13-1128 Malama St · Leilani Estates, HI 96778

$349,990

3 bd · 2.0 ba · 1,393 sqft · Other public records · 73 Days on market

Built 1984 1.00 ac lot $251/sqft · 10% above area Est $319k · 10% over $16/mo HOA · 1% 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).

• Cash flow +15.5/30.0
• DSCR +4.8/10.0
• Schools +3.7/10.0
• 1% rule +3.3/10.0
• ARV discount +3.1/15.0
• Livability +2.6/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Tucked away on a full acre in desirable Leilani Estates, this custom-built property offers a rare blend of privacy, versatility, and lush tropical living. Surrounded by mature palms, vibrant flowering plants, and natural lava rock formations, the grounds feel like your own private botanical retreat. Meandering walking paths wind through thoughtfully maintained landscaping, creating a serene, park-like setting that’s both peaceful and functional. The 3-bedroom, 2-bath home is filled with natural light and features soaring cathedral ceilings that enhance the open, airy feel of the living space. The primary bedroom has been thoughtfully converted into a separate studio-style living area, providing an excellent opportunity for rental income, guest accommodations, or multigenerational living. One of the standout features is the elevated rooftop sun deck—an ideal space to unwind, entertain, or simply take in the surrounding greenery and tranquil atmosphere. Whether enjoying your morning coffee or evening sunsets, this unique vantage point adds a special lifestyle element rarely found at this price point. Additional highlights include ample outdoor space, established landscaping, and a covered carport for convenience. Located in a well-established community with neighborhood amenities and an active association, this property offers both comfort and long-term potential.

Key facts

• Full acre
• Mature palms
• 1 acre lot

Tags

• FULL ACRE
• CUSTOM-BUILT PROPERTY
• MATURE PALMS
• VIBRANT FLOWERING PLANTS
• NATURAL LAVA ROCK FORMATIONS
• MEANDERING WALKING PATHS

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath other listed at $350k.

Deal economics

• At list price, monthly cash flow is $139 ($2k/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 $290k (17.1% below list).
• Recommended offer: $290k (17.1% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 52/100 on livability (#144 in HI) — a working-class tenant base; expect higher turnover. Strengths: crime A+; Watch: health & safety C-, schools D-, amenities F.
• 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: 389 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $10k of value loss. Plan a longer hold.
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($329k) is reasonable based on typical stale-listing flexibility.
• 5 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 $290,000 (17.1% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. 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: 0.83% ✗
• Cap rate: 6.77%
• Cash-on-cash: 1.70%
• DSCR: 1.08
• GRM: 10.1

CMA / ARV

• ARV (median comp): $318,817
• List price: $349,990
• Delta: 9.78%
• Verdict: FAIR
• Comps: 5 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -13.6%
• Equity multiple: 0.51×
• Total profit: $-47,968
• Equity at exit: $52,185

10-year hold

• IRR: -4.8%
• Equity multiple: 0.69×
• Total profit: $-30,842
• Equity at exit: $30,261

Cash invested: $97,997 (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 96778

• Home prices YoY: -15.3%
• Active inventory: 389
• Price-to-rent: 10.1×

Monthly cashflow live

• Estimated rent: $2,900 medium
• Mortgage (P&I): −$1,835
• Tax from tax record: −$155 /mo · $1,855/yr
• Insurance: −$146
• HOA: −$16
• Vacancy / Maint / Mgmt: −$609
• Net cashflow: $139

Break-even live

Break-even rent $2,724

Max offer price $349,990

Occupancy floor 90%

Sensitivity live

Price	-10% $337	-5% $238	+0% $139	+5% $40	+10% $-59
Rent	-10% $-90	-5% $25	+0% $139	+5% $254	+10% $368
Rate	-1.0pp $315	-0.5pp $228	base $139	+0.5pp $49	+1.0pp $-44

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: $87,498
• Closing costs: $10,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
13-646 Kamaili Rd Unit 2 Pahoa, HI	2.0	1.0	1200	$2,900	$2.42	44d	1	1.12mi

