1402 Piikoi St #502 · Urban Honolulu, HI 96822

$355,000

2 bd · 1.0 ba · 632 sqft · Condo public records · 103 Days on market

Built 1969 $455/mo HOA · 13% of rent

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Why this score? — see what drove the C- 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 +14.8/30.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• 1% rule +4.5/10.0
• DSCR +4.5/10.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Priced for a quick sale! Great starter unit or Investment Opportunity in TOWN! Convenient location plus this pet friendly condo has only 4 units per floor! Stop by this Secured, Corner End Unit, with 2 bedrooms 1 bath and 1 covered parking. Located on the cool side of building offers modern custom cabinets, ceiling fans throughout, double paned windows, split A/C and a long lanai. Lower maintenance fees, walking distance to Elementary, Middle and 2 High School (Roosevelt ands McKinley HS), lots of stores & restaurants, UH & ala Moana shopping center. In close proximity to bus transportation and freeway access.

Key facts

• $455 HOA
• Parking
• Built 1969

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $355k.

Deal economics

• At list price, monthly cash flow is $98 ($1k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $337k (5.0% below list).
• Recommended offer: $323k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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 C — 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 (+5.3%/yr); 182 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).
• This rent runs 42% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $12k of equity ($2k loan paydown + $10k 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 + 5.3% rent growth), your $99k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 3, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($323k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 18y 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.

Recommended offer $323,050 (9.0% below list)

Questions for the listing agent

1. It's been on market 103 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1969 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
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 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: 0.95% ✗
• Cap rate: 6.63%
• Cash-on-cash: 1.19%
• DSCR: 1.05
• GRM: 8.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.71% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: 9.1%
• Equity multiple: 1.52×
• Total profit: $51,877
• Equity at exit: $153,843

10-year hold

• IRR: 13.0%
• Equity multiple: 2.97×
• Total profit: $196,150
• Equity at exit: $232,690

Cash invested: $99,400 (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 96822

• Home prices YoY: 1.0%
• Rents YoY: 5.3%
• Active inventory: 182
• Price-to-rent: 8.8×

Monthly cashflow live

• Estimated rent: $3,373 high
• Mortgage (P&I): −$1,862
• Tax from tax record: −$102 /mo · $1,220/yr
• Insurance: −$148
• HOA: −$455
• Vacancy / Maint / Mgmt: −$708
• Net cashflow: $98

Break-even live

Break-even rent $3,248

Max offer price $355,000

Occupancy floor 92%

Sensitivity live

Price	-10% $299	-5% $199	+0% $98	+5% $-2	+10% $-103
Rent	-10% $-168	-5% $-35	+0% $98	+5% $232	+10% $365
Rate	-1.0pp $277	-0.5pp $189	base $98	+0.5pp $6	+1.0pp $-87

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: $88,750
• Closing costs: $10,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	3d	1	0.15mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	24d	1	0.21mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	21d	1	0.39mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	24d	1	0.43mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	24d	3	0.47mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	4d	1	0.49mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	24d	1	0.54mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	21d	1	0.54mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	24d	1	0.54mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	18d	1	0.54mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	18d	1	0.54mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	24d	1	0.54mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	44d	1	0.54mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$3,550	$3.64	15d	2	0.64mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$6,300	$6.82	18d	2	0.68mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$6,300	$6.86	44d	2	0.68mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	3d	2	0.68mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	18d	1	0.68mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	4d	1	0.68mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	44d	1	0.68mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	11d	1	0.68mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	24d	1	0.68mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$4,750	$4.89	4d	2	0.73mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$6,750	$5.81	4d	4	0.75mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	24d	2	0.79mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	2d	2	0.79mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$3,600	$4.55	4d	2	0.79mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	24d	1	0.80mi
1133 Waimanu St #1808 Honolulu, HI	1.0	1.0	556	$2,800	$5.04	12d	1	0.85mi
1133 Waimanu St #405 Honolulu, HI	1.0	1.0	550	$2,700	$4.91	4d	1	0.85mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	22d	1	0.85mi
987 Queen St Honolulu, HI	1.0	1.0	606	$3,975	$6.56	44d	2	0.91mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	18d	9	0.91mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	11d	9	0.91mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	17d	8	0.91mi
1108 Auahi St Honolulu, HI	3.0	1.0–3.5	1444	$12,133	$8.40	44d	2	0.98mi
1108 Auahi St Honolulu, HI	3.0	1.0–3.5	1441	$12,133	$8.42	24d	1	0.98mi
988 Halekauwila St Unit Ke Kilohana Honolulu, HI	2.0	2.0	739	$3,700	$5.01	11d	1	0.99mi
988 Halekauwila St Honolulu, HI	1.0	1.0	511	$2,700	$5.28	4d	1	0.99mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	12d	1	0.99mi

HOA detail condo

• Monthly dues: $455 · $5,460/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-02-09
   listed $355,000 Active 629-char remark

   Show marketing remark (629 chars)

   Priced for a quick sale! Great starter unit or Investment Opportunity in TOWN! Convenient location plus this pet friendly condo has only 4 units per floor! Stop by this Secured, Corner End Unit, with 2 bedrooms 1 bath and 1 covered parking. Located on the cool side of building offers modern custom cabinets, ceiling fans throughout, double paned windows, split A/C and a long lanai. Lower maintenance fees, walking distance to Elementary, Middle and 2 High School (Roosevelt ands McKinley HS), lots of stores & restaurants, UH & ala Moana shopping center. In close proximity to bus transportation and freeway access.

2. 2025-11-30
   historical
3. 2025-11-11
   price $372,000
4. 2025-06-04
   listed $380,000 Active
5. 2019-08-28
   soldstatus $325,000 Sold
6. 2019-07-03
   listed $325,000 Active
7. 2009-01-12
   soldstatus $310,000
8. 2008-12-13
   listed $310,000

ⓘ 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: $1,220 · $102/mo
• Projected year-2 tax: $1,220 · $102/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $40,475
• − Mortgage interest: −$19,886
• − Property taxes: −$1,220
• − Insurance: −$1,775
• − Repairs & maintenance: −$3,238
• − Management: −$3,238
• − HOA: −$5,460
• − Depreciation: −$10,327
• Taxable loss: −$4,669
• Est. tax savings @ 24.0%: +$1,121
• After-tax cash flow: $2,301/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): 43,747
• Household income: $95,947
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 2139.0

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 0.72)
• Race & ethnicity: Asian 48% White 21% Two or more races 20% Pacific Islander 7% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Russian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 20% · South Korea, China, Vietnam
• Languages at home: 73% English-only · Other Asian/Pacific 11% Chinese 4% 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: ▲ 2.71%
• Current HPI: 273.9456
• Rent YoY: ▲ 5.35%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+14.5% since first listed

8 events — show timeline

• 2026-02-09 Listed $355,000 HiCentral MLS
• 2025-11-30 Listing Removed — HiCentral MLS
• 2025-11-11 Price Changed $372,000 HiCentral MLS
• 2025-06-04 Listed $380,000 HiCentral MLS
• 2019-08-28 Sold (MLS) $325,000 HiCentral MLS
• 2019-07-03 Listed $325,000 HiCentral MLS
• 2009-01-12 Sold (MLS) $310,000 HiCentral MLS
• 2008-12-13 Listed $310,000 HiCentral MLS

Property tax history

+1.0%/yr

Latest (2022): $1,220 · +5.3% YoY. Source: county tax records.