1226 Alexander St #507 · Urban Honolulu, HI 96826

$359,000

2 bd · 1.0 ba · 600 sqft · Condo public records · 61 Days on market

Built 1979 $598/sqft · at area comps Est $366k · at est. $945/mo HOA · 30% 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 +8.4/15.0
• Cash flow +6.6/30.0
• Appreciation +4.5/10.0
• 1% rule +3.8/10.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.9/10.0

Listing remarks

Now's the time to buy !! 2bedroom, 1 bath, 1 parking located at Alexander Towers. Secure entrance to building and parking. Conveniently located near grocery stores, shopping centers, and bus lines. Easy freeway access. This unit has Fire Sprinklers installed on the interior. Tenant pay the rent $2,000/month. All information is deemed reliable and must verified by Buyer before close of Escrow. Sold " AS IS " condition.

Key facts

• Secure entrance
• Easy freeway access
• Conveniently located

Tags

• SECURE ENTRANCE
• FIRE SPRINKLERS
• EASY FREEWAY ACCESS
• CONVENIENTLY LOCATED

Property features AI

Finance

• Financial info: Maintenance expense: $945.33
• HOA & community: HOA covers common areas, electricity, hot water, sewer and water; Monthly maintenance expense listed

Exterior

• Parking: Assigned covered parking (1 space)
• Security: Key card entry; Fire sprinkler system
• Home design: Condominium (Alexander Towers); Entry on level 5; Zoned A-2 medium density apartment
• Construction: Concrete construction
• Exterior features: Key card entry; Fire sprinkler system; Fee simple land tenure; Community pool; Barbecue area; Recreation area; Trash chute

Interior

• Bedrooms: Bedroom located on the main level
• Flooring: Ceramic tile; Laminate
• Bathrooms: One full bathroom
• Interior features: Partially furnished; Bedroom on main level; Full bath on main level; Has a view; Average condition

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $359k.

Deal economics

• At list price, monthly cash flow is $-587 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $255k (28.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $315k (12.1% below list).
• Recommended offer: $255k (28.9% below list) — sets the bar for cash-flow.
• Cap rate 4.3% 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.
• Zoned schools: King William Lunalilo Elementary School (math 27% / reading 42%, grade F, #108 of 183 statewide, top 61%, 260 students, 64% FRL); President George Washington Middle School (math 30% / reading 46%, grade F, #17 of 42 statewide, top 39%, 569 students, 61% FRL); Kaimuki High School (math 12% / reading 47%, grade F, #35 of 43 statewide, top 86%, 620 students, 60% FRL) — zoned schools average 62% FRL vs 39% district-wide (23 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising (+3.5%/yr); 161 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• At $3,155/mo this rent would consume 55% of the median local household income ($68k/yr) (locally 2466% 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 (-1.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $4k 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 61 days — a 6% lower offer ($337k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 21y ago with the ask held roughly flat each time — persistent listings suggest the price (not the market) is what's stuck; bring a comps-based counter.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $255,324 (28.9% 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 61 days. Have you received any prior offers? Is the seller open to a 29% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — 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. 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. 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?
9. 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.
10. 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.
11. 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: 0.88% ✗
• Cap rate: 4.33%
• Cash-on-cash: -7.01%
• DSCR: 0.69
• GRM: 9.5

CMA / ARV

• ARV (median comp): $366,205
• List price: $359,000
• Delta: -1.97%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-1.0% appreciation · 3.55% rent growth · sell at horizon

5-year hold

• IRR: -14.5%
• Equity multiple: 0.38×
• Total profit: $-62,319
• Equity at exit: $86,574

10-year hold

• IRR: -6.9%
• Equity multiple: 0.36×
• Total profit: $-64,267
• Equity at exit: $90,837

Cash invested: $100,520 (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 96826

• Home prices YoY: -0.4%
• Rents YoY: 3.5%
• Active inventory: 161
• Price-to-rent: 9.5×

Monthly cashflow live

• Estimated rent: $3,155 high
• Mortgage (P&I): −$1,883
• Tax from tax record: −$102 /mo · $1,224/yr
• Insurance: −$150
• HOA: −$945
• Vacancy / Maint / Mgmt: −$663
• Net cashflow: $-587

Break-even live

Break-even rent $3,898

Max offer price $255,324

Occupancy floor —

Sensitivity live

Price	-10% $-384	-5% $-485	+0% $-587	+5% $-688	+10% $-790
Rent	-10% $-836	-5% $-712	+0% $-587	+5% $-462	+10% $-338
Rate	-1.0pp $-406	-0.5pp $-496	base $-587	+0.5pp $-680	+1.0pp $-775

