695,000 HiCentral MLS
• 2020-02-08 Price Changed $899,000 HiCentral MLS
• 2019-07-05 Listed $949,000 HiCentral MLS
• 2002-09-04 Sold (Public Records) $1,435,000 Public Records
• 1997-12-31 Sold (Public Records) $210,000 Public Records
• 1997-12-31 Sold (MLS) $210,000 HiCentral MLS
• 1997-12-09 Listing Removed — HiCentral MLS
• 1997-08-26 Listed $330,000 HiCentral MLS
• 1989-08-01 Sold (Public Records) $1,000,000 Public Records
• 1981-04-01 Sold (Public Records) $310,000 Public Records
• 1981-03-01 Sold (Public Records) $310,000 Public Records

Property tax history

+7.0%/yr

Latest (2022): $5,526 · -52.3% YoY. Source: county tax records.