92-8751 Iwalani Pkwy · Hawaiian Ocean View, HI 96737

$168,000

2 bd · 1.0 ba · 800 sqft · SingleFamily · 135 Days on market

Built 2024 Fair condition 1.00 ac lot $210/sqft · 7% above area Est $157k · 7% over

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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 +30.0/30.0
• DSCR +10.0/10.0
• 1% rule +8.6/10.0
• Appreciation +5.0/10.0
• ARV discount +4.4/15.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.4/5.0
• Condition / age +2.2/5.0

Listing remarks MLS

This newer 2-bedroom, 1-bath home is situated at a comfortable 4,000’ elevation in Hawaiian Ocean View Estates and offers privacy, expansive views, and a peaceful off-grid lifestyle on one acre. The property offers a calm, grounded feeling, is accessed via a gated driveway with pahoehoe lava pathways winding through thoughtfully planted native and xeriscape gardens. Located on a quiet road, the setting is quiet and private, with only one nearby neighbor who is not within the primary view plane. A large covered lanai provides an ideal vantage point for sweeping big-sky views that stretch across the coastline, out to the ocean, and toward the dramatic cliffs of Ka Lae at South Point. The elevated perspective captures vibrant sunrises, colorful sunsets, and brilliant star-filled night skies all year long. Designed for comfortable off-grid living, the home includes modern conveniences such as on-demand hot water, a cozy propane fireplace, and a reverse osmosis water filtration system. The cooler elevation contributes to a pleasant year-round climate. Offered turnkey furnished, the property presents an opportunity to immediately enjoy the simplicity and serenity of affordable island living. Ocean View has two grocery stores, three gas stations, several local eateries, and a popular Saturday morning swap meet. Approximately one hour to Kailua-Kona and two hours to Hilo. * * * Improvements were completed without permits. * * * CASH ONLY SALE

Key facts

• Large covered lanai
• Gated driveway
• 1 acre lot

Tags

• GATED DRIVEWAY
• PAHOEHOE LAVA PATHWAYS
• NATIVE AND XERISCAPE GARDENS
• LARGE COVERED LANAI
• SWEEPING BIG-SKY VIEWS
• DRAMATIC CLIFFS OF KA LAE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath single-family listed at $168k. Condition is rated fair.

Deal economics

• At list price, monthly cash flow is $638 ($8k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $168k).
• Recommended offer: $148k (12.0% below list) — sets the bar for market timing.
• Cap rate 10.8% 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: 247 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 $6k of equity ($1k loan paydown + $5k appreciation (3.0% local appreciation)).
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $47k cash investment doubles in ~4 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 135 days — a 12% lower offer ($148k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y 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 $147,840 (12.0% below list)

Questions for the listing agent

1. It's been on market 135 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Have any recent inspections been done? Can we get a copy of the seller's disclosures and any deferred-maintenance estimates?
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. 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.
7. 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.
8. 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: 1.36% ✓
• Cap rate: 10.85%
• Cash-on-cash: 16.27%
• DSCR: 1.72
• GRM: 6.1

CMA / ARV

• ARV (median comp): $157,256
• List price: $168,000
• Delta: 6.83%
• Verdict: FAIR
• Comps: 4 within 2.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 22.8%
• Equity multiple: 2.29×
• Total profit: $60,893
• Equity at exit: $75,540

10-year hold

• IRR: 23.7%
• Equity multiple: 4.40×
• Total profit: $159,919
• Equity at exit: $116,416

Cash invested: $47,040 (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: 247
• Price-to-rent: 6.1×

Monthly cashflow live

• Estimated rent: $2,277 medium
• Mortgage (P&I): −$881
• Tax est. 1.5%: −$210 /mo · $2,520/yr
• Insurance: −$70
• HOA: −$0
• Vacancy / Maint / Mgmt: −$478
• Net cashflow: $638

Break-even live

Break-even rent $1,470

Max offer price $168,000

Occupancy floor 67%

Sensitivity live

Price	-10% $754	-5% $696	+0% $638	+5% $580	+10% $522
Rent	-10% $458	-5% $548	+0% $638	+5% $728	+10% $818
Rate	-1.0pp $722	-0.5pp $681	base $638	+0.5pp $594	+1.0pp $550

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: $42,000
• Closing costs: $5,040
• Reserves months: —
• Total cash needed: —

