11-3394 Anuhea St

Royal Hawaiian Estates, HI 96785

$185,000B

4 bd · 2.5 ba · 1,380 sqft · Built 2023 · SingleFamily · Active · 261 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,404/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$160
• HOA: −$0
• Vac / Maint / Mgmt: −$505
• Net cashflow: $769/mo
• Annual: $9,228/yr
• Cap rate: 11.28%
• Cash-on-cash: 17.81%
• DSCR: 1.79
• 1% rule: 1.30%
• Cash to close: $51,800

Investor read

• This is a 4-bed/2.5-bath single-family listed at $185k.
• At list price, monthly cash flow is $769 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $185k).
• It's been on market 261 days — a 12% lower offer ($163k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $163k (12.0% below list) — sets the bar for market timing.
• In year one you build about $2k of equity ($1k loan paydown + $1k appreciation (0.7% local appreciation)).
• Location reads: area grade B — 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: 160 active listings in the ZIP; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 7 sale attempts; this cycle's ask has dropped $250k (57%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $60k; list at $185k implies a 208% gain — meaningful room to come down on a strong offer.
• At projected returns (0.7% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~5 years — after that, you're playing with house money.

Questions for listing agent

• It's been on market 261 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.
• 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.
• 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.