411 Kaiolu St #504 · Urban Honolulu, HI 96815

$150,000

1 bd · 1.0 ba · 479 sqft · Other · 17 Days on market

Built 1959 $313/sqft · 55% below area $560/mo HOA · 22% of rent

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Why this score? — see what drove the B 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 +27.4/30.0
• 1% rule +10.0/10.0
• DSCR +9.6/10.0
• 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

Listing remarks MLS

Own your slice of paradise with this 1 bedroom, 1 bathroom leasehold condo in the heart of Waikiki! 411 Kaiolu is a hidden gem, and it's pet friendly! The unit also has a large covered lanai, split AC, ceiling fans, and good closet space. Enjoy the sunny pool and community laundry. This is a boutique building in Waikiki but on a less busy side street, it's convenient to walk to Waikiki beaches, shops, restaurants, and many bus lines. The long land lease allows for a 15- or 20-year mortgage. May be possible to rent parking nearby. Please request at least 48 hours' notice for showings due to tenants. Other monthly fee is $41.20 for bulk cable/internet.

Key facts

• Boutique building
• Sunny pool
• Large covered lanai

Tags

• LARGE COVERED LANAI
• SUNNY POOL
• BOUTIQUE BUILDING

🏷️ Possibly a rental listed for sale. The $150,000 price doesn't fit this home's estimated sale value (~$336,902) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $150k.

Deal economics

• At list price, monthly cash flow is $314 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $150k).
• Recommended offer: $148k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.8% 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 B — 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 fast (+6.0%/yr); 814 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $5k of equity ($1k loan paydown + $4k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.7% appreciation + 6.0% rent growth), your $42k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 11y 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 $105k; 43% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 22% of rent; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $147,750 (1.5% below list)

Questions for the listing agent

1. Built in 1959 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 1.72% ✓
• Cap rate: 9.79%
• Cash-on-cash: 12.47%
• DSCR: 1.56
• GRM: 4.9

CMA / ARV

• ARV (median comp): $336,902
• List price: $150,000
• Delta: -55.48%
• 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: 18.3%
• Equity multiple: 2.06×
• Total profit: $44,518
• Equity at exit: $65,285

10-year hold

• IRR: 22.3%
• Equity multiple: 4.50×
• Total profit: $147,032
• Equity at exit: $98,964

Cash invested: $42,000 (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: 814
• Price-to-rent: 4.9×

Monthly cashflow live

• Estimated rent: $2,574 high
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$560
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $314

Break-even live

Break-even rent $2,176

Max offer price $150,000

Occupancy floor 83%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 15 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	11d	1	0.19mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.19mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	23d	8	0.44mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	23d	1	0.45mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	23d	1	0.45mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	43d	1	0.54mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	21d	1	0.57mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	23d	1	0.57mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	23d	2	0.66mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	3d	1	0.66mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	23d	1	0.67mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	23d	1	0.74mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	43d	1	0.76mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	3d	3	0.82mi
234 Hua AVE Unit 103 Honolulu, HI	—	1.0	257	$1,550	$6.03	3d	1	1.08mi

HOA detail

• Monthly dues: $560 · $6,720/yr
• Likely covers: internetcablepool

Listing history 21 events

1. 2026-06-18
   days on market $150,000 Active 17 DOM
2. 2026-06-17
   days on market $150,000 Active 16 DOM
3. 2026-06-16
   days on market $150,000 Active 15 DOM
4. 2026-06-15
   days on market $150,000 Active 14 DOM
5. 2026-06-13
   days on market $150,000 Active 12 DOM
6. 2026-06-13
   days on market $150,000 Active 11 DOM
7. 2026-06-10
   days on market $150,000 Active 9 DOM
8. 2026-06-09
   days on market $150,000 Active 8 DOM
9. 2026-06-08
   days on market $150,000 Active 7 DOM
10. 2026-06-07
    days on market $150,000 Active 6 DOM
11. 2026-06-05
    days on market $150,000 Active 3 DOM
12. 2026-06-03
    days on market $150,000 Active 2 DOM
13. 2026-06-01
    days on marketlisting id $150,000 Active 1 DOM
14. 2026-05-31
    days on market $150,000 Active 179 DOM
15. 2025-12-03
    listed $150,000 Active 658-char remark

    Show marketing remark (658 chars)

    Own your slice of paradise with this 1 bedroom, 1 bathroom leasehold condo in the heart of Waikiki! 411 Kaiolu is a hidden gem, and it's pet friendly! The unit also has a large covered lanai, split AC, ceiling fans, and good closet space. Enjoy the sunny pool and community laundry. This is a boutique building in Waikiki but on a less busy side street, it's convenient to walk to Waikiki beaches, shops, restaurants, and many bus lines. The long land lease allows for a 15- or 20-year mortgage. May be possible to rent parking nearby. Please request at least 48 hours' notice for showings due to tenants. Other monthly fee is $41.20 for bulk cable/internet.

16. 2015-05-29
    soldstatus $104,865 Sold 522-char remark

    Show marketing remark (522 chars)

    Enjoy meals on your bright and open lanai which can be easily enclosed with pull down roller shutters. Beautifully updated w/ solid wood cabinets w/ European style hinges, granite counters, laminate flooring, fresh paint, smooth ceilings, light fixtures, ceiling fan, light switches, plugs and covers. Rarely found in a one bedroom this unit even has a walk in closet. The well maintained common areas include a beautiful pool, impressive lobby and recently modernized elevator. Very easy to see, call for an appointment.

17. 2015-05-29
    soldstatus $104,865

    Show marketing remark (522 chars)

    Enjoy meals on your bright and open lanai which can be easily enclosed with pull down roller shutters. Beautifully updated w/ solid wood cabinets w/ European style hinges, granite counters, laminate flooring, fresh paint, smooth ceilings, light fixtures, ceiling fan, light switches, plugs and covers. Rarely found in a one bedroom this unit even has a walk in closet. The well maintained common areas include a beautiful pool, impressive lobby and recently modernized elevator. Very easy to see, call for an appointment.

18. 2015-01-09
    listed $109,900 Active 522-char remark

    Show marketing remark (522 chars)

    Enjoy meals on your bright and open lanai which can be easily enclosed with pull down roller shutters. Beautifully updated w/ solid wood cabinets w/ European style hinges, granite counters, laminate flooring, fresh paint, smooth ceilings, light fixtures, ceiling fan, light switches, plugs and covers. Rarely found in a one bedroom this unit even has a walk in closet. The well maintained common areas include a beautiful pool, impressive lobby and recently modernized elevator. Very easy to see, call for an appointment.

19. 1998-12-22
    soldstatus $1,605,600
20. 1998-04-09
    soldstatus $745,500
21. 1997-09-09
    soldstatus $648,900

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AO · 71% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $30,885
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$2,218
• − Repairs & maintenance: −$2,471
• − Management: −$2,471
• − HOA: −$6,720
• − Depreciation: −$4,364
• Taxable income: $1,990
• Est. tax owed @ 24.0%: −$478
• After-tax cash flow: $3,294/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

-76.9% since first listed

7 events — show timeline

• 2025-12-03 Listed $150,000 HiCentral MLS
• 2015-05-29 Sold (Public Records) $104,865 Public Records
• 2015-05-29 Sold (MLS) $104,865 HiCentral MLS
• 2015-01-09 Listed $109,900 HiCentral MLS
• 1998-12-22 Sold (Public Records) $1,605,600 Public Records
• 1998-04-09 Sold (Public Records) $745,500 Public Records
• 1997-09-09 Sold (Public Records) $648,900 Public Records