2222 Citron St #403 · Urban Honolulu, HI 96826

$115,000

2 bd · 1.0 ba · 852 sqft · Condo public records · 194 Days on market

Built 1980 $135/sqft · 76% below area $988/mo HOA · 33% of rent

---

Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.5/10.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Rarely available Parkside Tower in the heart of Moiliili. Enjoy privacy with only 4 units per floor! Desirable larger corner unit with spacious lanai, extra secured locked storage closet on your floor and secured assigned covered parking stall. Add another bedroom or expand your living room by enclosing your large 210 sf lanai. Facing mountain views with cool northeast tradewinds. Amenities include swimming pool, sauna, resident manager, car wash, pet friendly building and 8 guest stalls. Conveniently located close to Punahou, University of Hawaii, Chaminade University, Iolani, Mid-Pacific, Sacred Hearts Academy, Ala Moana Center and Beach and freeway access. Updated lease rent for next 10 years: $859.17 per month until 2035. Long lease until 2050 with approximately 25 years remaining. Great opportunity for first time home buyers or investment!

Key facts

• Extra storage
• Sauna
• Swimming pool

Tags

• LARGE CORNER UNIT
• SPACIOUS LANAI
• EXTRA STORAGE
• MOUNTAIN VIEWS
• SWIMMING POOL
• SAUNA

🏷️ Possibly a rental listed for sale. The $115,000 price doesn't fit this home's estimated sale value (~$474,293) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $115k.

Deal economics

• At list price, monthly cash flow is $612 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $101k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.7% 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 B — 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 (+3.5%/yr); 161 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); 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• At $2,986/mo this rent would consume 52% 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 $795 of loan paydown is wiped out by about $1k 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 (-1.0% appreciation + 3.5% rent growth), your $32k cash investment doubles in ~4 years — after that, you're playing with house money.

Negotiation context

• It's been on market 194 days — a 12% lower offer ($101k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $101,200 (12.0% below list)

Questions for the listing agent

1. It's been on market 194 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 2.60% ✓
• Cap rate: 12.68%
• Cash-on-cash: 22.80%
• DSCR: 2.01
• GRM: 3.2

CMA / ARV

• ARV (median comp): $474,293
• List price: $115,000
• Delta: -75.75%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 21.8%
• Equity multiple: 2.01×
• Total profit: $32,567
• Equity at exit: $27,733

10-year hold

• IRR: 28.0%
• Equity multiple: 4.02×
• Total profit: $97,322
• Equity at exit: $29,098

Cash invested: $32,200 (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: 3.2×

Monthly cashflow live

• Estimated rent: $2,986 high
• Mortgage (P&I): −$603
• Tax from tax record: −$108 /mo · $1,302/yr
• Insurance: −$48
• HOA: −$988
• Vacancy / Maint / Mgmt: −$627
• Net cashflow: $612

Break-even live

Break-even rent $2,212

Max offer price $115,000

Occupancy floor 75%

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2011 Waiola St Honolulu, HI	3.0	2.0	800	$3,100	$3.88	21d	1	0.17mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,950	$6.86	3d	1	0.20mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,050	$5.30	23d	1	0.20mi
2014 Fern St Honolulu, HI	3.0	2.0	983	$3,000	$3.05	23d	1	0.22mi
2333 Kapiolani Blvd #810 Honolulu, HI	2.0	2.0	831	$3,200	$3.85	13d	1	0.30mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	23d	1	0.30mi
2333 Kapiolani Blvd Honolulu, HI	2.0	2.0	827	$3,050	$3.69	16d	2	0.31mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,735	$6.58	23d	1	0.32mi
2474 Kapiolani Blvd #401 Honolulu, HI	2.0	2.0	793	$3,100	$3.91	23d	1	0.36mi
2474 Kapiolani Blvd #401 Honolulu, HI	2.0	2.0	793	$3,100	$3.91	3d	1	0.36mi
500 University Ave Honolulu, HI	2.0	2.5	1120	$3,150	$2.81	10d	2	0.36mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	11d	3	0.36mi
2440 Date St #901 Honolulu, HI	3.0	1.5	918	$2,600	$2.83	17d	1	0.36mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	3d	2	0.37mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	0.43mi
2499 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–1.5	575	$3,300	$5.74	10d	2	0.44mi
581 Kamoku St Honolulu, HI	1.0	1.0	792	$2,850	$3.60	23d	1	0.46mi
581 Kamoku St Ph 4 Honolulu, HI	1.0	1.0	792	$2,850	$3.60	21d	1	0.46mi
2499 Kapiolani Blvd #1408 Honolulu, HI	2.0	2.0	947	$3,750	$3.96	43d	1	0.47mi
2499 Kapiolani Blvd #3800 Honolulu, HI	2.0	1.5	676	$3,200	$4.73	3d	1	0.47mi
2724 Kahoaloha Ln Honolulu, HI	2.0	2.0	939	$2,998	$3.19	23d	2	0.49mi
1750 Kalakaua Ave #2704 Honolulu, HI	2.0	2.0	1065	$3,300	$3.10	23d	1	0.49mi
1837 Kalakaua Ave Honolulu, HI	2.0	2.0	1004	$4,850	$4.83	3d	3	0.52mi
430 Keoniana St Honolulu, HI	2.0	2.0	887	$2,900	$3.27	23d	1	0.52mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$3,000	$2.73	17d	3	0.54mi
469 Ena Rd Honolulu, HI	2.0–3.0	2.0–3.0	1098	$2,990	$2.72	3d	4	0.54mi
1717 Ala Wai Blvd Honolulu, HI	2.0	2.0	922	$3,350	$3.63	44d	1	0.55mi
1717 Ala Wai Blvd Honolulu, HI	2.0–3.0	2.0	1026	$2,750	$2.68	3d	2	0.56mi
421 Olohana St #2003 Honolulu, HI	2.0	2.0	1023	$4,200	$4.11	3d	1	0.58mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	10d	1	0.59mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	21d	2	0.59mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	3d	2	0.59mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	11d	1	0.61mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	23d	1	0.62mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	43d	1	0.64mi
1645 Ala Wai Blvd #1002 Honolulu, HI	2.0	1.5	1000	$3,400	$3.40	16d	1	0.64mi
1910 Ala Moana Blvd Honolulu, HI	2.0	2.0	1238	$4,975	$4.02	3d	2	0.65mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	17d	1	0.66mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	3d	1	0.66mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	23d	1	0.66mi