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: $89,750
• Closing costs: $10,770
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	25d	3	0.34mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	5d	1	0.54mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	23d	1	0.55mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	23d	1	0.58mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	18d	1	0.59mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	18d	1	0.59mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	25d	1	0.59mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	25d	1	0.59mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	21d	1	0.59mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	45d	1	0.59mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	25d	1	0.59mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,050	$5.30	25d	1	0.63mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,950	$6.86	5d	1	0.63mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	21d	1	0.65mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$3,000	$3.76	23d	3	0.68mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$3,000	$3.51	25d	2	0.68mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	3d	2	0.69mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$6,300	$6.86	45d	2	0.69mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$6,300	$6.82	18d	2	0.69mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,735	$6.58	25d	1	0.74mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	25d	1	0.74mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	25d	1	0.76mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	13d	1	0.78mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	17d	1	0.78mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	18d	2	0.78mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	5d	1	0.79mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	45d	1	0.79mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	12d	1	0.79mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	25d	1	0.79mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$4,750	$4.89	5d	2	0.82mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	13d	1	0.83mi
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	3d	1	0.83mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	13d	3	0.83mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	45d	2	0.84mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	46d	3	0.84mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	5d	4	0.84mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	25d	1	0.84mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	5d	2	0.85mi
2710 Kaaha St Honolulu, HI	1.0	1.0	418	$3,300	$7.89	25d	1	0.87mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	25d	1	0.88mi

HOA detail condo

• Monthly dues: $945 · $11,340/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 32 events

1. 2026-06-21
   days on market $359,000 Active 61 DOM
2. 2026-06-18
   days on market $359,000 Active 58 DOM
3. 2026-06-17
   days on market $359,000 Active 57 DOM
4. 2026-06-16
   days on market $359,000 Active 56 DOM
5. 2026-06-15
   days on market $359,000 Active 55 DOM
6. 2026-06-13
   days on market $359,000 Active 53 DOM
7. 2026-06-13
   days on market $359,000 Active 52 DOM
8. 2026-06-10
   days on market $359,000 Active 50 DOM
9. 2026-06-09
   days on market $359,000 Active 49 DOM
10. 2026-06-08
    days on market $359,000 Active 48 DOM
11. 2026-06-07
    days on market $359,000 Active 47 DOM
12. 2026-06-05
    days on market $359,000 Active 44 DOM
13. 2026-06-03
    days on market $359,000 Active 43 DOM
14. 2026-06-02
    days on market $359,000 Active 42 DOM
15. 2026-06-01
    days on market $359,000 Active 41 DOM
16. 2026-05-31
    days on market $359,000 Active 40 DOM
17. 2026-05-05
    price $359,000 433-char remark
18. 2026-04-17
    listed $369,000 Active 433-char remark
19. 2020-11-09
    historical
20. 2020-10-10
    listed $398,000 Active
21. 2018-06-19
    historical
22. 2018-04-17
    listed $420,000 Active
23. 2017-10-20
    soldstatus $365,000 Sold
24. 2017-10-20
    soldstatus $365,000
25. 2017-08-10
    price $374,900
26. 2017-05-20
    price $385,000
27. 2017-04-05
    listed $389,900 Active
28. 2006-02-16
    soldstatus $320,000
29. 2006-02-15
    soldstatus $320,000
30. 2005-11-23
    listed $324,000
31. 1991-05-23
    soldstatus $112,250
32. 1978-09-11
    soldstatus $60,100

ⓘ 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: $1,224 · $102/mo
• Projected year-2 tax: $1,224 · $102/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 6/10 Major FEMA zone X (unshaded) · 71% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $37,858
• − Mortgage interest: −$20,110
• − Property taxes: −$1,224
• − Insurance: −$1,795
• − Repairs & maintenance: −$3,029
• − Management: −$3,029
• − HOA: −$11,340
• − Depreciation: −$10,444
• Taxable loss: −$13,111
• Est. tax savings @ 24.0%: +$3,147
• After-tax cash flow: $-3,896/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): 29,174
• Household income: $68,296
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 2466.0

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 0.69)
• Race & ethnicity: Asian 54% Two or more races 18% White 13% Pacific Islander 10% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Russian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 30% · Vietnam, China, South Korea
• Languages at home: 63% English-only · Other Asian/Pacific 13% Chinese 6% Vietnamese 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: ▼ -1.00%
• Current HPI: 272.9183
• Rent YoY: ▲ 3.55%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+497.3% since first listed

16 events — show timeline

• 2026-05-05 Price Changed $359,000 HiCentral MLS
• 2026-04-17 Listed $369,000 HiCentral MLS
• 2020-11-09 Listing Removed — HiCentral MLS
• 2020-10-10 Listed $398,000 HiCentral MLS
• 2018-06-19 Listing Removed — HiCentral MLS
• 2018-04-17 Listed $420,000 HiCentral MLS
• 2017-10-20 Sold (Public Records) $365,000 Public Records
• 2017-10-20 Sold (MLS) $365,000 HiCentral MLS
• 2017-08-10 Price Changed $374,900 HiCentral MLS
• 2017-05-20 Price Changed $385,000 HiCentral MLS
• 2017-04-05 Listed $389,900 HiCentral MLS
• 2006-02-16 Sold (MLS) $320,000 HiCentral MLS
• 2006-02-15 Sold (Public Records) $320,000 Public Records
• 2005-11-23 Listed $324,000 HiCentral MLS
• 1991-05-23 Sold (Public Records) $112,250 Public Records
• 1978-09-11 Sold (Public Records) $60,100 Public Records

Property tax history

+2.1%/yr

Latest (2022): $1,224 · +6.1% YoY. Source: county tax records.