1323 Makiki St Unit A209 · Urban Honolulu, HI 96814

$319,000

2 bd · 1.0 ba · 841 sqft · Condo public records · 335 Days on market

Built 1971 $379/sqft · 13% below area Est $365k · 13% under $947/mo HOA · 23% of rent

---

Why this score? — see what drove the B- 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 +20.0/30.0
• ARV discount +13.2/15.0
• 1% rule +7.9/10.0
• DSCR +6.3/10.0
• Appreciation +6.0/10.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Dont miss the opportunity to own this 2 bedroom, one bath in the centrally located Maile Terrace condominium. Newly renovated, featuring porcelain tile floors in the kitchen and bathroom. New cabinets, quartz countertops, smooth ceilings and walls. All new appliances, easy maintenance walk-in shower with large lanai and storage. The large bedrooms feature mirror closet doors and ceiling fans. Near Ala Moana Center, Sam's Club, downtown Honolulu, Queens, and Straub. Cartwright Neighborhood Park with childrens playground is right across the street. Be the first to enjoy into this upgraded unit. Pet friendly building and fully insured. Listing agent is related to the seller.

Key facts

• Quartz countertops
• Storage
• Large lanai

Tags

• PORCELAIN TILE FLOORS
• NEW CABINETS
• QUARTZ COUNTERTOPS
• WALK-IN SHOWER
• LARGE LANAI
• STORAGE

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $319k.

Deal economics

• At list price, monthly cash flow is $325 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $319k).
• Recommended offer: $281k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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 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: Rents rising (+3.1%/yr); 549 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $4,108/mo this rent would consume 63% of the median local household income ($78k/yr) (locally 1641% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $6k appreciation (2.0% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.0% appreciation + 3.1% rent growth), your $89k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 335 days — a 12% lower offer ($281k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 23% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $280,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 335 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 1.29% ✓
• Cap rate: 7.77%
• Cash-on-cash: 5.26%
• DSCR: 1.23
• GRM: 6.5

CMA / ARV

• ARV (median comp): $365,134
• List price: $319,000
• Delta: -12.63%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.98% appreciation · 3.1% rent growth · sell at horizon

5-year hold

• IRR: 8.9%
• Equity multiple: 1.48×
• Total profit: $43,128
• Equity at exit: $125,415

10-year hold

• IRR: 12.2%
• Equity multiple: 2.65×
• Total profit: $147,801
• Equity at exit: $180,288

Cash invested: $89,320 (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 96814

• Home prices YoY: 0.5%
• Rents YoY: 3.1%
• Active inventory: 549
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $4,108 high
• Mortgage (P&I): −$1,673
• Tax from tax record: −$101 /mo · $1,213/yr
• Insurance: −$133
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$947
• Vacancy / Maint / Mgmt: −$863
• Net cashflow: $325

Break-even live

Break-even rent $3,697

Max offer price $319,000

Occupancy floor 87%

Sensitivity live

Price	-10% $506	-5% $416	+0% $325	+5% $235	+10% $145
Rent	-10% $1	-5% $163	+0% $325	+5% $488	+10% $650
Rate	-1.0pp $486	-0.5pp $407	base $325	+0.5pp $243	+1.0pp $159

