1456 Thurston Ave Unit A801 · Urban Honolulu, HI 96822

$238,000

2 bd · 1.0 ba · 680 sqft · Condo public records · 23 Days on market

Built 1966 $801/mo HOA · 24% 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 +21.1/30.0
• 1% rule +8.8/10.0
• ARV discount +7.5/15.0
• DSCR +6.7/10.0
• Appreciation +6.4/10.0
• 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

** THIS IS A LEASEHOLD UNIT - FEE AVAILABLE FOR PURCHASE ** Thoughtfully designed and completely remodeled, this 2 bedroom, 1 bath unit with 1 assigned uncovered parking stall is move-in ready and an exceptional value for its new owner. Renovations include: All new EVERYTHING - kitchen cabinets, quartz countertops, appliances, (fridge, range, microwave hood, stacked washer/dryer, tankless water heater) luxury vinyl plank flooring, window coverings, bathroom fixtures, shower, scraped ceilings and a fresh coat of paint throughout. It’s central location is within close proximity to many of Honolulu’s acclaimed attractions, shops, & restaurants. VICTORIA MANSIONS has four units per floor, is secured by video surveillance, fob access for the elevators & floors, and is well maintained/managed by its resident manager. Fee available for $201,760 for transactions closing by March, 31, 2022; $203,865 if by June 30, 2022.

Key facts

• New floors
• Updated bath
• Updated kitchen

Tags

• FULLY FURNISHED CONDO
• UPDATED KITCHEN
• UPDATED BATH
• NEW FLOORS
• IN-UNIT WASHER DRYER
• QUIET MAKIKI NEIGHBORHOOD

Property features AI

Finance

• Financial info: Monthly lease amount: $463 (lease expires 2065-06-30); Maintenance expense: $801
• HOA & community: Association covers common areas, sewer, and water; On-site management; Community pool; Trash chute

Exterior

• Parking: Assigned parking (1 space); Has open parking
• Security: Closed-circuit cameras; Secured elevator; Key card entry
• Utilities: Water included in association fees; Sewer included in association fees
• Home design: Victoria Mansions building; Entry on level 8; Excellent condition
• Construction: Concrete construction
• Exterior features: Closed-circuit cameras; Secured elevator; Key card entry; Has view; Leasehold property

Interior

• Flooring: Vinyl
• Bathrooms: 1 full bathroom
• Interior features: End unit; Vinyl flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $238k.

Deal economics

• At list price, monthly cash flow is $339 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $238k).
• Recommended offer: $234k (1.5% below list) — sets the bar for market timing.
• Cap rate 8.0% 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); 177 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 41% 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 $8k of equity ($2k loan paydown + $6k 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 $67k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 23 days — a 2% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 5y ago; this cycle's ask has dropped $129k (35%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $234,430 (1.5% below list)

Questions for the listing agent

1. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.38% ✓
• Cap rate: 8.00%
• Cash-on-cash: 6.11%
• DSCR: 1.27
• GRM: 6.0

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: 14.4%
• Equity multiple: 1.83×
• Total profit: $55,023
• Equity at exit: $103,140

10-year hold

• IRR: 18.1%
• Equity multiple: 3.76×
• Total profit: $183,651
• Equity at exit: $156,000

Cash invested: $66,640 (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: 177
• Price-to-rent: 6.0×

Monthly cashflow live

• Estimated rent: $3,287 high
• Mortgage (P&I): −$1,248
• Tax from tax record: −$109 /mo · $1,312/yr
• Insurance: −$99
• HOA: −$801
• Vacancy / Maint / Mgmt: −$690
• Net cashflow: $339

