1909 Ala Wai Blvd #1003 · Urban Honolulu, HI 96815

$185,000

1 bd · 1.0 ba · 513 sqft · Condo public records · 156 Days on market

Built 1971 $361/sqft · 58% below area $596/mo HOA · 20% of rent

---

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 +29.0/30.0
• 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

DESIRABLE LEGAL SHORT-TERM VACATION RENTAL OPPORTUNITY IN WAIKIKI with a proven track record of strong occupancy and consistent rental activity. Welcome to Royal Aloha, one of the few resort-zoned buildings in Waikiki allowing legal daily rentals - an increasingly rare and valuable designation. This rarely available 1-bedroom stands out as most units in the building are 2-bedroom layouts, offering a more accessible entry point for investors seeking income potential in a high-demand location. Located on the 9th floor, the unit enjoys city, Ala Wai Canal, and mountain views, along with a full kitchen and efficient, guest-friendly layout. Offered turnkey and ready to rent, making for a seamless transition for the next owner. Royal Aloha is a secured building with on-site management and amenities including a pool, BBQ area, and lounge spaces, with community laundry on each floor and in the basement. Pet-friendly and ideally situated near Ala Moana, beaches, dining, shopping, and bus lines. Leasehold property with approximately 15 years remaining - an attractive opportunity for investors seeking strong cash flow at a lower entry price. Parking may be available for rent nearby.

Key facts

• Ala wai canal views
• Full kitchen
• On site management

Tags

• SHORT TERM VACATION RENTAL
• RESORT ZONED BUILDING
• ALA WAI CANAL VIEWS
• FULL KITCHEN
• SECURED BUILDING
• ON SITE MANAGEMENT

🏷️ Possibly a rental listed for sale. The $185,000 price doesn't fit this home's estimated sale value (~$440,476) 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 condo listed at $185k.

Deal economics

• At list price, monthly cash flow is $509 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.4% 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 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 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 $6k of equity ($1k loan paydown + $5k 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 $52k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, 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 156 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• 3 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 $43k; list at $185k implies a 330% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 156 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 1971 — 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.62% ✓
• Cap rate: 10.39%
• Cash-on-cash: 14.64%
• DSCR: 1.65
• GRM: 5.2

CMA / ARV

• ARV (median comp): $440,476
• List price: $185,000
• Delta: -58.00%
• 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: 20.7%
• Equity multiple: 2.20×
• Total profit: $61,933
• Equity at exit: $80,519

10-year hold

• IRR: 24.2%
• Equity multiple: 4.75×
• Total profit: $194,306
• Equity at exit: $122,055

Cash invested: $51,800 (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: 5.2×

Monthly cashflow live

• Estimated rent: $2,992 high
• Mortgage (P&I): −$970
• Tax from tax record: −$89 /mo · $1,066/yr
• Insurance: −$77
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$596
• Vacancy / Maint / Mgmt: −$628
• Net cashflow: $509

Break-even live

Break-even rent $2,347

Max offer price $185,000

Occupancy floor 78%

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: $46,250
• Closing costs: $5,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	0.15mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	23d	1	0.20mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	11d	1	0.20mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	11d	1	0.24mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	43d	2	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	44d	3	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	3d	4	0.25mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	23d	1	0.29mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.30mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	11d	1	0.30mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	43d	1	0.30mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$2,600	$3.26	21d	3	0.35mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$2,700	$3.16	23d	2	0.35mi
1778 Ala Moana Blvd #1219 Honolulu, HI	1.0	1.0	724	$4,600	$6.35	23d	1	0.38mi
1778 Ala Moana Blvd #1307 Honolulu, HI	1.0	1.0	683	$2,900	$4.25	23d	1	0.38mi
1778 Ala Moana Blvd #3318 Honolulu, HI	1.0	1.0	683	$3,400	$4.98	3d	1	0.38mi
1778 Ala Moana Blvd #2606 Honolulu, HI	1.0	1.0	724	$2,895	$4.00	3d	1	0.38mi
1778 Ala Moana Blvd #1317 Honolulu, HI	1.0	1.0	683	$2,775	$4.06	21d	1	0.38mi
1778 Ala Moana Blvd #801 Honolulu, HI	1.0	1.0	724	$3,400	$4.70	23d	1	0.38mi
1778 Ala Moana Blvd Unit 1541754P Honolulu, HI	1.0	1.0	721	$4,387	$6.08	14d	1	0.39mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$2,650	$3.21	11d	3	0.39mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	17d	2	0.39mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	16d	1	0.39mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	21d	1	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	10d	1	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	3d	2	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	21d	2	0.43mi
1777 Ala Moana Blvd Unit 1327715P Honolulu, HI	1.0	1.0	495	$5,590	$11.29	43d	1	0.44mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	3d	2	0.44mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	3d	1	0.45mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	17d	1	0.45mi
2140 Khi AVE Unit 803 Honolulu, HI	—	1.0	460	$4,990	$10.85	43d	1	0.45mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	23d	1	0.45mi
2140 Khi Ave. unit Ph 2506 Honolulu, HI	1.0	1.0	678	$3,200	$4.72	14d	1	0.45mi
1765 Ala Moana Blvd #1183 Honolulu, HI	1.0	1.0	440	$3,100	$7.05	3d	1	0.45mi
445 Kaiolu St Honolulu, HI	1.0	1.0	490	$3,400	$6.94	17d	1	0.48mi
430 Lewers St Unit 25E Honolulu, HI	1.0	1.0	673	$2,700	$4.01	23d	1	0.50mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	23d	1	0.50mi
2211 Ala Wai Blvd Honolulu, HI	1.0	1.0	437	$3,100	$7.09	23d	1	0.55mi
2211 Ala Wai Blvd #1108 Honolulu, HI	1.0	1.0	413	$2,600	$6.30	23d	1	0.55mi