HOA detail

• Monthly dues: $16 · $192/yr
• Likely covers: landscaping

Listing history 30 events

1. 2026-06-21
   days on market $349,990 Active 73 DOM
2. 2026-06-18
   days on market $349,990 Active 70 DOM
3. 2026-06-17
   days on market $349,990 Active 69 DOM
4. 2026-06-16
   days on market $349,990 Active 68 DOM
5. 2026-06-15
   days on market $349,990 Active 67 DOM
6. 2026-06-13
   days on market $349,990 Active 65 DOM
7. 2026-06-13
   days on market $349,990 Active 64 DOM
8. 2026-06-10
   days on market $349,990 Active 62 DOM
9. 2026-06-09
   days on market $349,990 Active 61 DOM
10. 2026-06-08
    days on market $349,990 Active 60 DOM
11. 2026-06-07
    days on market $349,990 Active 59 DOM
12. 2026-06-05
    days on market $349,990 Active 56 DOM
13. 2026-06-03
    days on market $349,990 Active 55 DOM
14. 2026-06-02
    days on market $349,990 Active 54 DOM
15. 2026-06-01
    days on market $349,990 Active 53 DOM
16. 2026-05-31
    days on market $349,990 Active 52 DOM
17. 2026-04-09
    listed $349,990 Active 1396-char remark

    Show marketing remark (1396 chars)

    Tucked away on a full acre in desirable Leilani Estates, this custom-built property offers a rare blend of privacy, versatility, and lush tropical living. Surrounded by mature palms, vibrant flowering plants, and natural lava rock formations, the grounds feel like your own private botanical retreat. Meandering walking paths wind through thoughtfully maintained landscaping, creating a serene, park-like setting that’s both peaceful and functional. The 3-bedroom, 2-bath home is filled with natural light and features soaring cathedral ceilings that enhance the open, airy feel of the living space. The primary bedroom has been thoughtfully converted into a separate studio-style living area, providing an excellent opportunity for rental income, guest accommodations, or multigenerational living. One of the standout features is the elevated rooftop sun deck—an ideal space to unwind, entertain, or simply take in the surrounding greenery and tranquil atmosphere. Whether enjoying your morning coffee or evening sunsets, this unique vantage point adds a special lifestyle element rarely found at this price point. Additional highlights include ample outdoor space, established landscaping, and a covered carport for convenience. Located in a well-established community with neighborhood amenities and an active association, this property offers both comfort and long-term potential.

18. 2025-10-28
    historical
19. 2025-09-25
    price $275,000
20. 2025-08-22
    listed $285,000 Active
21. 2025-07-14
    historical
22. 2025-05-22
    price $299,500
23. 2025-04-30
    status Active
24. 2025-04-26
    historical
25. 2025-04-08
    price $325,000
26. 2025-03-22
    price $339,499
27. 2025-03-13
    price $339,500
28. 2025-02-13
    listed $349,500 Active
29. 2024-12-15
    historical
30. 2024-11-16
    listed $349,500 Active

ⓘ 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: $1,855 · $155/mo
• Projected year-2 tax: $1,855 · $155/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: $34,800
• − Mortgage interest: −$19,605
• − Property taxes: −$1,855
• − Insurance: −$1,750
• − Repairs & maintenance: −$2,784
• − Management: −$2,784
• − HOA: −$192
• − Depreciation: −$10,182
• Taxable loss: −$4,351
• Est. tax savings @ 24.0%: +$1,044
• After-tax cash flow: $2,715/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 — Leilani Estates

• Score: 52/100
• State rank: #144
• US rank: #24982

Category grades

Amenities F Commute F Cost of living D- Crime A+ Employment F Housing D- Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Leilani Estates, HI
• Population (ZIP): 14,225

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 0.82)
• Race & ethnicity: White 37% Two or more races 30% Hispanic / Latino 15% Pacific Islander 15% Asian 12%
• Hispanic origin (detail): Mexican 4% Puerto Rican 9%
• Common ancestry: Russian 7% Italian 3% Romanian 3%
• Foreign-born: 12% · Canada, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 11% Tagalog/Filipino 1% Russian/Polish/Slavic 1%

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: ▼ -31.52%
• Current HPI: 173.8168
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.1% since first listed

14 events — show timeline

• 2026-04-09 Listed $349,990 HI Information Service
• 2025-10-28 Listing Removed — HI Information Service
• 2025-09-25 Price Changed $275,000 HI Information Service
• 2025-08-22 Listed $285,000 HI Information Service
• 2025-07-14 Listing Removed — HI Information Service
• 2025-05-22 Price Changed $299,500 HI Information Service
• 2025-04-30 Relisted — HI Information Service
• 2025-04-26 Listing Removed — HI Information Service
• 2025-04-08 Price Changed $325,000 HI Information Service
• 2025-03-22 Price Changed $339,499 HI Information Service
• 2025-03-13 Price Changed $339,500 HI Information Service
• 2025-02-13 Listed $349,500 HI Information Service
• 2024-12-15 Listing Removed — HI Information Service
• 2024-11-16 Listed $349,500 HI Information Service

Property tax history

+4.5%/yr

Latest (2025): $1,855 · +64.0% YoY. Source: county tax records.