Break-even live

Break-even rent $2,858

Max offer price $238,000

Occupancy floor 85%

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: $59,500
• Closing costs: $7,140
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	23d	1	0.28mi
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	2d	1	0.29mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	23d	1	0.48mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	17d	1	0.53mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	23d	1	0.59mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	20d	1	0.65mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$6,750	$5.81	3d	4	0.66mi
225 Auwaiolimu St Honolulu, HI	3.0	1.0	710	$3,800	$5.35	17d	1	0.73mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$3,600	$4.55	3d	2	0.74mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	3d	1	0.78mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$3,550	$3.64	14d	2	0.78mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	23d	2	0.79mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	1d	2	0.79mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	23d	3	0.80mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$4,100	$4.84	3d	1	0.80mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	23d	1	0.81mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	23d	1	0.81mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	43d	1	0.81mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	20d	1	0.81mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	17d	1	0.81mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	17d	1	0.81mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	23d	1	0.81mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	19d	1	0.87mi
987 Queen St Honolulu, HI	1.0	1.0	606	$3,975	$6.56	43d	2	0.88mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	17d	9	0.88mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	10d	9	0.88mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	16d	8	0.88mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	3d	1	0.90mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	23d	1	0.90mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	43d	1	0.90mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	10d	1	0.90mi
1133 Waimanu St #405 Honolulu, HI	1.0	1.0	550	$2,700	$4.91	3d	1	0.90mi
1133 Waimanu St #1808 Honolulu, HI	1.0	1.0	556	$2,800	$5.04	11d	1	0.90mi
988 Halekauwila St Honolulu, HI	1.0	1.0	511	$2,700	$5.28	3d	1	0.91mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	11d	1	0.91mi
988 Halekauwila St Honolulu, HI	2.0	2.0	738	$3,600	$4.88	16d	1	0.91mi
988 Halekauwila St Unit Ke Kilohana Honolulu, HI	2.0	2.0	739	$3,700	$5.01	10d	1	0.92mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	2d	2	0.93mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$6,300	$6.86	43d	2	0.93mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$6,300	$6.82	17d	2	0.93mi

HOA detail condo

• Monthly dues: $801 · $9,612/yr
• Likely covers: water
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $238,000 Active 23 DOM
2. 2026-06-17
   days on market $238,000 Active 22 DOM
3. 2026-06-16
   days on market $238,000 Active 21 DOM
4. 2026-06-15
   days on market $238,000 Active 20 DOM
5. 2026-06-13
   days on market $238,000 Active 18 DOM
6. 2026-06-13
   days on market $238,000 Active 17 DOM
7. 2026-06-10
   days on market $238,000 Active 15 DOM
8. 2026-06-09
   days on market $238,000 Active 14 DOM
9. 2026-06-08
   days on market $238,000 Active 13 DOM
10. 2026-06-07
    days on market $238,000 Active 12 DOM
11. 2026-06-05
    days on market $238,000 Active 9 DOM
12. 2026-06-03
    days on market $238,000 Active 8 DOM
13. 2026-06-02
    days on market $238,000 Active 7 DOM
14. 2026-06-01
    days on market $238,000 Active 6 DOM
15. 2026-05-31
    days on market $238,000 Active 5 DOM

ⓘ 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: $1,312 · $109/mo
• Projected year-2 tax: $1,312 · $109/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: $39,447
• − Mortgage interest: −$13,332
• − Property taxes: −$1,312
• − Insurance: −$1,190
• − Repairs & maintenance: −$3,156
• − Management: −$3,156
• − HOA: −$9,612
• − Depreciation: −$6,924
• Taxable income: $767
• Est. tax owed @ 24.0%: −$184
• After-tax cash flow: $3,888/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

-60.3% since first listed

9 events — show timeline

• 2026-05-26 Relisted — HiCentral MLS
• 2026-05-26 Price Changed $238,000 HiCentral MLS
• 2026-05-15 Listed $367,000 HiCentral MLS
• 2022-02-18 Sold (MLS) $215,000 HiCentral MLS
• 2022-01-17 Listed $218,000 HiCentral MLS
• 2021-12-23 Listing Removed — HiCentral MLS
• 2021-12-13 Listed $315,000 HiCentral MLS
• 2001-01-31 Sold (Public Records) $383,200 Public Records
• 1988-03-15 Sold (Public Records) $600,000 Public Records

Property tax history

+8.0%/yr

Latest (2022): $1,312 · +7.4% YoY. Source: county tax records.