92-2819 Lei Pkwy

Hawaiian Ocean View, HI 96737

$320,000F

2 bd · 1.5 ba · 1,599 sqft · Built 2000 · SingleFamily · Active · 163 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,595/mo
• Mortgage (P&I): −$1,678
• Tax + insurance: −$533
• HOA: −$0
• Vac / Maint / Mgmt: −$545
• Net cashflow: $-162/mo
• Annual: $-1,941/yr
• Cap rate: 5.69%
• Cash-on-cash: -2.17%
• DSCR: 0.90
• 1% rule: 0.81%
• Cash to close: $89,600

Investor read

• This is a 2-bed/1.5-bath single-family listed at $320k. Condition is rated good.
• 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).
• It's been on market 163 days — a 12% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $259k (18.9% below list) — sets the bar for 1% rule.
• In year one you build about $12k of equity ($2k loan paydown + $10k appreciation (3.0% local appreciation)).
• 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).
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.
• By year 4, paydown + projected appreciation supports a ~$40k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 5.7% vs local median 4.7% in Hawaiian Ocean View — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Questions for listing agent

• 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?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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?
• 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.
• 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.