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: $79,750
• Closing costs: $9,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1314 Kalakaua Ave #407 Honolulu, HI	2.0	1.0	772	$4,800	$6.22	44d	1	0.15mi
1314 Kalakaua Ave #1202 Honolulu, HI	2.0	2.0	832	$5,000	$6.01	20d	1	0.15mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	24d	3	0.15mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	802	$4,900	$6.11	3d	2	0.15mi
1114 Punahou St Unit 9A Honolulu, HI	3.0	2.0	1037	$3,600	$3.47	17d	1	0.18mi
1617 Keeaumoku St #401 Honolulu, HI	2.0	1.5	773	$3,000	$3.88	17d	1	0.28mi
1515 Liona St Unit 4216L Honolulu, HI	2.0	2.0	872	$4,500	$5.16	15d	1	0.34mi
1515 Liona St Unit 4216L Honolulu, HI	2.0	2.0	872	$4,500	$5.16	17d	1	0.34mi
1515 Liona St Unit 4401L Honolulu, HI	2.0	2.0	990	$4,900	$4.95	44d	1	0.34mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	3d	1	0.34mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	20d	1	0.38mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	24d	1	0.41mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	24d	1	0.41mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	17d	1	0.41mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	44d	1	0.41mi
1500 Rycroft St Unit 2519R Honolulu, HI	2.0	2.0	1074	$5,300	$4.93	44d	1	0.41mi
1500 Rycroft St Unit 4116R Honolulu, HI	2.0	2.0	872	$5,000	$5.73	24d	1	0.41mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	24d	1	0.41mi
1500 Rycroft St Unit 4419R Honolulu, HI	2.0	2.0	1074	$6,000	$5.59	44d	1	0.41mi
1500 Rycroft St Unit 800R Honolulu, HI	2.0	2.0	942	$4,700	$4.99	44d	1	0.41mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	24d	1	0.49mi
1717 Mott-Smith Dr Honolulu, HI	1.0	1.0	875	$3,000	$3.43	3d	1	0.49mi
1267 Rycroft St Honolulu, HI	2.0	1.0	816	$2,750	$3.37	24d	1	0.49mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	24d	1	0.52mi
1400 Pensacola St #706 Honolulu, HI	1.0	2.0	836	$2,700	$3.23	20d	1	0.56mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	2d	2	0.57mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$6,300	$6.82	17d	2	0.57mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$6,300	$6.86	44d	2	0.57mi
1214 Nehoa St Unit A Honolulu, HI	2.0	1.0	912	$3,500	$3.84	44d	1	0.57mi
1388 Kapiolani Blvd Honolulu, HI	2.0	2.0	901	$5,500	$6.10	44d	1	0.63mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	3d	1	0.63mi
1388 Kapiolani Blvd #2901 Honolulu, HI	2.0	2.0	901	$4,800	$5.33	44d	1	0.63mi
1388 Kapiolani Blvd #1606 Honolulu, HI	2.0	2.0	809	$4,500	$5.56	44d	1	0.63mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	24d	1	0.63mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	44d	1	0.63mi
1388 Kapiolani Blvd #4111 Honolulu, HI	2.0	2.0	816	$6,500	$7.97	44d	1	0.63mi
1388 Kapiolani Blvd #1611 Honolulu, HI	2.0	2.0	801	$4,550	$5.68	44d	1	0.63mi
1388 Kapiolani Blvd #2201 Honolulu, HI	2.0	2.0	901	$5,800	$6.44	44d	1	0.63mi
1388 Kapiolani Blvd #1606 Honolulu, HI	2.0	2.0	809	$4,500	$5.56	12d	1	0.63mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	11d	1	0.63mi

HOA detail condo

• Monthly dues: $947 · $11,364/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $319,000 Active 335 DOM
2. 2026-06-17
   days on market $319,000 Active 334 DOM
3. 2026-06-15
   days on market $319,000 Active 332 DOM
4. 2026-06-13
   days on market $319,000 Active 330 DOM
5. 2026-06-13
   days on market $319,000 Active 329 DOM
6. 2026-06-10
   days on market $319,000 Active 327 DOM
7. 2026-06-09
   days on market $319,000 Active 326 DOM
8. 2026-06-08
   days on market $319,000 Active 325 DOM
9. 2026-06-07
   days on market $319,000 Active 324 DOM
10. 2026-06-05
    days on market $319,000 Active 321 DOM
11. 2026-06-03
    days on market $319,000 Active 320 DOM
12. 2026-06-02
    days on market $319,000 Active 319 DOM
13. 2026-06-01
    days on market $319,000 Active 318 DOM
14. 2026-05-31
    days on market $319,000 Active 317 DOM
15. 2026-04-23
    price $319,000 680-char remark

