3455A Wela St · Urban Honolulu, HI 96815

$1,300,000

4 bd · 3.0 ba · 2,348 sqft · SingleFamily public records · 216 Days on market

Built 1950 2,946 sqft lot $554/sqft · 22% below area Est $1658k · 22% under ↓ 10% since listing

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Why this score? — see what drove the D 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).

• ARV discount +15.0/15.0
• Cash flow +7.0/30.0
• 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
• DSCR +1.2/10.0
• 1% rule +0.8/10.0

Listing remarks MLS

Big Price Adjustment! Motivated Seller! Has identified replacement home! Come and check out this spacious 5 bedroom, 2.5 bath two story home, located in private lane with 21 PV Panels + Tesla Batteries, with sweeping views of Waikiki and Diamond Head, walking distance from Kapiolani Community College and Diamond Head Theater, minutes away from Waikiki, Kaimuki, Kahala with easy access to shopping, dining, beaches, entertainment and many private and public schools! Fantastic Location! This home offers the ideal blend of Island Living and Urban Accessibility.

Key facts

• Private lane
• Easy access
• Sweeping views

Tags

• PRIVATE LANE
• SWEEPING VIEWS
• EASY ACCESS

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath single-family listed at $1.30M.

Deal economics

• At list price, monthly cash flow is $-2k ($-23k/yr) — negative.
• To cash-flow at today's rent, offer at most $966k (25.7% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $758k (41.7% below list).
• Recommended offer: $758k (41.7% below list) — sets the bar for 1% rule.
• Cap rate 4.5% 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 D — 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.
• Zoned schools: Waikiki Elementary School (math 67% / reading 79%, grade A, #8 of 183 statewide, top 4%, 554 students, 22% FRL); Kaimuki Middle School (math 62% / reading 76%, grade A, #1 of 42 statewide, top 0%, 950 students, 24% FRL); Kalani High School (math 38% / reading 73%, grade C, #5 of 43 statewide, top 10%, 1,414 students, 17% FRL) — zoned schools average 21% FRL vs 39% district-wide (18 pts lower); this property's tenant base skews higher-income than the district average.
• Zoned-school proficiency averages 66% at this address vs 41% district-wide (+25 pts) — the actual schools serving this property are materially stronger than the Hawaii Department Of Education average implies; a family-tenant draw the district grade alone would hide.
• Market conditions: Rents rising fast (+6.0%/yr); 813 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 56% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• At $7,582/mo this rent would consume 118% 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 $45k of equity ($9k loan paydown + $36k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$73k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 216 days — a 12% lower offer ($1.14M) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $150k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: built in 1950 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $758,150 (41.7% 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 216 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 0.58% ✗
• Cap rate: 4.55%
• Cash-on-cash: -6.24%
• DSCR: 0.72
• GRM: 14.3

CMA / ARV

• ARV (median comp): $1,657,643
• List price: $1,300,000
• Delta: -21.58%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
3467 Kilauea Ave	0.28mi	4/3.5	2,156 (-8%)	19mo	$982,000	$455	55
3237 Olu St	0.73mi	4/2.0	2,208 (-6%)	3mo	$1,260,000	$571	49

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

2.74% appreciation · 6.0% rent growth · sell at horizon

5-year hold

• IRR: 2.0%
• Equity multiple: 1.11×
• Total profit: $41,461
• Equity at exit: $565,807

10-year hold

• IRR: 6.7%
• Equity multiple: 2.04×
• Total profit: $377,564
• Equity at exit: $857,684

Cash invested: $364,000 (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: 813
• Price-to-rent: 14.3×

Monthly cashflow live

• Estimated rent: $7,582 high
• Mortgage (P&I): −$6,817
• Tax from tax record: −$523 /mo · $6,277/yr
• Insurance: −$542
• HOA: −$0
• Vacancy / Maint / Mgmt: −$1,592
• Net cashflow: $-1,893