HOA detail condo

• Monthly dues: $988 · $11,856/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 12 events

1. 2026-05-10
   status Pending 857-char remark

   Show marketing remark (857 chars)

   Rarely available Parkside Tower in the heart of Moiliili. Enjoy privacy with only 4 units per floor! Desirable larger corner unit with spacious lanai, extra secured locked storage closet on your floor and secured assigned covered parking stall. Add another bedroom or expand your living room by enclosing your large 210 sf lanai. Facing mountain views with cool northeast tradewinds. Amenities include swimming pool, sauna, resident manager, car wash, pet friendly building and 8 guest stalls. Conveniently located close to Punahou, University of Hawaii, Chaminade University, Iolani, Mid-Pacific, Sacred Hearts Academy, Ala Moana Center and Beach and freeway access. Updated lease rent for next 10 years: $859.17 per month until 2035. Long lease until 2050 with approximately 25 years remaining. Great opportunity for first time home buyers or investment!

2. 2026-04-15
   price $115,000 857-char remark

   Show marketing remark (857 chars)

   Rarely available Parkside Tower in the heart of Moiliili. Enjoy privacy with only 4 units per floor! Desirable larger corner unit with spacious lanai, extra secured locked storage closet on your floor and secured assigned covered parking stall. Add another bedroom or expand your living room by enclosing your large 210 sf lanai. Facing mountain views with cool northeast tradewinds. Amenities include swimming pool, sauna, resident manager, car wash, pet friendly building and 8 guest stalls. Conveniently located close to Punahou, University of Hawaii, Chaminade University, Iolani, Mid-Pacific, Sacred Hearts Academy, Ala Moana Center and Beach and freeway access. Updated lease rent for next 10 years: $859.17 per month until 2035. Long lease until 2050 with approximately 25 years remaining. Great opportunity for first time home buyers or investment!

3. 2025-10-28
   listed $125,000 Active 857-char remark

   Show marketing remark (857 chars)

   Rarely available Parkside Tower in the heart of Moiliili. Enjoy privacy with only 4 units per floor! Desirable larger corner unit with spacious lanai, extra secured locked storage closet on your floor and secured assigned covered parking stall. Add another bedroom or expand your living room by enclosing your large 210 sf lanai. Facing mountain views with cool northeast tradewinds. Amenities include swimming pool, sauna, resident manager, car wash, pet friendly building and 8 guest stalls. Conveniently located close to Punahou, University of Hawaii, Chaminade University, Iolani, Mid-Pacific, Sacred Hearts Academy, Ala Moana Center and Beach and freeway access. Updated lease rent for next 10 years: $859.17 per month until 2035. Long lease until 2050 with approximately 25 years remaining. Great opportunity for first time home buyers or investment!

4. 2012-05-18
   soldstatus $914,358
5. 2010-06-10
   soldstatus $405,000
6. 2008-05-07
   soldstatus $741,475
7. 2008-03-28
   soldstatus $2,976,636
8. 2007-06-15
   soldstatus $635,550
9. 2007-06-15
   soldstatus $423,700
10. 1986-10-01
    soldstatus $110,000
11. 1983-04-01
    soldstatus $120,000
12. 1980-10-01
    soldstatus $104,700

ⓘ 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: $1,302 · $108/mo
• Projected year-2 tax: $1,302 · $108/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Taxation est. · year 1

• Rental income: $35,835
• − Mortgage interest: −$6,442
• − Property taxes: −$1,302
• − Insurance: −$575
• − Repairs & maintenance: −$2,867
• − Management: −$2,867
• − HOA: −$11,856
• − Depreciation: −$3,345
• Taxable income: $6,582
• Est. tax owed @ 24.0%: −$1,580
• After-tax cash flow: $5,761/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

+9.8% since first listed

12 events — show timeline

• 2026-05-10 Pending — HiCentral MLS
• 2026-04-15 Price Changed $115,000 HiCentral MLS
• 2025-10-28 Listed $125,000 HiCentral MLS
• 2012-05-18 Sold (Public Records) $914,358 Public Records
• 2010-06-10 Sold (Public Records) $405,000 Public Records
• 2008-05-07 Sold (Public Records) $741,475 Public Records
• 2008-03-28 Sold (Public Records) $2,976,636 Public Records
• 2007-06-15 Sold (Public Records) $423,700 Public Records
• 2007-06-15 Sold (Public Records) $635,550 Public Records
• 1986-10-01 Sold (Public Records) $110,000 Public Records
• 1983-04-01 Sold (Public Records) $120,000 Public Records
• 1980-10-01 Sold (Public Records) $104,700 Public Records

Property tax history

+2.2%/yr

Latest (2022): $1,302 · +8.7% YoY. Source: county tax records.