633 Nalanui St #409 · Urban Honolulu, HI 96817

$295,000

2 bd · 1.0 ba · 646 sqft · Condo public records · 193 Days on market

Built 1975 $457/sqft · 18% below area Est $358k · 18% under $960/mo HOA · 34% of rent

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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
• Rent growth +5.0/5.0
• 1% rule +4.7/10.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Motivated to Sell! 2 Bedroom, 1 Bath unit in Liliha w/ 1 Parking space, sold AS-IS. Secured building. Electricity & Basic Cable/Internet are included in the monthly Maintenance Fee. Bathroom, kitchen & appliances were renewed about 3 years ago. Includes Toto Washlet. Bedroom flooring was installed about 5 years ago. Carpet was replaced last December. Located in heart of Liliha neighborhood, near Liliha Bakery. Within 15-min walking distance to shops on Liliha Street, Kuakini Medical Center, Liliuokalani Botanical Garden, and Lanakila Park. Approx 4-min walk to bus stop serving TheBus # 13, which goes to Downtown, Ala Moana & Waikiki. Approx 10-min car drive to Downtown, 15-min to UH or Airport, 20-min to Waikiki when traffic is light.

Key facts

• Renewed bathroom
• Nearby liliha bakery
• Renewed kitchen

Tags

• RENEWED BATHROOM
• RENEWED KITCHEN
• REPLACED CARPET
• INSTALLED BEDROOM FLOORING
• NEARBY LILIHA BAKERY
• SHOPS ON LILIHA STREET

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $295k.

Deal economics

• At list price, monthly cash flow is $-426 ($-5k/yr) — negative.
• To cash-flow at today's rent, offer at most $220k (25.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $286k (2.9% below list).
• Recommended offer: $220k (25.5% below list) — sets the bar for cash-flow.
• Cap rate 4.6% 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 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.
• Market conditions: Rents rising fast (+10.3%/yr); 110 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• At $2,865/mo this rent would consume 46% of the median local household income ($75k/yr) (locally 2290% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $9k of value loss. Plan a longer hold.
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 193 days — a 12% lower offer ($260k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $36k; list at $295k implies a 708% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.

Recommended offer $219,712 (25.5% 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 193 days. Have you received any prior offers? Is the seller open to a 26% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.97% ✗
• Cap rate: 4.56%
• Cash-on-cash: -6.19%
• DSCR: 0.72
• GRM: 8.6

CMA / ARV

• ARV (median comp): $357,801
• List price: $295,000
• Delta: -17.55%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -19.4%
• Equity multiple: 0.28×
• Total profit: $-59,365
• Equity at exit: $43,985

10-year hold

• IRR: -2.2%
• Equity multiple: 0.81×
• Total profit: $-15,943
• Equity at exit: $25,506

Cash invested: $82,600 (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 96817

• Rents YoY: 10.3%
• Active inventory: 110
• Price-to-rent: 8.6×

Monthly cashflow live

• Estimated rent: $2,865 high
• Mortgage (P&I): −$1,547
• Tax from tax record: −$59 /mo · $712/yr
• Insurance: −$123
• HOA: −$960
• Vacancy / Maint / Mgmt: −$602
• Net cashflow: $-426

Break-even live

Break-even rent $3,404

Max offer price $219,712

Occupancy floor —

Sensitivity live

Price	-10% $-259	-5% $-343	+0% $-426	+5% $-510	+10% $-593
Rent	-10% $-652	-5% $-539	+0% $-426	+5% $-313	+10% $-200
Rate	-1.0pp $-278	-0.5pp $-351	base $-426	+0.5pp $-503	+1.0pp $-580