HOA detail condo

• Monthly dues: $596 · $7,152/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 28 events

1. 2026-06-18
   days on market $185,000 Active 156 DOM
2. 2026-06-17
   days on market $185,000 Active 155 DOM
3. 2026-06-16
   days on market $185,000 Active 154 DOM
4. 2026-06-15
   days on market $185,000 Active 153 DOM
5. 2026-06-13
   days on market $185,000 Active 151 DOM
6. 2026-06-13
   days on market $185,000 Active 150 DOM
7. 2026-06-10
   days on market $185,000 Active 148 DOM
8. 2026-06-09
   days on market $185,000 Active 147 DOM
9. 2026-06-08
   days on market $185,000 Active 146 DOM
10. 2026-06-07
    days on market $185,000 Active 145 DOM
11. 2026-06-05
    days on market $185,000 Active 142 DOM
12. 2026-06-03
    days on market $185,000 Active 141 DOM
13. 2026-06-02
    days on market $185,000 Active 140 DOM
14. 2026-06-01
    days on market $185,000 Active 139 DOM
15. 2026-05-31
    days on market $185,000 Active 138 DOM
16. 2026-01-13
    listed $185,000 Active 1190-char remark

    Show marketing remark (1190 chars)

    DESIRABLE LEGAL SHORT-TERM VACATION RENTAL OPPORTUNITY IN WAIKIKI with a proven track record of strong occupancy and consistent rental activity. Welcome to Royal Aloha, one of the few resort-zoned buildings in Waikiki allowing legal daily rentals - an increasingly rare and valuable designation. This rarely available 1-bedroom stands out as most units in the building are 2-bedroom layouts, offering a more accessible entry point for investors seeking income potential in a high-demand location. Located on the 9th floor, the unit enjoys city, Ala Wai Canal, and mountain views, along with a full kitchen and efficient, guest-friendly layout. Offered turnkey and ready to rent, making for a seamless transition for the next owner. Royal Aloha is a secured building with on-site management and amenities including a pool, BBQ area, and lounge spaces, with community laundry on each floor and in the basement. Pet-friendly and ideally situated near Ala Moana, beaches, dining, shopping, and bus lines. Leasehold property with approximately 15 years remaining - an attractive opportunity for investors seeking strong cash flow at a lower entry price. Parking may be available for rent nearby.

17. 2017-06-27
    soldstatus $43,000
18. 2016-05-10
    soldstatus $122,000 Sold 261-char remark

    Show marketing remark (261 chars)

    Great Location on the edge of world famous Waikiki. Walking distance to beach, shops and bus line. Good for rental or living. Excellent views of mountains and canal. Washers and dryers conveniently located on every floor and more located in the lower lobby.

19. 2016-05-10
    soldstatus $122,000

    Show marketing remark (261 chars)

    Great Location on the edge of world famous Waikiki. Walking distance to beach, shops and bus line. Good for rental or living. Excellent views of mountains and canal. Washers and dryers conveniently located on every floor and more located in the lower lobby.

20. 2016-04-16
    status Pending 261-char remark

    Show marketing remark (261 chars)

    Great Location on the edge of world famous Waikiki. Walking distance to beach, shops and bus line. Good for rental or living. Excellent views of mountains and canal. Washers and dryers conveniently located on every floor and more located in the lower lobby.

21. 2016-02-22
    listed $124,500 Active 261-char remark

    Show marketing remark (261 chars)

    Great Location on the edge of world famous Waikiki. Walking distance to beach, shops and bus line. Good for rental or living. Excellent views of mountains and canal. Washers and dryers conveniently located on every floor and more located in the lower lobby.

22. 1997-12-01
    soldstatus $69,000
23. 1997-11-28
    soldstatus $69,000
24. 1997-11-16
    historical
25. 1997-04-24
    listed $79,000
26. 1983-10-31
    soldstatus $55,000
27. 1983-10-01
    soldstatus $55,000
28. 1980-04-01
    soldstatus $77,500

ⓘ 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: $1,066 · $89/mo
• Projected year-2 tax: $1,066 · $89/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 AO · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $35,907
• − Mortgage interest: −$10,363
• − Property taxes: −$1,066
• − Insurance: −$2,392
• − Repairs & maintenance: −$2,873
• − Management: −$2,873
• − HOA: −$7,152
• − Depreciation: −$5,382
• Taxable income: $3,807
• Est. tax owed @ 24.0%: −$914
• After-tax cash flow: $5,200/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

+138.7% since first listed

13 events — show timeline

• 2026-01-13 Listed $185,000 HiCentral MLS
• 2017-06-27 Sold (Public Records) $43,000 Public Records
• 2016-05-10 Sold (Public Records) $122,000 Public Records
• 2016-05-10 Sold (MLS) $122,000 HiCentral MLS
• 2016-04-16 Pending — HiCentral MLS
• 2016-02-22 Listed $124,500 HiCentral MLS
• 1997-12-01 Sold (Public Records) $69,000 Public Records
• 1997-11-28 Sold (MLS) $69,000 HiCentral MLS
• 1997-11-16 Listing Removed — HiCentral MLS
• 1997-04-24 Listed $79,000 HiCentral MLS
• 1983-10-31 Sold (Public Records) $55,000 Public Records
• 1983-10-01 Sold (Public Records) $55,000 Public Records
• 1980-04-01 Sold (Public Records) $77,500 Public Records

Property tax history

+4.7%/yr

Latest (2021): $1,066 · -10.8% YoY. Source: county tax records.