Break-even live

Break-even rent $9,977

Max offer price $965,651

Occupancy floor —

Sensitivity live

Price	-10% $-1,157	-5% $-1,525	+0% $-1,893	+5% $-2,261	+10% $-2,629
Rent	-10% $-2,492	-5% $-2,192	+0% $-1,893	+5% $-1,593	+10% $-1,294
Rate	-1.0pp $-1,238	-0.5pp $-1,562	base $-1,893	+0.5pp $-2,230	+1.0pp $-2,572

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: $325,000
• Closing costs: $39,000
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3419 Francis St Honolulu, HI	4.0	2.5	2002	$5,200	$2.60	4d	1	0.21mi
918 8th Ave Unit 4 Honolulu, HI	4.0	1.0	1600	$5,300	$3.31	5d	1	0.61mi
311 Ohua Ave Ph 4 Honolulu, HI	3.0	2.5	1886	$5,200	$2.76	16d	1	0.95mi
1104 4th Ave Unit A Honolulu, HI	3.0	2.0	1692	$4,500	$2.66	19d	1	0.99mi
224 Kaalawai Pl Honolulu, HI	3.0	4.0	2500	$35,000	$14.00	45d	1	1.10mi
668 Elepaio St Honolulu, HI	3.0	2.0	2515	$7,000	$2.78	12d	1	1.11mi
813 Hunakai St Honolulu, HI	4.0	3.0	2313	$6,950	$3.00	45d	1	1.18mi
1164 Koloa St Honolulu, HI	5.0	4.5	2906	$12,500	$4.30	19d	1	1.18mi
4395 Aukai Ave Honolulu, HI	5.0	4.0	2717	$12,500	$4.60	45d	1	1.24mi
3059 Kalakaua Ave Honolulu, HI	3.0	3.5	3047	$20,000	$6.56	45d	1	1.25mi
2380 Kuhio Ave Honolulu, HI	3.0	1.0–3.0	1212	$13,897	$11.46	3d	51	1.27mi
4473 Aukai Ave Honolulu, HI	4.0	4.5	3022	$17,500	$5.79	45d	1	1.31mi
1517 Palolo Ave Honolulu, HI	5.0	3.0	1900	$5,200	$2.74	5d	1	1.34mi
4526 Aukai Ave Honolulu, HI	3.0	2.0	2600	$9,000	$3.46	45d	1	1.36mi
4515 Aukai Ave Honolulu, HI	4.0	3.5	2355	$15,000	$6.37	45d	1	1.36mi
4523 Aukai Ave Honolulu, HI	5.0	4.0	3300	$15,000	$4.55	45d	1	1.37mi
1617 Paula Dr Honolulu, HI	4.0	4.0	3345	$8,500	$2.54	45d	1	1.47mi
4584 Kahala Ave Honolulu, HI	4.0	3.5	2079	$22,500	$10.82	45d	1	1.48mi

Listing history 20 events

1. 2026-06-21
   days on market $1,300,000 Active 216 DOM
2. 2026-06-18
   days on market $1,300,000 Active 213 DOM
3. 2026-06-17
   days on market $1,300,000 Active 212 DOM
4. 2026-06-15
   days on market $1,300,000 Active 210 DOM
5. 2026-06-13
   days on market $1,300,000 Active 208 DOM
6. 2026-06-13
   days on market $1,300,000 Active 207 DOM
7. 2026-06-10
   days on market $1,300,000 Active 205 DOM
8. 2026-06-09
   days on market $1,300,000 Active 204 DOM
9. 2026-06-08
   days on market $1,300,000 Active 203 DOM
10. 2026-06-07
    days on market $1,300,000 Active 202 DOM
11. 2026-06-05
    days on market $1,300,000 Active 199 DOM
12. 2026-06-03
    days on market $1,300,000 Active 198 DOM
13. 2026-06-02
    days on market $1,300,000 Active 197 DOM
14. 2026-06-01
    days on market $1,300,000 Active 196 DOM
15. 2026-05-31
    days on market $1,300,000 Active 195 DOM
16. 2026-04-29
    price $1,300,000 564-char remark

    Show marketing remark (564 chars)

    Big Price Adjustment! Motivated Seller! Has identified replacement home! Come and check out this spacious 5 bedroom, 2.5 bath two story home, located in private lane with 21 PV Panels + Tesla Batteries, with sweeping views of Waikiki and Diamond Head, walking distance from Kapiolani Community College and Diamond Head Theater, minutes away from Waikiki, Kaimuki, Kahala with easy access to shopping, dining, beaches, entertainment and many private and public schools! Fantastic Location! This home offers the ideal blend of Island Living and Urban Accessibility.

