1910 Ala Moana Blvd Unit 25A · Urban Honolulu, HI 96815

$300,000

2 bd · 2.0 ba · 1,270 sqft · Condo public records · 88 Days on market

Built 1978 $236/sqft · 27% below area Est $409k · 27% under $3148/mo HOA · 79% of rent

---

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).

• ARV discount +15.0/15.0
• 1% rule +8.3/10.0
• 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 MLS

Huge 2/2 corner-end unit with three window sides, tastefully remodeled in Waikiki's original premier residential luxury building. Feels like a house in the sky with a generously sized usable open lanai. Bring your pets. - Two pets are allowed with no weight limit. ~ Welcome to paradise. -- This property is leasehold with an expiration on June 30, 2051. The current Master lease rent is $883.20/mo + GET. The Sandwich lease was already paid off in full.

Key facts

• $3,148 HOA
• Garage
• Community pool

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 $-2k ($-28k/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: $282k (6.0% below list) — sets the bar for market timing.
• Cap rate -1.4% 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 19d 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).
• At $3,981/mo this rent would consume 62% of the median local household income ($77k/yr) (locally 2422% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

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 88 days — a 6% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 13y ago; this cycle's ask has dropped $100k (25%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 79% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $282,000 (6.0% 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 88 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — 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: 1.33% ✓
• Cap rate: -1.43%
• Cash-on-cash: -27.59%
• DSCR: -0.23
• GRM: 6.3

CMA / ARV

• ARV (median comp): $408,802
• List price: $300,000
• Delta: -26.61%
• 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: -20.8%
• Equity multiple: -0.23×
• Total profit: $-103,539
• Equity at exit: $130,571

10-year hold

• IRR: -8.9%
• Equity multiple: -0.54×
• Total profit: $-129,289
• 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: 6.3×

Monthly cashflow live

• Estimated rent: $3,981 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$230 /mo · $2,756/yr
• Insurance: −$125
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$3,148
• Vacancy / Maint / Mgmt: −$836
• Net cashflow: $-2,358

Break-even live

Break-even rent $6,965

Max offer price —

Occupancy floor —

Sensitivity live

Price	-10% $-2,188	-5% $-2,273	+0% $-2,358	+5% $-2,443	+10% $-2,527
Rent	-10% $-2,672	-5% $-2,515	+0% $-2,358	+5% $-2,200	+10% $-2,043
Rate	-1.0pp $-2,207	-0.5pp $-2,281	base $-2,358	+0.5pp $-2,435	+1.0pp $-2,514

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
1910 Ala Moana Blvd Honolulu, HI	2.0	2.0	1238	$4,975	$4.02	5d	2	0.04mi
1860 Ala Moana Blvd #1809 Honolulu, HI	2.0	2.0	1180	$3,800	$3.22	45d	1	0.07mi
1860 Ala Moana Blvd Unit 902B Honolulu, HI	2.0	2.0	1171	$3,100	$2.65	25d	1	0.07mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$3,000	$2.73	19d	3	0.07mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$2,990	$2.72	5d	4	0.07mi
469 Ena Rd #1501 Honolulu, HI	3.0	3.0	1249	$4,000	$3.20	45d	1	0.07mi
1837 Kalakaua Ave Honolulu, HI	2.0	2.0	1004	$4,850	$4.83	5d	3	0.11mi
1837 Kalakaua Ave Unit 28032803 Honolulu, HI	2.0	2.0	1145	$5,500	$4.80	25d	1	0.12mi
1717 Ala Wai Blvd Honolulu, HI	2.0–3.0	2.0	1026	$2,750	$2.68	5d	2	0.14mi
1888 Kalakaua Ave Honolulu, HI	2.0–3.0	2.0–3.0	2176	$6,500	$2.99	5d	2	0.14mi
1717 Ala Wai Blvd Honolulu, HI	2.0	2.0	922	$3,350	$3.63	46d	1	0.15mi
343 Hobron Ln Unit 1327706P Honolulu, HI	2.0	2.0	947	$4,437	$4.69	13d	1	0.15mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1282	$4,825	$3.76	18d	2	0.15mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1301	$4,575	$3.52	45d	2	0.15mi
343 Hobron Ln Honolulu, HI	1.0–2.0	1.5–2.5	1220	$5,750	$4.71	25d	4	0.15mi
343 Hobron Ln Honolulu, HI	1.0–2.0	1.5–2.5	1220	$5,750	$4.71	21d	4	0.15mi
343 Hobron Ln #2604 Honolulu, HI	2.0	2.5	1650	$5,750	$3.48	5d	1	0.15mi
343 Hobron Ln Honolulu, HI	2.0	2.0–2.5	1365	$4,800	$3.52	16d	2	0.15mi
1804 Ala Moana Blvd Unit 15A Honolulu, HI	2.0	2.0	959	$3,375	$3.52	5d	1	0.17mi
1645 Ala Wai Blvd #1002 Honolulu, HI	2.0	1.5	1000	$3,400	$3.40	18d	1	0.17mi
430 Keoniana St Honolulu, HI	2.0	2.0	887	$2,900	$3.27	25d	1	0.18mi
1551 Ala Wai Blvd Honolulu, HI	2.0	2.0–3.0	1140	$5,750	$5.04	18d	6	0.22mi
1551 Ala Wai Blvd Unit 1327707P Honolulu, HI	2.0	2.0	1108	$5,868	$5.30	4d	1	0.26mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$3,000	$3.76	23d	3	0.33mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$3,000	$3.51	25d	2	0.33mi
1750 Kalakaua Ave #2704 Honolulu, HI	2.0	2.0	1065	$3,300	$3.10	25d	1	0.37mi
421 Olohana St #2003 Honolulu, HI	2.0	2.0	1023	$4,200	$4.11	5d	1	0.38mi
1650 Ala Moana Blvd #3709 Honolulu, HI	2.0	2.0	1500	$6,000	$4.00	25d	1	0.39mi
1650 Ala Moana Blvd #1611 Honolulu, HI	1.0	1.0	930	$3,100	$3.33	5d	1	0.39mi
1650 Ala Moana Blvd Honolulu, HI	2.0	2.0	1428	$4,500	$3.15	25d	1	0.39mi
2014 Fern St Honolulu, HI	3.0	2.0	983	$3,000	$3.05	25d	1	0.43mi
1631 Kapiolani Blvd #3301 Honolulu, HI	2.0	2.0	892	$3,675	$4.12	5d	1	0.44mi
1631 Kapiolani Blvd #3511 Honolulu, HI	2.0	2.0	895	$3,750	$4.19	45d	1	0.44mi
430 Kaiolu St #1101 Honolulu, HI	2.0	2.0	1575	$3,900	$2.48	45d	1	0.46mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	5d	2	0.46mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	12d	1	0.46mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	23d	2	0.46mi
223 Saratoga Rd Honolulu, HI	1.0–3.0	1.0–3.5	1417	$8,200	$5.78	45d	4	0.49mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	13d	3	0.51mi
500 University Ave Honolulu, HI	2.0	2.5	1120	$3,150	$2.81	12d	2	0.51mi

