1513 Spreckels St Unit B-4 · Urban Honolulu, HI 96822

$280,000

1 bd · 1.0 ba · 470 sqft · Condo public records · 114 Days on market

Built 1960 $596/sqft · 15% below area Est $331k · 15% under $464/mo HOA · 17% 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 +14.5/30.0
• ARV discount +14.4/15.0
• Appreciation +6.4/10.0
• 1% rule +4.9/10.0
• DSCR +4.4/10.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Great Location!! Punahou surf is located in one of the most highly desired Punahou area, close to Punahou and Maryknoll schools, UH Manoa, Kapiolani Hospital with quick access to the freeway . This boutique condo has many nice upgrades laminate flooring new kitchen appliances from 2023, has not been used , refrigerator, microwave hood, stove and oven . upgraded kitchen cabinets and bathroom cabinets . washer hook up in back lanai. Move -in ready for your personal touches . Easy to show

Key facts

• Laminate flooring
• Boutique condo
• $464 HOA

Tags

• BOUTIQUE CONDO
• LAMINATE FLOORING
• NEW KITCHEN APPLIANCES
• UPGRADED KITCHEN CABINETS
• UPGRADED BATHROOM CABINETS
• WASHER AND DRYER HOOK UPS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $280k.

Deal economics

• At list price, monthly cash flow is $63 ($758/yr) — positive.
• The deal already cash-flows at list — no discount required.
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $276k (1.4% below list).
• Recommended offer: $255k (9.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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 fast (+5.3%/yr); 177 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• This rent runs 35% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $10k of equity ($2k loan paydown + $8k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.7% appreciation + 5.3% rent growth), your $78k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 114 days — a 9% lower offer ($255k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $61k; list at $280k implies a 361% gain — meaningful room to come down on a strong offer.

Recommended offer $254,800 (9.0% below list)

Questions for the listing agent

1. It's been on market 114 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1960 — 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: 0.99% ✗
• Cap rate: 6.56%
• Cash-on-cash: 0.97%
• DSCR: 1.04
• GRM: 8.4

CMA / ARV

• ARV (median comp): $330,826
• List price: $280,000
• Delta: -15.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.71% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: 9.0%
• Equity multiple: 1.51×
• Total profit: $40,304
• Equity at exit: $121,341

10-year hold

• IRR: 13.0%
• Equity multiple: 2.97×
• Total profit: $154,296
• Equity at exit: $183,530

Cash invested: $78,400 (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 96822

• Home prices YoY: 1.0%
• Rents YoY: 5.3%
• Active inventory: 177
• Price-to-rent: 8.4×

Monthly cashflow live

• Estimated rent: $2,762 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$70 /mo · $839/yr
• Insurance: −$117
• HOA: −$464
• Vacancy / Maint / Mgmt: −$580
• Net cashflow: $63

Break-even live

Break-even rent $2,682

Max offer price $280,000

Occupancy floor 93%

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: $70,000
• Closing costs: $8,400
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	23d	1	0.72mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	23d	1	0.94mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	1.21mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	11d	1	1.21mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	16d	8	1.43mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	17d	9	1.43mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	10d	9	1.43mi

HOA detail condo

• Monthly dues: $464 · $5,568/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $280,000 Active 114 DOM
2. 2026-06-17
   days on market $280,000 Active 113 DOM
3. 2026-06-16
   days on market $280,000 Active 112 DOM
4. 2026-06-15
   days on market $280,000 Active 111 DOM
5. 2026-06-13
   days on market $280,000 Active 109 DOM
6. 2026-06-13
   days on market $280,000 Active 108 DOM
7. 2026-06-10
   days on market $280,000 Active 106 DOM
8. 2026-06-09
   days on market $280,000 Active 105 DOM
9. 2026-06-08
   days on market $280,000 Active 104 DOM
10. 2026-06-07
    days on market $280,000 Active 103 DOM
11. 2026-06-05
    days on market $280,000 Active 100 DOM
12. 2026-06-03
    days on market $280,000 Active 99 DOM
13. 2026-06-02
    days on market $280,000 Active 98 DOM
14. 2026-06-01
    days on market $280,000 Active 97 DOM
15. 2026-05-31
    days on market $280,000 Active 96 DOM
16. 2026-02-24
    listed $280,000 Active 495-char remark

    Show marketing remark (495 chars)

    Great Location!! Punahou surf is located in one of the most highly desired Punahou area, close to Punahou and Maryknoll schools, UH Manoa, Kapiolani Hospital with quick access to the freeway . This boutique condo has many nice upgrades laminate flooring new kitchen appliances from 2023, has not been used , refrigerator, microwave hood, stove and oven . upgraded kitchen cabinets and bathroom cabinets . washer hook up in back lanai. Move -in ready for your personal touches . Easy to show

17. 1982-04-01
    soldstatus $60,800

ⓘ 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: $839 · $70/mo
• Projected year-2 tax: $839 · $70/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: $33,145
• − Mortgage interest: −$15,684
• − Property taxes: −$839
• − Insurance: −$1,400
• − Repairs & maintenance: −$2,652
• − Management: −$2,652
• − HOA: −$5,568
• − Depreciation: −$8,145
• Taxable loss: −$3,795
• Est. tax savings @ 24.0%: +$911
• After-tax cash flow: $1,668/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): 43,747
• Household income: $95,947
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 2139.0

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: Highly diverse neighborhood (Simpson 0.72)
• Race & ethnicity: Asian 48% White 21% Two or more races 20% Pacific Islander 7% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Russian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 20% · South Korea, China, Vietnam
• Languages at home: 73% English-only · Other Asian/Pacific 11% Chinese 4% Korean 3%

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: ▲ 2.71%
• Current HPI: 273.9456
• Rent YoY: ▲ 5.35%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+360.5% since first listed

2 events — show timeline

• 2026-02-24 Listed $280,000 HiCentral MLS
• 1982-04-01 Sold (Public Records) $60,800 Public Records

Property tax history

+2.7%/yr

Latest (2022): $839 · -6.5% YoY. Source: county tax records.