1655 Makaloa St #2316 · Urban Honolulu, HI 96814

$279,900

1 bd · 1.0 ba · 484 sqft · Condo public records · 17 Days on market

Built 1970 $905/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).

• Cash flow +9.4/30.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• 1% rule +5.6/10.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• DSCR +2.6/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

EXCELLENT OPPORTUNITY. . MOVE-IN CONDITION, NEW CARPET, FLOOR TILE, NEW REFRIG, RANGE/OVEN, DISHWASHER, DISPOSAL, FRESHLY PAINTED, COOL, MOUNTAIN VIEWS, CONVENIENT, CLOSE TO BEACH, SHOPPING.

Key facts

• $905 HOA
• Garage
• Community pool

Tags

• LUXURY VINYL PLANK FLOORING
• STAINLESS STEEL RANGE
• STAINLESS STEEL REFRIGERATOR
• STAINLESS STEEL DISHWASHER
• STAINLESS STEEL MICROWAVE
• KITCHEN CABINET BELOW SINK

Property features AI

Finance

• Other: Lot zoned BMX-3 Community Business
• Financial info: Maintenance fee: $905
• HOA & community: Association covers electricity, internet, water, sewer, grounds and structure maintenance; On-site management

Exterior

• Parking: Assigned covered garage parking (1 secured, covered space)
• Security: Closed-circuit camera system; Secured elevator
• Utilities: Water included in association fee; Sewer included in association fee; Electricity included in association fee; Internet included in association fee
• Home design: Condominium in Kapiolani Manor; Entry level 23; Excellent condition
• Construction: Hollow tile and concrete construction; Year built (effective) 2026
• Exterior features: Community pool; Storage facilities; Trash chute; Secured elevator; Closed-circuit cameras; Has view; Fee simple land tenure

Interior

• Bedrooms: Bedroom on main level
• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Interior features: Bedroom located on the main level; Laminate flooring

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 $-267 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $233k (16.9% below list).
• Meets the 1% rule at list price ($3k rent vs $280k).
• Recommended offer: $233k (16.9% below list) — sets the bar for cash-flow.
• Cap rate 5.4% 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 (+3.1%/yr); 549 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).
• At $2,980/mo this rent would consume 46% of the median local household income ($78k/yr) (locally 1641% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $6k appreciation (2.0% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 17 days — a 2% lower offer ($276k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $20k (7%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $232,727 (16.9% 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. Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
8. 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.
9. 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.
10. 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: 1.06% ✓
• Cap rate: 5.43%
• Cash-on-cash: -3.07%
• DSCR: 0.86
• GRM: 7.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

1.98% appreciation · 3.1% rent growth · sell at horizon

5-year hold

• IRR: 0.6%
• Equity multiple: 1.03×
• Total profit: $2,614
• Equity at exit: $110,043

10-year hold

• IRR: 5.0%
• Equity multiple: 1.68×
• Total profit: $53,545
• Equity at exit: $158,190

Cash invested: $78,372 (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 96814

• Home prices YoY: 0.5%
• Rents YoY: 3.1%
• Active inventory: 549
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,980 high
• Mortgage (P&I): −$1,468
• Tax from tax record: −$65 /mo · $782/yr
• Insurance: −$117
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$905
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $-267

Break-even live

Break-even rent $3,318

Max offer price $232,727

Occupancy floor —

Sensitivity live

Price	-10% $-109	-5% $-188	+0% $-267	+5% $-346	+10% $-425
Rent	-10% $-502	-5% $-385	+0% $-267	+5% $-149	+10% $-32
Rate	-1.0pp $-126	-0.5pp $-196	base $-267	+0.5pp $-340	+1.0pp $-413

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: $69,975
• Closing costs: $8,397
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	12d	1	0.72mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.72mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	24d	1	0.96mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	17d	9	1.03mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	16d	8	1.03mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	11d	9	1.03mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	24d	1	1.06mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	24d	2	1.09mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	24d	1	1.34mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	24d	1	1.34mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	24d	8	1.34mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	44d	1	1.43mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	22d	1	1.46mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	24d	1	1.46mi

HOA detail condo

• Monthly dues: $905 · $10,860/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-19
   price $279,900 Active 17 DOM
2. 2026-06-18
   days on market $299,900 Active 17 DOM
3. 2026-06-17
   days on market $299,900 Active 16 DOM
4. 2026-06-16
   days on market $299,900 Active 15 DOM
5. 2026-06-15
   days on market $299,900 Active 14 DOM
6. 2026-06-13
   days on market $299,900 Active 12 DOM
7. 2026-06-13
   days on market $299,900 Active 11 DOM
8. 2026-06-10
   days on market $299,900 Active 9 DOM
9. 2026-06-09
   days on market $299,900 Active 8 DOM
10. 2026-06-08
    days on market $299,900 Active 7 DOM
11. 2026-06-07
    days on market $299,900 Active 6 DOM
12. 2026-06-05
    days on market $299,900 Active 3 DOM
13. 2026-06-03
    days on market $299,900 Active 2 DOM
14. 2026-06-01
    remarks 699-char remark
15. 2026-06-01
    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: $782 · $65/mo
• Projected year-2 tax: $783 · $65/mo
• Expected delta: +$1/yr ($0/mo · 0.1%)

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

Climate risk First Street

• 🌊 Flood 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $35,757
• − Mortgage interest: −$15,679
• − Property taxes: −$782
• − Insurance: −$2,197
• − Repairs & maintenance: −$2,861
• − Management: −$2,861
• − HOA: −$10,860
• − Depreciation: −$8,143
• Taxable loss: −$7,624
• Est. tax savings @ 24.0%: +$1,830
• After-tax cash flow: $-1,375/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): 24,689
• Household income: $77,768
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 1641.0

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 0.58)
• Race & ethnicity: Asian 64% Two or more races 14% White 13% Pacific Islander 6% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Russian 1% Lithuanian 1% Italian 1%
• Foreign-born: 35% · China, South Korea, Vietnam
• Languages at home: 58% English-only · Other Asian/Pacific 15% Chinese 10% Korean 9%

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: ▲ 1.98%
• Current HPI: 376.4197
• Rent YoY: ▲ 3.10%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+1160.1% since first listed

6 events — show timeline

• 2026-06-01 Listed $299,900 HiCentral MLS
• 2007-11-30 Sold (Public Records) $275,000 Public Records
• 2003-11-07 Sold (Public Records) $165,000 Public Records
• 2003-11-07 Sold (MLS) $165,000 HiCentral MLS
• 2003-09-23 Listed $164,000 HiCentral MLS
• 1970-08-01 Sold (Public Records) $23,800 Public Records

Property tax history

-1.3%/yr

Latest (2022): $782 · +3.9% YoY. Source: county tax records.