425 Ena Rd Unit 706B · Urban Honolulu, HI 96815

$115,000

2 bd · 1.0 ba · 856 sqft · Other · 183 Days on market

Built 1958 $134/sqft · 82% below area $1334/mo HOA · 38% of rent ↓ 28% since listing

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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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• 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

2bdrm 1 bath at the Kalia. Perfect for full time living or island second home. The Kalia is a Leasehold Co-op located at the gateway to Waikiki. 856 sq ft interior + 175 sq ft covered lanai. Enjoy indoor-outdoor living with a generous lanai featuring remote-controlled motorized blinds. Includes refrigerator, stove/oven, dishwasher & garbage disposal. Kitchen, breakfast bar, Bedrooms with window A/C and ceiling fans. Bath with granite counter & bowl sink. Tropical lush gardens, heated saltwater pool, BBQ area & rooftop community laundry. Secure, gated community with key fob access, security cameras & patrol. Minutes to Hilton Hawaiian Village and Waikiki Beach grab your beach gear or explore world-class dining, shopping nearby. Food Pantry, bakery & USPS across the street. Bus lines close by. Parking available for a fee; waitlist applies. Leasehold with fixed increases through 2048. Air conditioners are $65 each addl per month. Total Mo Operating fees are $2590.34 includes Maintenance and leasehold fees, Electricity, Water, sewer, and internet.

Key facts

• Covered lanai
• Bbq area
• $1,334 HOA

Tags

• COVERED LANAI
• TROPICAL LUSH GARDENS
• HEATED SALTWATER POOL
• BBQ AREA
• ROOFTOP COMMUNITY LAUNDRY
• SECURE GATED COMMUNITY

🏷️ Possibly a rental listed for sale. The $115,000 price doesn't fit this home's estimated sale value (~$632,029) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath other listed at $115k.

Deal economics

• At list price, monthly cash flow is $562 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.9% 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 $3,491/mo this rent would consume 54% 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 $4k of equity ($795 loan paydown + $3k 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 $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 183 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 20y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 38% of rent; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 183 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 3.04% ✓
• Cap rate: 12.85%
• Cash-on-cash: 23.43%
• DSCR: 2.04
• GRM: 2.7

CMA / ARV

• ARV (median comp): $632,029
• List price: $115,000
• Delta: -81.80%
• 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: 31.6%
• Equity multiple: 2.86×
• Total profit: $59,878
• Equity at exit: $50,052

10-year hold

• IRR: 35.3%
• Equity multiple: 6.73×
• Total profit: $184,374
• Equity at exit: $75,872

Cash invested: $32,200 (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: 2.7×

Monthly cashflow live

• Estimated rent: $3,491 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,334
• Vacancy / Maint / Mgmt: −$733
• Net cashflow: $562

Break-even live

Break-even rent $2,779

Max offer price $115,000

Occupancy floor 79%

Sensitivity live

Price	-10% $642	-5% $602	+0% $562	+5% $523	+10% $483
Rent	-10% $287	-5% $424	+0% $562	+5% $700	+10% $838
Rate	-1.0pp $620	-0.5pp $592	base $562	+0.5pp $533	+1.0pp $502

