647 Kunawai Ln Unit A308 · Urban Honolulu, HI 96817

$309,500

2 bd · 1.0 ba · 786 sqft · Condo public records · 46 Days on market

Built 1975 $394/sqft · 19% below area Est $384k · 19% under $1114/mo HOA · 36% 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 +6.3/30.0
• 1% rule +5.0/10.0
• Rent growth +5.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.6/10.0
• Appreciation +0.0/10.0

Listing remarks

PET FRIENDLY! Convenient location. Close to schools, hospital, bus line, eating places and freeway entrance. Amenities include a pool, recreation area, on-site Resident Mgr. and secured entrance. What a bonus to have an assigned, covered parking stall in a secured garage. Storage located above parking stall. New piping has already been done for the building. Building painting is scheduled for May 2026. There's a playground across the street. Price reflects a unique opportunity to update this unit to your personal preference. Priced below assessed value. Get it before it's gone!

Key facts

• New piping
• Secured entrance
• Convenient location

Tags

• CONVENIENT LOCATION
• SECURED ENTRANCE
• ASSIGNED COVERED PARKING
• STORAGE ABOVE PARKING
• NEW PIPING
• PLAYGROUND ACROSS STREET

Property features AI

Finance

• Other: Zoning: A-2 Medium Density Apartment
• Financial info: Maintenance expense: $1,114.83
• HOA & community: Association provides management; Association fee covers common areas, cable TV, gas, hot water, sewer and water

Exterior

• Parking: Assigned covered garage parking (secured, 1 space)
• Security: Key card entry
• Utilities: Water included in association fee; Sewer included in association fee; Hot water included in association fee; Gas included in association fee; Cable TV included in association fee
• Home design: Condo/Apartment (Kunawai Terrace); Entry on level 3
• Construction: Masonry, concrete and stucco construction
• Exterior features: Pool; Deck/Porch; Patio; Barbecue; Key card entry; Fee simple land tenure

Interior

• Bedrooms: Bedroom on main level
• Flooring: Carpet; Vinyl
• Bathrooms: One full bathroom
• Interior features: Partially furnished; Bedroom on main level; Full bath on main level; Storage; Has view; Average condition

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $310k.

Deal economics

• At list price, monthly cash flow is $-545 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $213k (31.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $308k (0.4% below list).
• Recommended offer: $213k (31.1% below list) — sets the bar for cash-flow.
• Cap rate 4.2% 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); 109 active listings in the ZIP; 29 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 $3,083/mo this rent would consume 49% 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 46 days — a 3% lower offer ($300k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 36% of rent.

Recommended offer $213,221 (31.1% 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 46 days. Have you received any prior offers? Is the seller open to a 31% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.00% ✗
• Cap rate: 4.18%
• Cash-on-cash: -7.55%
• DSCR: 0.66
• GRM: 8.4

CMA / ARV

• ARV (median comp): $384,245
• List price: $309,500
• Delta: -19.45%
• 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: -21.4%
• Equity multiple: 0.22×
• Total profit: $-68,010
• Equity at exit: $46,147

10-year hold

• IRR: -3.7%
• Equity multiple: 0.68×
• Total profit: $-27,483
• Equity at exit: $26,760

Cash invested: $86,660 (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: 109
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $3,083 high
• Mortgage (P&I): −$1,623
• Tax from tax record: −$114 /mo · $1,371/yr
• Insurance: −$129
• HOA: −$1,114
• Vacancy / Maint / Mgmt: −$647
• Net cashflow: $-545

Break-even live

Break-even rent $3,773

Max offer price $213,221

Occupancy floor —

Sensitivity live

Price	-10% $-370	-5% $-457	+0% $-545	+5% $-633	+10% $-720
Rent	-10% $-789	-5% $-667	+0% $-545	+5% $-423	+10% $-301
Rate	-1.0pp $-389	-0.5pp $-466	base $-545	+0.5pp $-625	+1.0pp $-707

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: $77,375
• Closing costs: $9,285
• Reserves months: —
• Total cash needed: —

