1540 Magazine St Unit B1 · Urban Honolulu, HI 96822

$299,900

2 bd · 1.0 ba · 676 sqft · Condo public records · 9 Days on market

Built 1955 $778/mo HOA · 24% 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).

• Cash flow +13.4/30.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• 1% rule +5.9/10.0
• DSCR +4.0/10.0
• 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

Excellent opportunity in the heart of Makiki! This conveniently located ground-floor unit at 1540 Magazine Street offers comfortable island living with easy access to town, Punahou, Ala Moana, the University of Hawaii, freeway access, shopping, dining, and everyday conveniences. The residence features a practical layout with good natural light and a great opportunity to update, personalize, or invest in a centrally located Honolulu property. Enjoy the ease of urban living in an established neighborhood just minutes from downtown Honolulu, Waikiki, Kakaako, and major employment centers. Whether you are an owner-occupant looking for convenience or an investor seeking long-term potential, this property offers excellent value in a desirable Honolulu location. Purchasers may use any lender they choose to finance the purchase of a property. However, the seller requires that all non-cash offers must be pre-qualified by Caliber Home Loans prior to offer acceptance. For free pre qualification, call Theresa at 253-678-2098 or email theresa. [email protected]

Key facts

• Easy access to town
• Ground-floor unit
• Good natural light

Tags

• GROUND-FLOOR UNIT
• EASY ACCESS TO TOWN
• GOOD NATURAL LIGHT
• ESTABLISHED NEIGHBORHOOD
• MINUTES FROM DOWNTOWN
• DESIRABLE HONOLULU LOCATION

Property features AI

Finance

• Other: Pets allowed; Not used as a short-term vacation rental
• HOA & community: Association fee of $778; No special assessment

Exterior

• Parking: Assigned parking
• Utilities: Electricity available; Public water; Sewer connected; Solid waste disposal (other)
• Home design: Attached property; CPR ownership structure
• Exterior features: Fee simple ownership; Zoned A-2; Paved roads

Interior

• Kitchen: Oven; Refrigerator
• Flooring: Resin tile
• Bathrooms: 1 full bathroom
• Interior features: Resin tile flooring

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $5 ($59/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $300k).
• Cap rate 6.3% 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.
• Market conditions: Rents rising fast (+5.3%/yr); 177 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 41% 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 $84k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 9 days on market — expect competitive offers; lowballing is unlikely to land.
• 5 sale attempts since 17y 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.
• Current owner paid $160k; list at $300k implies a 87% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent; built in 1955 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $299,900

Questions for the listing agent

1. Built in 1955 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. 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: 1.09% ✓
• Cap rate: 6.31%
• Cash-on-cash: 0.07%
• DSCR: 1.00
• GRM: 7.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 8.3%
• Equity multiple: 1.48×
• Total profit: $40,110
• Equity at exit: $129,964

10-year hold

• IRR: 12.6%
• Equity multiple: 2.92×
• Total profit: $161,439
• Equity at exit: $196,574

Cash invested: $83,972 (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: 7.7×

Monthly cashflow live

• Estimated rent: $3,266 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$99 /mo · $1,194/yr
• Insurance: −$125
• HOA: −$778
• Vacancy / Maint / Mgmt: −$686
• Net cashflow: $5

Break-even live

Break-even rent $3,260

Max offer price $299,900

Occupancy floor 95%

Sensitivity live

Price	-10% $175	-5% $90	+0% $5	+5% $-80	+10% $-165
Rent	-10% $-253	-5% $-124	+0% $5	+5% $134	+10% $263
Rate	-1.0pp $156	-0.5pp $81	base $5	+0.5pp $-73	+1.0pp $-152