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	25d	1	0.03mi
1910 Ala Moana Blvd Honolulu, HI	2.0	2.0	1238	$4,975	$4.02	4d	2	0.04mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$3,000	$2.73	18d	3	0.07mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$2,990	$2.72	4d	4	0.07mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	45d	3	0.11mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	45d	2	0.11mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	4d	4	0.11mi
1837 Kalakaua Ave Honolulu, HI	2.0	2.0	1004	$4,850	$4.83	4d	3	0.11mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	13d	1	0.11mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	13d	1	0.11mi
1800 Kaioo Dr Honolulu, HI	2.0	2.0	837	$3,295	$3.94	11d	1	0.12mi
1717 Ala Wai Blvd Honolulu, HI	2.0–3.0	2.0	1026	$2,750	$2.68	4d	2	0.14mi
1717 Ala Wai Blvd Honolulu, HI	2.0	2.0	922	$3,350	$3.63	45d	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	1365	$4,800	$3.52	15d	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	2.0	2.0–2.5	1282	$4,825	$3.76	17d	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
1810 Kaioo Dr Unit B310 Honolulu, HI	2.0	2.0	837	$3,200	$3.82	25d	1	0.16mi
1804 Ala Moana Blvd Unit 15A Honolulu, HI	2.0	2.0	959	$3,375	$3.52	4d	1	0.17mi
1645 Ala Wai Blvd #1002 Honolulu, HI	2.0	1.5	1000	$3,400	$3.40	17d	1	0.17mi
430 Keoniana St Honolulu, HI	2.0	2.0	887	$2,900	$3.27	25d	1	0.18mi
1778 Ala Moana Blvd #1307 Honolulu, HI	1.0	1.0	683	$2,900	$4.25	25d	1	0.21mi
1778 Ala Moana Blvd #1002 Honolulu, HI	1.0	1.0	769	$2,800	$3.64	25d	1	0.21mi
1778 Ala Moana Blvd #3318 Honolulu, HI	1.0	1.0	683	$3,400	$4.98	4d	1	0.21mi
1778 Ala Moana Blvd #1317 Honolulu, HI	1.0	1.0	683	$2,775	$4.06	22d	1	0.21mi
1778 Ala Moana Blvd #2606 Honolulu, HI	1.0	1.0	724	$2,895	$4.00	4d	1	0.21mi
1778 Ala Moana Blvd #1219 Honolulu, HI	1.0	1.0	724	$4,600	$6.35	25d	1	0.21mi
1778 Ala Moana Blvd #801 Honolulu, HI	1.0	1.0	724	$3,400	$4.70	25d	1	0.21mi
1551 Ala Wai Blvd Honolulu, HI	2.0	2.0–3.0	1140	$5,750	$5.04	17d	6	0.22mi
1778 Ala Moana Blvd Unit 1541754P Honolulu, HI	1.0	1.0	721	$4,387	$6.08	15d	1	0.22mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	45d	1	0.24mi
1551 Ala Wai Blvd Unit 1327707P Honolulu, HI	2.0	2.0	1108	$5,868	$5.30	3d	1	0.26mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	22d	1	0.27mi
1676 Ala Moana Blvd Honolulu, HI	2.0	1.5	801	$3,350	$4.18	4d	2	0.31mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	18d	2	0.32mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	17d	1	0.32mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$3,000	$3.76	22d	3	0.33mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$3,000	$3.51	25d	2	0.33mi

HOA detail

• Monthly dues: $1,334 · $16,008/yr
• Likely covers: watersewertrashelectricinternetpoolsecurity

Listing history 43 events

1. 2026-06-21
   days on market $115,000 Active 183 DOM
2. 2026-06-18
   days on market $115,000 Active 180 DOM
3. 2026-06-17
   days on market $115,000 Active 179 DOM
4. 2026-06-15
   days on market $115,000 Active 177 DOM
5. 2026-06-13
   days on market $115,000 Active 175 DOM
6. 2026-06-13
   days on market $115,000 Active 174 DOM
7. 2026-06-10
   days on market $115,000 Active 172 DOM
8. 2026-06-09
   days on market $115,000 Active 171 DOM
9. 2026-06-08
   days on market $115,000 Active 170 DOM
10. 2026-06-07
    days on market $115,000 Active 169 DOM
11. 2026-06-05
    days on market $115,000 Active 166 DOM
12. 2026-06-03
    days on market $115,000 Active 165 DOM
13. 2026-06-02
    days on market $115,000 Active 164 DOM
14. 2026-06-01
    days on market $115,000 Active 163 DOM
15. 2026-05-31
    days on market $115,000 Active 162 DOM
16. 2025-12-19
    listed $115,000 Active 1090-char remark

    Show marketing remark (1090 chars)