Rent comps 29 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1905 Naio St #1 Honolulu, HI	3.0	2.0	1000	$3,700	$3.70	17d	1	0.52mi
1320 Aala St Honolulu, HI	1.0–3.0	1.0–1.5	735	$2,515	$3.42	4d	1	0.59mi
2047 Nuuanu Ave #1203 Honolulu, HI	2.0	2.0	1037	$3,400	$3.28	17d	1	0.60mi
1634 Nuuanu Ave #207 Honolulu, HI	2.0	2.0	924	$2,795	$3.02	24d	1	0.62mi
2182 Makanani Dr Honolulu, HI	3.0	2.0	1067	$4,300	$4.03	24d	1	0.63mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	20d	1	0.76mi
225 Auwaiolimu St Honolulu, HI	3.0	1.0	710	$3,800	$5.35	17d	1	0.86mi
60 N Beretania St Honolulu, HI	1.0–2.0	1.0–2.0	895	$4,000	$4.47	4d	3	0.89mi
1212 Nuuanu Ave Honolulu, HI	1.0–2.0	1.0–2.0	833	$3,400	$4.08	12d	2	0.92mi
1212 Nuuanu Ave Honolulu, HI	1.0–2.0	1.0–2.0	838	$4,000	$4.77	24d	2	0.92mi
1255 Nuuanu Ave Unit E3203 Honolulu, HI	1.0	1.0	615	$2,800	$4.55	24d	1	0.95mi
1255 Nuuanu Ave Unit KPE3001 Honolulu, HI	2.0	1.0	888	$3,100	$3.49	4d	1	0.95mi
2664 Waolani Ave Unit C Honolulu, HI	2.0	1.0	650	$3,200	$4.92	24d	1	1.06mi
1132 Bishop St Honolulu, HI	1.0	1.0	486	$3,250	$6.68	4d	1	1.11mi
1088 Bishop St #3310 Honolulu, HI	1.0	1.0	650	$2,600	$4.00	24d	1	1.16mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	24d	1	1.17mi
2128 Gertz Ln Unit D Honolulu, HI	3.0	1.0	1100	$3,000	$2.73	12d	1	1.32mi
225 Queen St Unit 16A Honolulu, HI	2.0	2.0	704	$3,500	$4.97	44d	1	1.36mi
225 Queen St Unit 17A Honolulu, HI	2.0	2.0	704	$3,300	$4.69	24d	1	1.36mi
225 Queen St Unit 21H Honolulu, HI	2.0	2.0	624	$2,700	$4.33	4d	1	1.36mi
225 Queen St Unit 24E Honolulu, HI	2.0	2.0	604	$2,600	$4.30	24d	1	1.36mi
225 Queen St Unit 24B Honolulu, HI	2.0	2.0	707	$3,399	$4.81	45d	1	1.36mi
700 Richards St #1005 Honolulu, HI	2.0	2.0	1031	$3,950	$3.83	44d	1	1.39mi
700 Richards St #2309 Honolulu, HI	2.0	2.0	1014	$3,800	$3.75	24d	1	1.39mi
700 Richards St #1403 Honolulu, HI	1.0	1.0	773	$2,900	$3.75	4d	1	1.39mi
1674 Kino St Unit 3 Bedroom Honolulu, HI	3.0	1.0	1000	$3,600	$3.60	24d	1	1.40mi
1555 Moani St Honolulu, HI	3.0	1.0	680	$2,750	$4.04	24d	1	1.40mi
1260 Richard Ln #513 Honolulu, HI	2.0	1.0	643	$2,800	$4.35	4d	1	1.41mi
1260 Richard Ln Unit B318 Honolulu, HI	2.0	1.0	643	$2,750	$4.28	24d	1	1.41mi

HOA detail condo

• Monthly dues: $1,114 · $13,368/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $309,500 Active 46 DOM
2. 2026-06-17
   days on market $309,500 Active 45 DOM
3. 2026-06-16
   days on market $309,500 Active 44 DOM
4. 2026-06-15
   days on market $309,500 Active 43 DOM
5. 2026-06-13
   days on market $309,500 Active 41 DOM
6. 2026-06-13
   days on market $309,500 Active 40 DOM
7. 2026-06-10
   days on market $309,500 Active 38 DOM
8. 2026-06-09
   days on market $309,500 Active 37 DOM
9. 2026-06-08
   days on market $309,500 Active 36 DOM
10. 2026-06-07
    days on market $309,500 Active 35 DOM
11. 2026-06-05
    days on market $309,500 Active 32 DOM
12. 2026-06-03
    days on market $309,500 Active 31 DOM
13. 2026-06-02
    days on market $309,500 Active 30 DOM
14. 2026-06-01
    days on market $309,500 Active 29 DOM
15. 2026-05-31
    days on market $309,500 Active 28 DOM
16. 2026-05-03
    listed $309,500 Active 586-char remark
17. 2001-05-30
    soldstatus $2,890,000
18. 1975-11-01
    soldstatus $58,700

ⓘ 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: $1,371 · $114/mo
• Projected year-2 tax: $1,371 · $114/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: $36,991
• − Mortgage interest: −$17,337
• − Property taxes: −$1,371
• − Insurance: −$1,548
• − Repairs & maintenance: −$2,959
• − Management: −$2,959
• − HOA: −$13,368
• − Depreciation: −$9,004
• Taxable loss: −$11,554
• Est. tax savings @ 24.0%: +$2,773
• After-tax cash flow: $-3,767/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

+427.3% since first listed

3 events — show timeline

• 2026-05-03 Listed $309,500 HiCentral MLS
• 2001-05-30 Sold (Public Records) $2,890,000 Public Records
• 1975-11-01 Sold (Public Records) $58,700 Public Records

Property tax history

+1.7%/yr

Latest (2022): $1,371 · +1.5% YoY. Source: county tax records.