1655 Makaloa St #1214 · Urban Honolulu, HI 96814

$275,000

1 bd · 1.0 ba · 484 sqft · Condo public records · 9 Days on market

Built 1970 $905/mo HOA · 30% of rent

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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).

• Cash flow +9.3/30.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• 1% rule +5.8/10.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• DSCR +2.6/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Discover this highly sought-after corner-end 1-bedroom, 1-bath residence in the heart of Honolulu, featuring views of Diamond Head, the ocean, the city skyline, and surrounding mountains. The unit is filled with natural light and refreshing cross-breezes that enhance island living. Thoughtfully updated with flooring, paint, kitchen cabinetry, countertops & appliances, this move-in-ready home combines comfort, style, and value. Maintenance fees cover electricity, water, and sewer. A prime covered parking stall is conveniently located near the third-floor storage unit, benefiting from gentle cross-ventilation. Residents enjoy a rooftop pool and recreation deck with panoramic views. Ther

Key facts

• Natural light
• Corner-end residence
• Views of the ocean

Tags

• CORNER-END RESIDENCE
• VIEWS OF DIAMOND HEAD
• VIEWS OF THE OCEAN
• VIEWS OF THE CITY SKYLINE
• VIEWS OF SURROUNDING MOUNTAINS
• NATURAL LIGHT

Property features AI

Finance

• HOA & community: Association covers electricity, water, and sewer; Managed association; Maintenance fee: $905.28; Community amenities: clubhouse, pool, laundry facilities, storage facilities, trash chute

Exterior

• Parking: Assigned covered parking; One assigned space; On-street parking available; Secured parking
• Security: Closed-circuit camera(s); Elevator secured; Key card entry
• Utilities: Water included in association fee; Sewer included in association fee; Electricity included in association fee
• Home design: Condominium in Kapiolani Manor; Entry on level 12; Fee simple; Zoned BMX-3 Community Business M
• Construction: Concrete construction
• Exterior features: Clubhouse; Laundry facilities; Pool; Storage facilities; Trash chute; Closed-circuit camera(s); Elevator with secured access; Key card entry

Interior

• Flooring: Ceramic tile; Vinyl
• Bathrooms: 1 full bathroom
• Interior features: End unit; Good condition; Has a view

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $-268 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (17.2% below list).
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $228k (17.2% below list) — sets the bar for cash-flow.
• Cap rate 5.4% 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 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.
• Market conditions: Rents rising (+3.1%/yr); 562 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 $2,980/mo this rent would consume 46% of the median local household income ($78k/yr) (locally 1641% 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 $7k of equity ($2k loan paydown + $5k 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 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 2y 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 $218k; 26% 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 (17.2% 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. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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: 1.08% ✓
• Cap rate: 5.41%
• Cash-on-cash: -3.15%
• DSCR: 0.86
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 0.5%
• Equity multiple: 1.03×
• Total profit: $2,215
• Equity at exit: $108,117

10-year hold

• IRR: 4.9%
• Equity multiple: 1.67×
• Total profit: $51,942
• Equity at exit: $155,421

Cash invested: $77,000 (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 96814

• Home prices YoY: 0.5%
• Rents YoY: 3.1%
• Active inventory: 562
• Price-to-rent: 7.7×

Monthly cashflow live

• Estimated rent: $2,980 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$94 /mo · $1,132/yr
• Insurance: −$115
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$905
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $-268

Break-even live

Break-even rent $3,320

Max offer price $227,575

Occupancy floor —

Sensitivity live

Price	-10% $-113	-5% $-191	+0% $-268	+5% $-346	+10% $-424
Rent	-10% $-504	-5% $-386	+0% $-268	+5% $-151	+10% $-33
Rate	-1.0pp $-130	-0.5pp $-199	base $-268	+0.5pp $-340	+1.0pp $-412

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: $68,750
• Closing costs: $8,250
• 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	24d	1	0.96mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	18d	9	1.03mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	17d	8	1.03mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	11d	9	1.03mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	24d	1	1.06mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	24d	2	1.09mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	24d	1	1.34mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	24d	1	1.34mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	24d	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	22d	1	1.46mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	24d	1	1.46mi

HOA detail condo

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

Listing history 7 events

1. 2026-06-21
   days on market $275,000 Active 9 DOM
2. 2026-06-18
   days on market $275,000 Active 6 DOM
3. 2026-06-17
   days on market $275,000 Active 5 DOM
4. 2026-06-16
   days on market $275,000 Active 4 DOM
5. 2026-06-15
   days on market $275,000 Active 3 DOM
6. 2026-06-13
   remarks 695-char remark
7. 2026-06-13
   listed $275,000 Active 1 DOM

ⓘ 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: −$15,404
• − Property taxes: −$1,132
• − Insurance: −$2,172
• − Repairs & maintenance: −$2,861
• − Management: −$2,861
• − HOA: −$10,860
• − Depreciation: −$8,000
• Taxable loss: −$7,532
• Est. tax savings @ 24.0%: +$1,808
• After-tax cash flow: $-1,414/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

+295.7% since first listed

9 events — show timeline

• 2026-06-12 Listed $275,000 HiCentral MLS
• 2024-11-16 Rental Removed $1,925 HICMLS
• 2024-11-14 Price Changed $1,925 HICMLS
• 2024-11-03 Listed for Rent $1,950 HICMLS
• 2009-07-02 Sold (Public Records) $218,000 Public Records
• 2004-04-13 Sold (Public Records) $170,000 Public Records
• 1994-10-31 Sold (Public Records) $162,500 Public Records
• 1986-05-12 Sold (Public Records) $76,000 Public Records
• 1979-12-01 Sold (Public Records) $69,500 Public Records

Property tax history

+2.8%/yr

Latest (2022): $1,132 · +6.4% YoY. Source: county tax records.