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: $73,750
• Closing costs: $8,850
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1320 Aala St Honolulu, HI	1.0–3.0	1.0–1.5	735	$2,515	$3.42	4d	1	0.44mi
2138 Mahalo St Honolulu, HI	1.0	1.0	490	$2,600	$5.31	22d	1	0.45mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	20d	1	0.64mi
60 N Beretania St Honolulu, HI	1.0–2.0	1.0–2.0	895	$4,000	$4.47	4d	3	0.74mi
1255 Nuuanu Ave Unit E3203 Honolulu, HI	1.0	1.0	615	$2,800	$4.55	24d	1	0.81mi
225 Auwaiolimu St Honolulu, HI	3.0	1.0	710	$3,800	$5.35	18d	1	0.83mi
1132 Bishop St Honolulu, HI	1.0	1.0	486	$3,250	$6.68	4d	1	0.97mi
1088 Bishop St #3310 Honolulu, HI	1.0	1.0	650	$2,600	$4.00	24d	1	1.02mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	24d	1	1.06mi
2664 Waolani Ave Unit C Honolulu, HI	2.0	1.0	650	$3,200	$4.92	24d	1	1.20mi
225 Queen St Unit 21H Honolulu, HI	2.0	2.0	624	$2,700	$4.33	4d	1	1.21mi
225 Queen St Unit 24B Honolulu, HI	2.0	2.0	707	$3,399	$4.81	45d	1	1.21mi
225 Queen St Unit 16A Honolulu, HI	2.0	2.0	704	$3,500	$4.97	45d	1	1.21mi
225 Queen St Honolulu, HI	1.0	1.0	469	$3,500	$7.46	45d	1	1.21mi
225 Queen St Unit 17A Honolulu, HI	2.0	2.0	704	$3,300	$4.69	24d	1	1.21mi
225 Queen St Unit 24E Honolulu, HI	2.0	2.0	604	$2,600	$4.30	24d	1	1.21mi
1260 Richard Ln Unit B318 Honolulu, HI	2.0	1.0	643	$2,750	$4.28	24d	1	1.44mi
1260 Richard Ln #513 Honolulu, HI	2.0	1.0	643	$2,800	$4.35	4d	1	1.44mi

HOA detail condo

• Monthly dues: $960 · $11,520/yr
• Likely covers: electricinternetcable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-21
   days on market $295,000 Active 193 DOM
2. 2026-06-18
   days on market $295,000 Active 190 DOM
3. 2026-06-17
   days on market $295,000 Active 189 DOM
4. 2026-06-15
   days on market $295,000 Active 187 DOM
5. 2026-06-13
   days on market $295,000 Active 185 DOM
6. 2026-06-13
   days on market $295,000 Active 184 DOM
7. 2026-06-10
   days on market $295,000 Active 182 DOM
8. 2026-06-09
   days on market $295,000 Active 181 DOM
9. 2026-06-08
   days on market $295,000 Active 180 DOM
10. 2026-06-07
    days on market $295,000 Active 179 DOM
11. 2026-06-05
    days on market $295,000 Active 176 DOM
12. 2026-06-03
    days on market $295,000 Active 175 DOM
13. 2026-06-02
    days on market $295,000 Active 174 DOM
14. 2026-06-01
    days on market $295,000 Active 173 DOM
15. 2026-05-31
    days on market $295,000 Active 172 DOM
16. 2026-05-08
    price $295,000 763-char remark

    Show marketing remark (763 chars)

    Motivated to Sell! 2 Bedroom, 1 Bath unit in Liliha w/ 1 Parking space, sold AS-IS. Secured building. Electricity & Basic Cable/Internet are included in the monthly Maintenance Fee. Bathroom, kitchen & appliances were renewed about 3 years ago. Includes Toto Washlet. Bedroom flooring was installed about 5 years ago. Carpet was replaced last December. Located in heart of Liliha neighborhood, near Liliha Bakery. Within 15-min walking distance to shops on Liliha Street, Kuakini Medical Center, Liliuokalani Botanical Garden, and Lanakila Park. Approx 4-min walk to bus stop serving TheBus # 13, which goes to Downtown, Ala Moana & Waikiki. Approx 10-min car drive to Downtown, 15-min to UH or Airport, 20-min to Waikiki when traffic is light.