Listing history 22 events

1. 2026-06-18
   days on market $168,000 Active 135 DOM
2. 2026-06-17
   days on market $168,000 Active 134 DOM
3. 2026-06-16
   days on market $168,000 Active 133 DOM
4. 2026-06-15
   days on market $168,000 Active 132 DOM
5. 2026-06-13
   days on market $168,000 Active 130 DOM
6. 2026-06-13
   days on market $168,000 Active 129 DOM
7. 2026-06-10
   days on market $168,000 Active 127 DOM
8. 2026-06-09
   days on market $168,000 Active 126 DOM
9. 2026-06-08
   days on market $168,000 Active 125 DOM
10. 2026-06-07
    days on market $168,000 Active 124 DOM
11. 2026-06-05
    days on market $168,000 Active 121 DOM
12. 2026-06-03
    days on market $168,000 Active 120 DOM
13. 2026-06-02
    days on market $168,000 Active 119 DOM
14. 2026-06-01
    days on market $168,000 Active 118 DOM
15. 2026-05-31
    days on market $168,000 Active 117 DOM
16. 2026-02-03
    listed $168,000 Active 1470-char remark

    Show marketing remark (1470 chars)

    This newer 2-bedroom, 1-bath home is situated at a comfortable 4,000’ elevation in Hawaiian Ocean View Estates and offers privacy, expansive views, and a peaceful off-grid lifestyle on one acre. The property offers a calm, grounded feeling, is accessed via a gated driveway with pahoehoe lava pathways winding through thoughtfully planted native and xeriscape gardens. Located on a quiet road, the setting is quiet and private, with only one nearby neighbor who is not within the primary view plane. A large covered lanai provides an ideal vantage point for sweeping big-sky views that stretch across the coastline, out to the ocean, and toward the dramatic cliffs of Ka Lae at South Point. The elevated perspective captures vibrant sunrises, colorful sunsets, and brilliant star-filled night skies all year long. Designed for comfortable off-grid living, the home includes modern conveniences such as on-demand hot water, a cozy propane fireplace, and a reverse osmosis water filtration system. The cooler elevation contributes to a pleasant year-round climate. Offered turnkey furnished, the property presents an opportunity to immediately enjoy the simplicity and serenity of affordable island living. Ocean View has two grocery stores, three gas stations, several local eateries, and a popular Saturday morning swap meet. Approximately one hour to Kailua-Kona and two hours to Hilo. * * * Improvements were completed without permits. * * * CASH ONLY SALE

17. 2025-01-21
    listed $129,000 Active
18. 2024-10-02
    historical
19. 2024-09-13
    price $138,800
20. 2024-07-30
    listed $128,800 Active
21. 2024-04-15
    historical
22. 2024-02-09
    listed $129,000 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: $27,324
• − Mortgage interest: −$9,411
• − Property taxes: −$2,520
• − Insurance: −$840
• − Repairs & maintenance: −$2,186
• − Management: −$2,186
• − Depreciation: −$4,887
• Taxable income: $5,294
• Est. tax owed @ 24.0%: −$1,271
• After-tax cash flow: $6,383/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

Fair 45/100 Moderate rehab

This home, while in fair condition, requires moderate repairs and maintenance to improve its condition and value. Potential updates include painting, landscaping, and HVAC maintenance.

Repairs flagged

• Minor Kitchen countertops — Visible wear and tear.
• Minor Bathroom fixtures — Visible signs of wear.
• Minor Exterior siding — Some wear and tear visible.
• Minor Flooring — Worn in some areas.
• Minor Paint — Chipped in some areas.
• Minor Windows — Some wear visible.
• Minor Foundation cracks — Visible cracks in some areas.
• Minor HVAC units — Some wear visible on units.

Value-add opportunities

• Both Painting and minor repairs to exterior and interior — Enhances curb appeal and interior condition.
• Both Landscaping and garden maintenance — Improves curb appeal and enhances property value.
• Both HVAC maintenance and minor repairs — Ensures comfort and energy efficiency, improving both resale and rental value.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Visible wear and tear.	Minor	$500–3,000
Bathroom fixtures · Visible signs of wear.	Minor	$500–3,000
Exterior siding · Some wear and tear visible.	Minor	$500–3,000
Flooring · Worn in some areas.	Minor	$500–3,000
Paint · Chipped in some areas.	Minor	$500–3,000
Windows · Some wear visible.	Minor	$500–3,000
Foundation cracks · Visible cracks in some areas.	Minor	$500–3,000
HVAC units · Some wear visible on units.	Minor	$500–3,000
Total estimated repair cost · 8 items		$4,000–24,000

Value-add ROI direction

• Both Painting and minor repairs to exterior and interior — Enhances curb appeal and interior condition. ↑
• Both Landscaping and garden maintenance — Improves curb appeal and enhances property value. ↑
• Both HVAC maintenance and minor repairs — Ensures comfort and energy efficiency, improving both resale and rental 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

+30.2% since first listed

7 events — show timeline

• 2026-02-03 Listed $168,000 HI Information Service
• 2025-01-21 Listed $129,000 HI Information Service
• 2024-10-02 Listing Removed — HI Information Service
• 2024-09-13 Price Changed $138,800 HI Information Service
• 2024-07-30 Listed $128,800 HI Information Service
• 2024-04-15 Listing Removed — HI Information Service
• 2024-02-09 Listed $129,000 HI Information Service