17. 2026-03-22
    status Active 564-char remark

    Show marketing remark (564 chars)

    Big Price Adjustment! Motivated Seller! Has identified replacement home! Come and check out this spacious 5 bedroom, 2.5 bath two story home, located in private lane with 21 PV Panels + Tesla Batteries, with sweeping views of Waikiki and Diamond Head, walking distance from Kapiolani Community College and Diamond Head Theater, minutes away from Waikiki, Kaimuki, Kahala with easy access to shopping, dining, beaches, entertainment and many private and public schools! Fantastic Location! This home offers the ideal blend of Island Living and Urban Accessibility.

18. 2026-02-24
    historical Active Under Contract 564-char remark

    Show marketing remark (564 chars)

    Big Price Adjustment! Motivated Seller! Has identified replacement home! Come and check out this spacious 5 bedroom, 2.5 bath two story home, located in private lane with 21 PV Panels + Tesla Batteries, with sweeping views of Waikiki and Diamond Head, walking distance from Kapiolani Community College and Diamond Head Theater, minutes away from Waikiki, Kaimuki, Kahala with easy access to shopping, dining, beaches, entertainment and many private and public schools! Fantastic Location! This home offers the ideal blend of Island Living and Urban Accessibility.

19. 2026-02-12
    price $1,388,000 564-char remark

    Show marketing remark (564 chars)

    Big Price Adjustment! Motivated Seller! Has identified replacement home! Come and check out this spacious 5 bedroom, 2.5 bath two story home, located in private lane with 21 PV Panels + Tesla Batteries, with sweeping views of Waikiki and Diamond Head, walking distance from Kapiolani Community College and Diamond Head Theater, minutes away from Waikiki, Kaimuki, Kahala with easy access to shopping, dining, beaches, entertainment and many private and public schools! Fantastic Location! This home offers the ideal blend of Island Living and Urban Accessibility.

20. 2025-11-17
    listed $1,450,000 Active 564-char remark

    Show marketing remark (564 chars)

    Big Price Adjustment! Motivated Seller! Has identified replacement home! Come and check out this spacious 5 bedroom, 2.5 bath two story home, located in private lane with 21 PV Panels + Tesla Batteries, with sweeping views of Waikiki and Diamond Head, walking distance from Kapiolani Community College and Diamond Head Theater, minutes away from Waikiki, Kaimuki, Kahala with easy access to shopping, dining, beaches, entertainment and many private and public schools! Fantastic Location! This home offers the ideal blend of Island Living and Urban Accessibility.

ⓘ 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: $6,277 · $523/mo
• Projected year-2 tax: $6,277 · $523/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: $90,978
• − Mortgage interest: −$72,820
• − Property taxes: −$6,277
• − Insurance: −$6,500
• − Repairs & maintenance: −$7,278
• − Management: −$7,278
• − Depreciation: −$37,818
• Taxable loss: −$46,993
• Est. tax savings @ 24.0%: +$11,278
• After-tax cash flow: $-11,434/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

-10.3% since first listed

5 events — show timeline

• 2026-04-29 Price Changed $1,300,000 HiCentral MLS
• 2026-03-22 Relisted — HiCentral MLS
• 2026-02-24 Contingent — HiCentral MLS
• 2026-02-12 Price Changed $1,388,000 HiCentral MLS
• 2025-11-17 Listed $1,450,000 HiCentral MLS

Property tax history

+13.5%/yr

Latest (2022): $6,277 · +37.3% YoY. Source: county tax records.