1134 Kinau St #607 · Urban Honolulu, HI 96814

$85,000

2 bd · 1.0 ba · 541 sqft · Condo public records · 210 Days on market

Built 1973 $157/sqft · 74% below area $1022/mo HOA · 28% 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 +15.0/30.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• 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

Welcome home to this bright and efficiently designed 2-bedroom, 1-bath corner unit in the heart of Makiki. With 541 sq. ft. of interior space, this conveniently located condo offers comfortable living in an urban setting. The corner layout provides excellent natural light and ventilation with an assigned parking stall that adds everyday convenience. Located just minutes from freeway access, restaurants, grocery stores, and neighborhood amenities, this leasehold home is a great opportunity for buyers seeking value and accessibility. Whether you’re a first-time buyer or investor, this Makiki gem offers unbeatable convenience in one of Honolulu’s most established communities. One or more photos have been enhanced.

Key facts

• Corner unit
• $1,022 HOA
• Parking

Tags

• CORNER UNIT
• ASSIGNED PARKING STALL
• EXCELLENT NATURAL LIGHT
• MINUTES FROM FREEWAY ACCESS
• NEIGHBORHOOD AMENITIES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $1k ($15k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $85k).
• Recommended offer: $75k (12.0% below list) — sets the bar for market timing.
• Cap rate 23.7% 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 (+3.1%/yr); 549 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).
• At $3,587/mo this rent would consume 55% 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 $2k of equity ($588 loan paydown + $2k 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 $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 210 days — a 12% lower offer ($75k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 16y ago; this cycle's ask has dropped $5k (6%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 28% of rent.

Recommended offer $74,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 210 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 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 4.22% ✓
• Cap rate: 23.74%
• Cash-on-cash: 62.33%
• DSCR: 3.77
• GRM: 2.0

CMA / ARV

• ARV (median comp): $329,273
• List price: $85,000
• Delta: -74.19%
• 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: 66.6%
• Equity multiple: 4.59×
• Total profit: $85,492
• Equity at exit: $33,418

10-year hold

• IRR: 67.1%
• Equity multiple: 9.46×
• Total profit: $201,318
• Equity at exit: $48,039

Cash invested: $23,800 (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: 2.0×

Monthly cashflow live

• Estimated rent: $3,587 high
• Mortgage (P&I): −$446
• Tax from tax record: −$94 /mo · $1,130/yr
• Insurance: −$35
• HOA: −$1,022
• Vacancy / Maint / Mgmt: −$753
• Net cashflow: $1,236

Break-even live

Break-even rent $2,022

Max offer price $85,000

Occupancy floor 61%

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	2d	1	0.23mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	24d	1	0.29mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	20d	1	0.33mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	3d	1	0.44mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	24d	3	0.47mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	20d	1	0.49mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	17d	1	0.49mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	24d	1	0.49mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	24d	1	0.49mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	24d	1	0.49mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	17d	1	0.49mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	44d	1	0.49mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	24d	1	0.53mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$3,550	$3.64	14d	2	0.55mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	17d	1	0.61mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	3d	1	0.61mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	44d	1	0.61mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	10d	1	0.61mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	24d	1	0.61mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$6,300	$6.82	17d	2	0.62mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$6,300	$6.86	44d	2	0.62mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	2d	2	0.62mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$4,750	$4.89	3d	2	0.65mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$6,750	$5.81	3d	4	0.67mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	24d	2	0.69mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	2d	2	0.69mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$3,600	$4.55	3d	2	0.70mi
1133 Waimanu St #1808 Honolulu, HI	1.0	1.0	556	$2,800	$5.04	12d	1	0.75mi
1133 Waimanu St #405 Honolulu, HI	1.0	1.0	550	$2,700	$4.91	3d	1	0.75mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	24d	1	0.78mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	21d	1	0.81mi
987 Queen St Honolulu, HI	1.0	1.0	606	$3,975	$6.56	44d	2	0.81mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	17d	9	0.81mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	10d	9	0.81mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	16d	8	0.81mi
1108 Auahi St Honolulu, HI	3.0	1.0–3.5	1444	$12,133	$8.40	44d	2	0.89mi
1108 Auahi St Honolulu, HI	3.0	1.0–3.5	1441	$12,133	$8.42	24d	1	0.89mi
988 Halekauwila St Unit Ke Kilohana Honolulu, HI	2.0	2.0	739	$3,700	$5.01	10d	1	0.90mi
988 Halekauwila St Honolulu, HI	1.0	1.0	511	$2,700	$5.28	3d	1	0.90mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	12d	1	0.90mi

HOA detail condo

• Monthly dues: $1,022 · $12,264/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $85,000 Active 210 DOM
2. 2026-06-17
   days on market $85,000 Active 209 DOM
3. 2026-06-15
   days on market $85,000 Active 207 DOM
4. 2026-06-13
   days on market $85,000 Active 205 DOM
5. 2026-06-13
   days on market $85,000 Active 204 DOM
6. 2026-06-10
   days on market $85,000 Active 202 DOM
7. 2026-06-09
   days on market $85,000 Active 201 DOM
8. 2026-06-08
   days on market $85,000 Active 200 DOM
9. 2026-06-07
   days on market $85,000 Active 199 DOM
10. 2026-06-05
    days on market $85,000 Active 196 DOM
11. 2026-06-03
    days on market $85,000 Active 195 DOM
12. 2026-06-02
    days on market $85,000 Active 194 DOM
13. 2026-06-01
    days on market $85,000 Active 193 DOM
14. 2026-05-31
    days on market $85,000 Active 192 DOM
15. 2026-01-08
    price $85,000 732-char remark