HOA detail condo

• Monthly dues: $3,148 · $37,776/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-21
   days on market $300,000 Active 88 DOM
2. 2026-06-18
   days on market $300,000 Active 85 DOM
3. 2026-06-17
   days on market $300,000 Active 84 DOM
4. 2026-06-16
   days on market $300,000 Active 83 DOM
5. 2026-06-15
   days on market $300,000 Active 82 DOM
6. 2026-06-13
   days on market $300,000 Active 80 DOM
7. 2026-06-13
   days on market $300,000 Active 79 DOM
8. 2026-06-10
   days on market $300,000 Active 77 DOM
9. 2026-06-09
   days on market $300,000 Active 76 DOM
10. 2026-06-08
    days on market $300,000 Active 75 DOM
11. 2026-06-08
    price $300,000 Active 74 DOM
12. 2026-06-07
    days on market $400,000 Active 74 DOM
13. 2026-06-05
    days on market $400,000 Active 71 DOM
14. 2026-06-03
    days on market $400,000 Active 70 DOM
15. 2026-06-02
    days on market $400,000 Active 69 DOM
16. 2026-06-01
    days on market $400,000 Active 68 DOM
17. 2026-05-31
    days on market $400,000 Active 67 DOM
18. 2026-03-24
    listed $400,000 Active 457-char remark

    Show marketing remark (457 chars)

    Huge 2/2 corner-end unit with three window sides, tastefully remodeled in Waikiki's original premier residential luxury building. Feels like a house in the sky with a generously sized usable open lanai. Bring your pets. - Two pets are allowed with no weight limit. ~ Welcome to paradise. -- This property is leasehold with an expiration on June 30, 2051. The current Master lease rent is $883.20/mo + GET. The Sandwich lease was already paid off in full.

19. 2025-12-31
    historical
20. 2025-01-09
    listed $490,000 Active
21. 2024-12-31
    historical
22. 2024-07-05
    listed $565,000 Active
23. 2024-06-30
    historical
24. 2023-11-21
    listed $565,000 Active
25. 2017-08-10
    soldstatus $400,000
26. 2016-12-23
    soldstatus $51,887
27. 2016-12-23
    soldstatus $50,446
28. 2013-09-08
    historical
29. 2013-03-08
    listed $200,000
30. 1977-12-31
    soldstatus $158,400

ⓘ 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: $2,756 · $230/mo
• Projected year-2 tax: $2,756 · $230/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 9/10 Extreme FEMA zone AE · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $47,769
• − Mortgage interest: −$16,805
• − Property taxes: −$2,756
• − Insurance: −$6,619
• − Repairs & maintenance: −$3,822
• − Management: −$3,822
• − HOA: −$37,776
• − Depreciation: −$8,727
• Taxable loss: −$32,556
• Est. tax savings @ 24.0%: +$7,814
• After-tax cash flow: $-20,478/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

+152.5% since first listed

13 events — show timeline

• 2026-03-24 Listed $400,000 HiCentral MLS
• 2025-12-31 Listing Removed — HiCentral MLS
• 2025-01-09 Listed $490,000 HiCentral MLS
• 2024-12-31 Listing Removed — HiCentral MLS
• 2024-07-05 Listed $565,000 HiCentral MLS
• 2024-06-30 Listing Removed — HiCentral MLS
• 2023-11-21 Listed $565,000 HiCentral MLS
• 2017-08-10 Sold (Public Records) $400,000 Public Records
• 2016-12-23 Sold (Public Records) $50,446 Public Records
• 2016-12-23 Sold (Public Records) $51,887 Public Records
• 2013-09-08 Listing Removed — HiCentral MLS
• 2013-03-08 Listed $200,000 HiCentral MLS
• 1977-12-31 Sold (Public Records) $158,400 Public Records

Property tax history

+2.0%/yr

Latest (2022): $2,756 · +2.5% YoY. Source: county tax records.