    2bdrm 1 bath at the Kalia. Perfect for full time living or island second home. The Kalia is a Leasehold Co-op located at the gateway to Waikiki. 856 sq ft interior + 175 sq ft covered lanai. Enjoy indoor-outdoor living with a generous lanai featuring remote-controlled motorized blinds. Includes refrigerator, stove/oven, dishwasher & garbage disposal. Kitchen, breakfast bar, Bedrooms with window A/C and ceiling fans. Bath with granite counter & bowl sink. Tropical lush gardens, heated saltwater pool, BBQ area & rooftop community laundry. Secure, gated community with key fob access, security cameras & patrol. Minutes to Hilton Hawaiian Village and Waikiki Beach grab your beach gear or explore world-class dining, shopping nearby. Food Pantry, bakery & USPS across the street. Bus lines close by. Parking available for a fee; waitlist applies. Leasehold with fixed increases through 2048. Air conditioners are $65 each addl per month. Total Mo Operating fees are $2590.34 includes Maintenance and leasehold fees, Electricity, Water, sewer, and internet.

17. 2020-06-01
    historical
18. 2020-01-06
    listed $115,000 Active
19. 2019-12-24
    historical
20. 2019-10-16
    listed $125,000 Active
21. 2019-08-13
    historical
22. 2019-08-09
    price $138,000
23. 2018-12-13
    price $148,000
24. 2018-08-13
    listed $150,000 Active
25. 2018-08-09
    historical
26. 2018-07-30
    price $147,000
27. 2018-05-19
    listed $165,000 Active
28. 2017-07-28
    soldstatus $160,000 Sold
29. 2017-06-13
    status Pending
30. 2017-03-22
    status Active
31. 2017-03-20
    listed $164,500 Active
32. 2017-03-20
    historical Hold
33. 2015-07-17
    soldstatus $155,000 Sold
34. 2015-07-17
    soldstatus $155,000
35. 2015-07-02
    status Pending
36. 2015-04-18
    price $159,500
37. 2015-01-01
    listed $175,000 Active
38. 2014-12-09
    historical
39. 2014-03-01
    listed $175,000
40. 2007-05-25
    soldstatus $171,000
41. 2007-05-25
    soldstatus $171,000
42. 2006-11-30
    listed $177,000
43. 2004-01-23
    soldstatus $160,000

ⓘ 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 7/10 Severe FEMA zone X (unshaded) · 75% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $41,887
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$1,372
• − Repairs & maintenance: −$3,351
• − Management: −$3,351
• − HOA: −$16,008
• − Depreciation: −$3,345
• Taxable income: $6,292
• Est. tax owed @ 24.0%: −$1,510
• After-tax cash flow: $5,238/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

-28.1% since first listed

28 events — show timeline

• 2025-12-19 Listed $115,000 HiCentral MLS
• 2020-06-01 Listing Removed — HiCentral MLS
• 2020-01-06 Listed $115,000 HiCentral MLS
• 2019-12-24 Listing Removed — HiCentral MLS
• 2019-10-16 Listed $125,000 HiCentral MLS
• 2019-08-13 Listing Removed — HiCentral MLS
• 2019-08-09 Price Changed $138,000 HiCentral MLS
• 2018-12-13 Price Changed $148,000 HiCentral MLS
• 2018-08-13 Listed $150,000 HiCentral MLS
• 2018-08-09 Listing Removed — HiCentral MLS
• 2018-07-30 Price Changed $147,000 HiCentral MLS
• 2018-05-19 Listed $165,000 HiCentral MLS
• 2017-07-28 Sold (MLS) $160,000 HiCentral MLS
• 2017-06-13 Pending — HiCentral MLS
• 2017-03-22 Relisted — HiCentral MLS
• 2017-03-20 Listed $164,500 HiCentral MLS
• 2017-03-20 Delisted — HiCentral MLS
• 2015-07-17 Sold (Public Records) $155,000 Public Records
• 2015-07-17 Sold (MLS) $155,000 HiCentral MLS
• 2015-07-02 Pending — HiCentral MLS
• 2015-04-18 Price Changed $159,500 HiCentral MLS
• 2015-01-01 Listed $175,000 HiCentral MLS
• 2014-12-09 Listing Removed — HiCentral MLS
• 2014-03-01 Listed $175,000 HiCentral MLS
• 2007-05-25 Sold (Public Records) $171,000 Public Records
• 2007-05-25 Sold (MLS) $171,000 HiCentral MLS
• 2006-11-30 Listed $177,000 HiCentral MLS
• 2004-01-23 Sold (Public Records) $160,000 Public Records