1188 Bishop St #1007 · Urban Honolulu, HI 96813

$55,000

1 bd · 1.0 ba · 436 sqft · Condo · 19 Days on market

Built 1981 $500/mo HOA · 15% 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 +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +4.6/10.0
• Schools +3.7/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Executive style office located in downtown Honolulu, primary building Century Square. 436 SF divided into two offices. Kitchenet with refrigerator, full bathroom with shower. one unassigned parking space, newly paint, installed new vinyl flooring, also including janitorial service. 24 house secured access. Commercial use only, not for residential.

Key facts

• Two private offices
• Fresh interior paint
• $500 HOA

Tags

• EXECUTIVE-STYLE OFFICE SPACE
• TWO PRIVATE OFFICES
• KITCHENETTE WITH REFRIGERATOR
• FULL BATHROOM WITH SHOWER
• UNASSIGNED PARKING STALL
• FRESH INTERIOR PAINT

Property features AI

Finance

• Other: Zoning: BMX-4 Central Business Mix
• Financial info: Annual taxes (2025): $1,542; Lease expires 2044-01-01
• HOA & community: Monthly lease amount for land: $309.80; Maintenance expense: $500.24; Community meeting/conference room

Exterior

• Parking: Covered garage parking; Guest parking; Secured parking; One unassigned parking space
• Security: Key card entry; Fire sprinkler system; Security guard
• Utilities: Central air conditioning
• Home design: Century Square building; Condominium; Entry on 10th level
• Construction: Concrete construction
• Exterior features: Key card entry; Fire sprinkler system; Security guard; Conference/meeting room in the community; Leasehold land tenure; Located on the 10th floor

Interior

• Flooring: Ceramic tile; Vinyl
• Bathrooms: 1 full bathroom
• Heating & cooling: Central air conditioning
• Interior features: Good condition; Has view

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $55k.

Deal economics

• At list price, monthly cash flow is $2k ($20k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $55k).
• Recommended offer: $54k (1.5% below list) — sets the bar for market timing.
• Cap rate 43.2% 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 flat; 198 active listings in the ZIP; 5 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).
• This rent runs 43% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $380 of loan paydown is wiped out by about $401 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.
• At projected returns (-0.7% appreciation + 0.6% rent growth), your $15k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 19 days — a 2% lower offer ($54k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 7y 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.

Recommended offer $54,175 (1.5% below list)

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 5.92% ✓
• Cap rate: 43.25%
• Cash-on-cash: 131.98%
• DSCR: 6.87
• GRM: 1.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-0.73% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 7.31×
• Total profit: $97,181
• Equity at exit: $13,996

10-year hold

• IRR: —
• Equity multiple: 14.02×
• Total profit: $200,470
• Equity at exit: $15,320

Cash invested: $15,400 (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 96813

• Home prices YoY: -0.3%
• Rents YoY: 0.6%
• Active inventory: 198
• Price-to-rent: 1.4×

Monthly cashflow live

• Estimated rent: $3,258 high
• Mortgage (P&I): −$288
• Tax est. 1.5%: −$69 /mo · $825/yr
• Insurance: −$23
• HOA: −$500
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $1,694

Break-even live

Break-even rent $1,114

Max offer price $55,000

Occupancy floor 43%

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: $13,750
• Closing costs: $1,650
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	17d	9	1.09mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	16d	8	1.09mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	10d	9	1.09mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	24d	1	1.15mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	24d	2	1.15mi

HOA detail condo

• Monthly dues: $500 · $6,000/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-18
   days on market $55,000 Active 19 DOM
2. 2026-06-17
   days on market $55,000 Active 18 DOM
3. 2026-06-16
   days on market $55,000 Active 17 DOM
4. 2026-06-15
   days on market $55,000 Active 16 DOM
5. 2026-06-13
   days on market $55,000 Active 14 DOM
6. 2026-06-13
   days on market $55,000 Active 13 DOM
7. 2026-06-10
   days on market $55,000 Active 11 DOM
8. 2026-06-09
   days on market $55,000 Active 10 DOM
9. 2026-06-08
   days on market $55,000 Active 9 DOM
10. 2026-06-07
    days on market $55,000 Active 8 DOM
11. 2026-06-05
    days on market $55,000 Active 5 DOM
12. 2026-06-03
    days on market $55,000 Active 4 DOM
13. 2026-06-02
    days on market $55,000 Active 3 DOM
14. 2026-06-01
    days on market $55,000 Active 2 DOM

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Taxation est. · year 1

• Rental income: $39,097
• − Mortgage interest: −$3,081
• − Property taxes: −$825
• − Insurance: −$275
• − Repairs & maintenance: −$3,128
• − Management: −$3,128
• − HOA: −$6,000
• − Depreciation: −$1,600
• Taxable income: $21,061
• Est. tax owed @ 24.0%: −$5,055
• After-tax cash flow: $15,271/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): 26,766
• Household income: $91,690
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 1338.0

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 0.74)
• Race & ethnicity: Asian 48% Two or more races 21% White 15% Pacific Islander 9% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Russian 2% Romanian 1% Lithuanian 1%
• Foreign-born: 23% · South Korea, China, Vietnam
• Languages at home: 72% English-only · Other Asian/Pacific 10% Chinese 7% Korean 5%

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: ▼ -0.73%
• Current HPI: 231.8414
• Rent YoY: ▲ 0.63%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+37.5% since first listed

11 events — show timeline

• 2026-05-30 Listed $55,000 HiCentral MLS
• 2021-09-20 Sold (MLS) $50,000 HiCentral MLS
• 2021-08-30 Pending — HiCentral MLS
• 2021-08-24 Price Changed $50,000 HiCentral MLS
• 2021-07-01 Listed $55,000 HiCentral MLS
• 2019-05-23 Sold (MLS) $45,000 HiCentral MLS
• 2019-05-01 Price Changed $65,000 HiCentral MLS
• 2019-04-20 Listed $48,500 HiCentral MLS
• 2019-04-18 Sold (MLS) $32,000 HiCentral MLS
• 2019-03-19 Price Changed $35,000 HiCentral MLS
• 2019-01-17 Listed $40,000 HiCentral MLS