17. 2026-02-23
    price $320,000 763-char remark

    Show marketing remark (763 chars)

    Motivated to Sell! 2 Bedroom, 1 Bath unit in Liliha w/ 1 Parking space, sold AS-IS. Secured building. Electricity & Basic Cable/Internet are included in the monthly Maintenance Fee. Bathroom, kitchen & appliances were renewed about 3 years ago. Includes Toto Washlet. Bedroom flooring was installed about 5 years ago. Carpet was replaced last December. Located in heart of Liliha neighborhood, near Liliha Bakery. Within 15-min walking distance to shops on Liliha Street, Kuakini Medical Center, Liliuokalani Botanical Garden, and Lanakila Park. Approx 4-min walk to bus stop serving TheBus # 13, which goes to Downtown, Ala Moana & Waikiki. Approx 10-min car drive to Downtown, 15-min to UH or Airport, 20-min to Waikiki when traffic is light.

18. 2025-12-10
    listed $345,000 Active 763-char remark

    Show marketing remark (763 chars)

    Motivated to Sell! 2 Bedroom, 1 Bath unit in Liliha w/ 1 Parking space, sold AS-IS. Secured building. Electricity & Basic Cable/Internet are included in the monthly Maintenance Fee. Bathroom, kitchen & appliances were renewed about 3 years ago. Includes Toto Washlet. Bedroom flooring was installed about 5 years ago. Carpet was replaced last December. Located in heart of Liliha neighborhood, near Liliha Bakery. Within 15-min walking distance to shops on Liliha Street, Kuakini Medical Center, Liliuokalani Botanical Garden, and Lanakila Park. Approx 4-min walk to bus stop serving TheBus # 13, which goes to Downtown, Ala Moana & Waikiki. Approx 10-min car drive to Downtown, 15-min to UH or Airport, 20-min to Waikiki when traffic is light.

19. 2025-10-25
    historical
20. 2025-07-18
    price $340,000
21. 2025-07-12
    price $350,000
22. 2025-07-01
    listed $360,000 Active
23. 1975-09-01
    soldstatus $36,500

ⓘ 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: $712 · $59/mo
• Projected year-2 tax: $769 · $64/mo
• Expected delta: +$57/yr (+$5/mo · 8.0%)

ⓘ 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: $34,376
• − Mortgage interest: −$16,525
• − Property taxes: −$712
• − Insurance: −$1,475
• − Repairs & maintenance: −$2,750
• − Management: −$2,750
• − HOA: −$11,520
• − Depreciation: −$8,582
• Taxable loss: −$9,938
• Est. tax savings @ 24.0%: +$2,385
• After-tax cash flow: $-2,729/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): 55,492
• Household income: $75,476
• Rent vs Own: 55.4% rent · 44.6% own
• Severe rent burden: 2290.0

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: Diverse neighborhood (Simpson 0.64)
• Race & ethnicity: Asian 60% Two or more races 18% Pacific Islander 12% White 8% Hispanic / Latino 5%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Russian 2% Slovak 1% Lithuanian 1%
• Foreign-born: 35% · China, South Korea, Vietnam
• Languages at home: 56% English-only · Other Asian/Pacific 17% Chinese 14% Tagalog/Filipino 6%

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: ▼ -414.53%
• Current HPI: 332.6829
• Rent YoY: ▲ 10.27%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+708.2% since first listed

8 events — show timeline

• 2026-05-08 Price Changed $295,000 HiCentral MLS
• 2026-02-23 Price Changed $320,000 HiCentral MLS
• 2025-12-10 Listed $345,000 HiCentral MLS
• 2025-10-25 Listing Removed — HiCentral MLS
• 2025-07-18 Price Changed $340,000 HiCentral MLS
• 2025-07-12 Price Changed $350,000 HiCentral MLS
• 2025-07-01 Listed $360,000 HiCentral MLS
• 1975-09-01 Sold (Public Records) $36,500 Public Records

Property tax history

+4.6%/yr

Latest (2022): $712 · +14.5% YoY. Source: county tax records.