92-2819 Lei Pkwy · Hawaiian Ocean View, HI 96737

$320,000

2 bd · 1.5 ba · 1,599 sqft · SingleFamily · 163 Days on market

Built 2000 Good condition 1.00 ac lot $200/sqft · 17% above area Est $274k · 17% over ↓ 2% since listing

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Why this score? — see what drove the F 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 +10.5/30.0
• Appreciation +5.0/10.0
• Condition / age +3.8/5.0
• Schools +3.7/10.0
• 1% rule +3.1/10.0
• DSCR +3.0/10.0
• Rent growth +2.5/5.0
• Livability +2.4/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Such a diamond in the sky at the top of the largest subdivision in the country at 4,000 ft elevation. Newly painted inside and out, landscaped, with lots of sq. footage in this 2 bedroom 2 bath custom home. The views are forever and the lava tube cave is such a beautiful natural feature like no other. There's lots of extra storage and plenty of water catchment. Flat level usable yard area, gated and fenced. Ocean and South Point views. Engineered and built to code at the time but without permits so this must be a cash sale.

Key facts

• 000 ft elevation
• Landscaped
• 4

Tags

• 4
• 000 FT ELEVATION
• LANDSCAPED
• LAVA TUBE CAVE
• EXTRA STORAGE
• WATER CATCHMENT

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath single-family listed at $320k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $-162 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $297k (7.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $259k (18.9% below list).
• Recommended offer: $259k (18.9% below list) — sets the bar for 1% rule.
• Cap rate 5.7% vs local median 4.2% in Hawaiian Ocean View — 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 48/100 on livability (#151 in HI) — a working-class tenant base; expect higher turnover. Watch: housing C-, health & safety C-, schools D.
• 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: 248 active listings in the ZIP; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 163 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $259,455 (18.9% 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 163 days. Have you received any prior offers? Is the seller open to a 19% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
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: 0.81% ✗
• Cap rate: 5.69%
• Cash-on-cash: -2.17%
• DSCR: 0.90
• GRM: 10.3

CMA / ARV

• ARV (median comp): $274,161
• List price: $320,000
• Delta: 16.72%
• Verdict: OVERPRICED
• Comps: 1 within 2.0 mi

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 5.5%
• Equity multiple: 1.32×
• Total profit: $28,286
• Equity at exit: $143,886

10-year hold

• IRR: 8.5%
• Equity multiple: 2.29×
• Total profit: $115,236
• Equity at exit: $221,745

Cash invested: $89,600 (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 96737

• Active inventory: 248
• Price-to-rent: 10.3×

Monthly cashflow live

• Estimated rent: $2,595 medium
• Mortgage (P&I): −$1,678
• Tax est. 1.5%: −$400 /mo · $4,800/yr
• Insurance: −$133
• HOA: −$0
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $-162

Break-even live

Break-even rent $2,799

Max offer price $296,594

Occupancy floor —

Sensitivity live

Price	-10% $59	-5% $-51	+0% $-162	+5% $-272	+10% $-383
Rent	-10% $-367	-5% $-264	+0% $-162	+5% $-59	+10% $43
Rate	-1.0pp $-1	-0.5pp $-80	base $-162	+0.5pp $-245	+1.0pp $-329

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: $80,000
• Closing costs: $9,600
• Reserves months: —
• Total cash needed: —

Listing history 21 events

1. 2026-06-21
   days on market $320,000 Active 163 DOM
2. 2026-06-18
   days on market $320,000 Active 160 DOM
3. 2026-06-17
   days on market $320,000 Active 159 DOM
4. 2026-06-15
   days on market $320,000 Active 157 DOM
5. 2026-06-13
   days on market $320,000 Active 155 DOM
6. 2026-06-13
   days on market $320,000 Active 154 DOM
7. 2026-06-10
   days on market $320,000 Active 152 DOM
8. 2026-06-09
   days on market $320,000 Active 151 DOM
9. 2026-06-08
   days on market $320,000 Active 150 DOM
10. 2026-06-07
    days on market $320,000 Active 149 DOM
11. 2026-06-05
    days on market $320,000 Active 146 DOM
12. 2026-06-03
    days on market $320,000 Active 145 DOM
13. 2026-06-02
    days on market $320,000 Active 144 DOM
14. 2026-06-01
    days on market $320,000 Active 143 DOM
15. 2026-05-31
    days on market $320,000 Active 142 DOM
16. 2026-01-08
    listed $320,000 Active 529-char remark