    Show marketing remark (732 chars)

    Welcome home to this bright and efficiently designed 2-bedroom, 1-bath corner unit in the heart of Makiki. With 541 sq. ft. of interior space, this conveniently located condo offers comfortable living in an urban setting. The corner layout provides excellent natural light and ventilation with an assigned parking stall that adds everyday convenience. Located just minutes from freeway access, restaurants, grocery stores, and neighborhood amenities, this leasehold home is a great opportunity for buyers seeking value and accessibility. Whether you’re a first-time buyer or investor, this Makiki gem offers unbeatable convenience in one of Honolulu’s most established communities. One or more photos have been enhanced.

16. 2025-11-20
    listed $90,000 Active 732-char remark

    Show marketing remark (732 chars)

    Welcome home to this bright and efficiently designed 2-bedroom, 1-bath corner unit in the heart of Makiki. With 541 sq. ft. of interior space, this conveniently located condo offers comfortable living in an urban setting. The corner layout provides excellent natural light and ventilation with an assigned parking stall that adds everyday convenience. Located just minutes from freeway access, restaurants, grocery stores, and neighborhood amenities, this leasehold home is a great opportunity for buyers seeking value and accessibility. Whether you’re a first-time buyer or investor, this Makiki gem offers unbeatable convenience in one of Honolulu’s most established communities. One or more photos have been enhanced.

17. 2020-04-09
    soldstatus $82,000 Sold 245-char remark

    Show marketing remark (245 chars)

    Fully Renovated Leasehold 2 bedroom, 1 bathroom corner unit with one assigned parking spot. Conveniently located in Makiki and one block away from Safeway! Secured building, pet friendly (verify), and amenities that include pool and picnic area.

18. 2020-02-26
    historical Active Under Contract 245-char remark

    Show marketing remark (245 chars)

    Fully Renovated Leasehold 2 bedroom, 1 bathroom corner unit with one assigned parking spot. Conveniently located in Makiki and one block away from Safeway! Secured building, pet friendly (verify), and amenities that include pool and picnic area.

19. 2020-02-18
    price $85,000 245-char remark

    Show marketing remark (245 chars)

    Fully Renovated Leasehold 2 bedroom, 1 bathroom corner unit with one assigned parking spot. Conveniently located in Makiki and one block away from Safeway! Secured building, pet friendly (verify), and amenities that include pool and picnic area.

20. 2020-01-31
    listed $90,000 Active 245-char remark

    Show marketing remark (245 chars)

    Fully Renovated Leasehold 2 bedroom, 1 bathroom corner unit with one assigned parking spot. Conveniently located in Makiki and one block away from Safeway! Secured building, pet friendly (verify), and amenities that include pool and picnic area.

21. 2011-05-03
    soldstatus $68,000
22. 2011-01-20
    listed $79,000
23. 2011-01-20
    historical
24. 2010-07-22
    listed $97,900
25. 2008-07-18
    soldstatus $63,252
26. 2007-08-21
    soldstatus $2,100,000
27. 1975-02-01
    soldstatus $45,000

ⓘ 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: $1,130 · $94/mo
• Projected year-2 tax: $1,130 · $94/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 4/10 Moderate FEMA zone X (unshaded) · 22% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $43,040
• − Mortgage interest: −$4,761
• − Property taxes: −$1,130
• − Insurance: −$425
• − Repairs & maintenance: −$3,443
• − Management: −$3,443
• − HOA: −$12,264
• − Depreciation: −$2,473
• Taxable income: $15,101
• Est. tax owed @ 24.0%: −$3,624
• After-tax cash flow: $11,210/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

+88.9% since first listed

13 events — show timeline

• 2026-01-08 Price Changed $85,000 HiCentral MLS
• 2025-11-20 Listed $90,000 HiCentral MLS
• 2020-04-09 Sold (MLS) $82,000 HiCentral MLS
• 2020-02-26 Contingent — HiCentral MLS
• 2020-02-18 Price Changed $85,000 HiCentral MLS
• 2020-01-31 Listed $90,000 HiCentral MLS
• 2011-05-03 Sold (MLS) $68,000 HiCentral MLS
• 2011-01-20 Listing Removed — HiCentral MLS
• 2011-01-20 Listed $79,000 HiCentral MLS
• 2010-07-22 Listed $97,900 HiCentral MLS
• 2008-07-18 Sold (Public Records) $63,252 Public Records
• 2007-08-21 Sold (Public Records) $2,100,000 Public Records
• 1975-02-01 Sold (Public Records) $45,000 Public Records

Property tax history

+3.1%/yr

Latest (2022): $1,130 · +7.1% YoY. Source: county tax records.