    Show marketing remark (680 chars)

    Dont miss the opportunity to own this 2 bedroom, one bath in the centrally located Maile Terrace condominium. Newly renovated, featuring porcelain tile floors in the kitchen and bathroom. New cabinets, quartz countertops, smooth ceilings and walls. All new appliances, easy maintenance walk-in shower with large lanai and storage. The large bedrooms feature mirror closet doors and ceiling fans. Near Ala Moana Center, Sam's Club, downtown Honolulu, Queens, and Straub. Cartwright Neighborhood Park with childrens playground is right across the street. Be the first to enjoy into this upgraded unit. Pet friendly building and fully insured. Listing agent is related to the seller.

16. 2026-04-02
    price $329,000 680-char remark

    Show marketing remark (680 chars)

    Dont miss the opportunity to own this 2 bedroom, one bath in the centrally located Maile Terrace condominium. Newly renovated, featuring porcelain tile floors in the kitchen and bathroom. New cabinets, quartz countertops, smooth ceilings and walls. All new appliances, easy maintenance walk-in shower with large lanai and storage. The large bedrooms feature mirror closet doors and ceiling fans. Near Ala Moana Center, Sam's Club, downtown Honolulu, Queens, and Straub. Cartwright Neighborhood Park with childrens playground is right across the street. Be the first to enjoy into this upgraded unit. Pet friendly building and fully insured. Listing agent is related to the seller.

17. 2025-07-18
    listed $349,000 Active 680-char remark

    Show marketing remark (680 chars)

    Dont miss the opportunity to own this 2 bedroom, one bath in the centrally located Maile Terrace condominium. Newly renovated, featuring porcelain tile floors in the kitchen and bathroom. New cabinets, quartz countertops, smooth ceilings and walls. All new appliances, easy maintenance walk-in shower with large lanai and storage. The large bedrooms feature mirror closet doors and ceiling fans. Near Ala Moana Center, Sam's Club, downtown Honolulu, Queens, and Straub. Cartwright Neighborhood Park with childrens playground is right across the street. Be the first to enjoy into this upgraded unit. Pet friendly building and fully insured. Listing agent is related to the seller.

18. 2001-06-27
    soldstatus $3,600,000
19. 2001-06-27
    soldstatus $40,449
20. 1971-11-01
    soldstatus $27,700

ⓘ 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: $1,213 · $101/mo
• Projected year-2 tax: $1,213 · $101/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $49,302
• − Mortgage interest: −$17,869
• − Property taxes: −$1,213
• − Insurance: −$2,392
• − Repairs & maintenance: −$3,944
• − Management: −$3,944
• − HOA: −$11,364
• − Depreciation: −$9,280
• Taxable loss: −$705
• Est. tax savings @ 24.0%: +$169
• After-tax cash flow: $4,074/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): 24,689
• Household income: $77,768
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 1641.0

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 0.58)
• Race & ethnicity: Asian 64% Two or more races 14% White 13% Pacific Islander 6% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Russian 1% Lithuanian 1% Italian 1%
• Foreign-born: 35% · China, South Korea, Vietnam
• Languages at home: 58% English-only · Other Asian/Pacific 15% Chinese 10% Korean 9%

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: ▲ 1.98%
• Current HPI: 376.4197
• Rent YoY: ▲ 3.10%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+1051.6% since first listed

6 events — show timeline

• 2026-04-23 Price Changed $319,000 HiCentral MLS
• 2026-04-02 Price Changed $329,000 HiCentral MLS
• 2025-07-18 Listed $349,000 HiCentral MLS
• 2001-06-27 Sold (Public Records) $40,449 Public Records
• 2001-06-27 Sold (Public Records) $3,600,000 Public Records
• 1971-11-01 Sold (Public Records) $27,700 Public Records

Property tax history

+0.9%/yr

Latest (2022): $1,213 · -2.9% YoY. Source: county tax records.