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: $74,975
• Closing costs: $8,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	24d	1	0.22mi
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	2d	1	0.26mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	24d	1	0.52mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	24d	1	0.52mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	17d	1	0.62mi
225 Auwaiolimu St Honolulu, HI	3.0	1.0	710	$3,800	$5.35	17d	1	0.68mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	20d	1	0.69mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$6,750	$5.81	4d	4	0.76mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	24d	3	0.81mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	4d	1	0.81mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$3,600	$4.55	4d	2	0.84mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	17d	1	0.85mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	17d	1	0.85mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	44d	1	0.85mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	20d	1	0.85mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	24d	1	0.85mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	24d	1	0.85mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	24d	1	0.85mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$3,550	$3.64	15d	2	0.85mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	24d	2	0.88mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	2d	2	0.88mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	20d	1	0.89mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$4,100	$4.84	4d	1	0.89mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	4d	1	0.96mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	44d	1	0.96mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	24d	1	0.96mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	11d	1	0.96mi
1255 Nuuanu Ave Unit E3203 Honolulu, HI	1.0	1.0	615	$2,800	$4.55	24d	1	0.98mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	17d	9	0.98mi
987 Queen St Honolulu, HI	1.0	1.0	606	$3,975	$6.56	44d	2	0.98mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	11d	9	0.98mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	16d	8	0.98mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$6,300	$6.82	17d	2	0.98mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$6,300	$6.86	44d	2	0.98mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	2d	2	0.98mi
1132 Bishop St Honolulu, HI	1.0	1.0	486	$3,250	$6.68	4d	1	0.98mi
1133 Waimanu St #1808 Honolulu, HI	1.0	1.0	556	$2,800	$5.04	12d	1	0.99mi
1133 Waimanu St #405 Honolulu, HI	1.0	1.0	550	$2,700	$4.91	4d	1	0.99mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$4,750	$4.89	4d	2	1.00mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	12d	1	1.00mi

HOA detail condo

• Monthly dues: $778 · $9,336/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 8 events

1. 2026-06-18
   days on market $299,900 Active 9 DOM
2. 2026-06-17
   days on market $299,900 Active 8 DOM
3. 2026-06-16
   days on market $299,900 Active 7 DOM
4. 2026-06-15
   days on market $299,900 Active 6 DOM
5. 2026-06-13
   days on market $299,900 Active 4 DOM
6. 2026-06-13
   days on market $299,900 Active 3 DOM
7. 2026-06-10
   remarks 699-char remark
8. 2026-06-10
   listed $299,900 Active 1 DOM

ⓘ 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: $1,194 · $99/mo
• Projected year-2 tax: $1,194 · $99/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: $39,191
• − Mortgage interest: −$16,799
• − Property taxes: −$1,194
• − Insurance: −$1,500
• − Repairs & maintenance: −$3,135
• − Management: −$3,135
• − HOA: −$9,336
• − Depreciation: −$8,724
• Taxable loss: −$4,633
• Est. tax savings @ 24.0%: +$1,112
• After-tax cash flow: $1,171/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

+331.5% since first listed

16 events — show timeline

• 2026-06-09 Listed $299,900 HiCentral MLS
• 2026-06-09 Listed $299,900 HI Information Service
• 2026-04-27 Listing Removed — HiCentral MLS
• 2026-04-24 Price Changed $262,100 HiCentral MLS
• 2026-04-01 Price Changed $272,800 HiCentral MLS
• 2026-04-01 Relisted — HiCentral MLS
• 2026-03-13 Contingent — HiCentral MLS
• 2026-02-17 Price Changed $294,200 HiCentral MLS
• 2026-01-30 Price Changed $322,700 HiCentral MLS
• 2026-01-14 Listed $349,800 HiCentral MLS
• 2010-08-03 Listing Removed — HiCentral MLS
• 2009-08-05 Listed $268,000 HiCentral MLS
• 2003-12-05 Sold (Public Records) $160,000 Public Records
• 1988-03-01 Sold (Public Records) $37,000 Public Records
• 1982-04-01 Sold (Public Records) $69,500 Public Records
• 1982-02-01 Sold (Public Records) $69,500 Public Records

Property tax history

+3.8%/yr

Latest (2022): $1,194 · +0.9% YoY. Source: county tax records.