    Show marketing remark (529 chars)

    Such a diamond in the sky at the top of the largest subdivision in the country at 4,000 ft elevation. Newly painted inside and out, landscaped, with lots of sq. footage in this 2 bedroom 2 bath custom home. The views are forever and the lava tube cave is such a beautiful natural feature like no other. There's lots of extra storage and plenty of water catchment. Flat level usable yard area, gated and fenced. Ocean and South Point views. Engineered and built to code at the time but without permits so this must be a cash sale.

17. 2025-11-25
    historical
18. 2025-10-29
    status Active
19. 2025-10-23
    historical Active Under Contract
20. 2025-09-01
    price $299,000
21. 2025-05-15
    listed $325,000 Active

ⓘ 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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $31,135
• − Mortgage interest: −$17,925
• − Property taxes: −$4,800
• − Insurance: −$1,600
• − Repairs & maintenance: −$2,491
• − Management: −$2,491
• − Depreciation: −$9,309
• Taxable loss: −$7,481
• Est. tax savings @ 24.0%: +$1,795
• After-tax cash flow: $-146/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This well-maintained single-family home offers a good condition with a good ROI potential through cosmetic upgrades and landscaping improvements.

Value-add opportunities

• Resale Paint exterior — Enhances curb appeal and value
• Rental Replace blinds — Improves light control and energy efficiency
• Both Upgrade flooring — Modernizes the space and increases value
• Both Replace kitchen appliances — Modernizes the space and increases value
• Both Landscaping improvements — Enhances curb appeal and value

Renovation cost estimate screening

Value-add ROI direction

• Resale Paint exterior — Enhances curb appeal and value ↑
• Rental Replace blinds — Improves light control and energy efficiency ↑
• Both Upgrade flooring — Modernizes the space and increases value ↑
• Both Replace kitchen appliances — Modernizes the space and increases value ↑
• Both Landscaping improvements — Enhances curb appeal and value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Hawaiian Ocean View

• Score: 48/100
• State rank: #151
• US rank: #26127

Category grades

Amenities F Commute F Cost of living B- Crime C+ Employment F Housing C- Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hawaiian Ocean View, HI
• City population: 3,781
• Population (ZIP): 3,781

Population outlook (Hawaii County) Hauer SSP2

• Today (2025): 220,733 people
• By 2030: 232,156 · +5.2%
• By 2040: 252,486 · +14.4%
• By 2050: 272,703 · +23.5%
• By 2075: 332,113 · +50.5%
• By 2100: 398,342 · +80.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.81)
• Race & ethnicity: Two or more races 42% White 39% Hispanic / Latino 16% Asian 6% Pacific Islander 6% Black 1% Native American 1%
• Hispanic origin (detail): Mexican 6% Puerto Rican 10%
• Common ancestry: Portuguese 5% Scotch-Irish 4% Hispanic 4%
• Foreign-born: 6% · Canada
• Languages at home: 75% English-only · Other Asian/Pacific 10% Spanish 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Hawaii

• 2024 margin: Strong D (+28.3) · D 63.0% · R 34.7% · Other 2.3%
• 2008→2024 swing: -25.4pp toward R · 2008: 53.7pp · 2024: 28.3pp
• All cycles: 2024: D+28.3 2020: D+36.2 2016: D+36.6 2012: D+51.3 2008: D+53.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: —
• Current HPI: —
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-1.5% since first listed

6 events — show timeline

• 2026-01-08 Listed $320,000 HI Information Service
• 2025-11-25 Listing Removed — HI Information Service
• 2025-10-29 Relisted — HI Information Service
• 2025-10-23 Contingent — HI Information Service
• 2025-09-01 Price Changed $299,000 HI Information Service
• 2025-05-15 Listed $325,000 HI Information Service