Is 92-1435 Aloha Blvd in Hawaiian Ocean View, HI a good investment?

CashFlowRE grades it B+ with a 11.6% cap rate and $1,018/mo modeled cash flow at a $230,000 list price. See the full underwriting and recommended offer on the page.

What is the cap rate for 92-1435 Aloha Blvd?

The modeled cap rate is 11.6% — annual NOI divided by price, using CashFlowRE's rent and expense estimates.

What would this property rent for?

Estimated market rent is $3,300/month, from CashFlowRE's rent model.

B+ Composite 79.73

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
ARV discount +15.0/15.0
DSCR +10.0/10.0
1% rule +9.3/10.0
Appreciation +5.0/10.0
Condition / age +4.0/5.0
Rent growth +2.5/5.0
Livability +2.4/5.0
Schools +1.5/10.0

$230,000

92-1435 Aloha Blvd · Hawaiian Ocean View, HI 96737

4 bd · 2.0 ba · 1,518 sqft · SingleFamily · 21 Days on market

Built 2008 Good condition 1.00 ac lot $152/sqft · 40% below area Est $385k · 40% under

🖨 Deal sheet (PDF) 📄 Offer letter ✓ Due diligence

Listing remarks

* NEW ROOF! Discover exceptional flexibility and value on this 1-acre Ocean View property, featuring a permitted 4-bedroom, 2-bath home with strong multi-generational or rental potential! Built in 2008, the 1,518 sq. ft. home offers two identical living spaces—a full first floor and full second floor, each with the same layout, separate exterior entrances, and no interior connection. Perfect for extended ʻohana (family), guests, or rental opportunities. The upper level includes a spacious lanai with sweeping ocean views, ideal for relaxing and enjoying the beautiful Hawaiian scenery.

Key facts

Three outbuildings
800 sq ft greenhouse
Permitted home

What this means for you Summary

Snapshot

This is a 4-bed/2.0-bath single-family listed at $230k. Condition is rated good.

Deal economics

At list price, monthly cash flow is $1k ($12k/yr) — positive.
The deal already cash-flows at list — no discount required.
Meets the 1% rule at list price ($3k rent vs $230k).
Recommended offer: $227k (1.5% below list) — sets the bar for market timing.
Cap rate 11.6% vs local median 5.0% in Hawaiian Ocean View — 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 48/100 on livability (#151 in HI) — a working-class tenant base; expect higher turnover. Watch: housing C-, health & safety C-, amenities F.
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.
Zoned schools: Naalehu Elementary School (math 8% / reading 22%, grade F, #171 of 183 statewide, top 94%, 422 students, 70% FRL) — zoned schools average 70% FRL vs 39% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
Zoned-school proficiency averages 15% at this address vs 41% district-wide (-26 pts) — the specific schools serving this property underperform the Hawaii Department Of Education average; the district grade overstates school quality for this exact location.
Market conditions: 309 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).
At $3,300/mo this rent would consume 86% of the median local household income ($46k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

In year one you build about $8k of equity ($2k loan paydown + $7k appreciation (3.0% local appreciation)).
Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
At projected returns (3.0% appreciation + 3.0% rent growth), your $64k cash investment doubles in ~3 years — after that, you're playing with house money.
By year 5, paydown + projected appreciation supports a ~$37k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

It's been on market 21 days — a 2% lower offer ($227k) is reasonable based on typical stale-listing flexibility.
4 sale attempts since 13y ago; this cycle's ask has dropped $115k (33%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Recommended offer $226,550 (1.5% below list)

Questions for the listing agent

Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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.
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.
How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

1% rule: 1.43% ✓
Cap rate: 11.60%
Cash-on-cash: 18.96%
DSCR: 1.84
GRM: 5.8

CMA / ARV

ARV (median comp): $385,000
List price: $230,000
Delta: -40.26%
Verdict: UNDERPRICED
Comps: 5 within 1.0 mi

Show comp detail 8 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
92-9092 Tree Fern Ln	0.36mi	4/3.0	1,792 (+18%)	2mo	$92,500	$52	52
92-2634 Hukilau Dr	1.09mi	3/2.0 (-1)	1,664 (+10%)	2mo	$160,000	$96	42
92-9064 Lotus Blossom Ln	1.40mi	4/1.0	1,596 (+5%)	17mo	$145,000	$91	38
92-9143 Leilani Pkwy	0.97mi	3/2.0 (-1)	1,345 (-11%)	7mo	$385,000	$286	35
92-8872 Lotus Blossom Ln	1.50mi	3/2.0 (-1)	1,288 (-15%)	11mo	$326,000	$253	26
92-8930 Ginger Blossom Ln	0.94mi	3/2.0 (-1)	1,371 (-10%)	24mo	$390,000	$284	24
92-8951 Bougainvillaea Dr	0.85mi	3/1.5 (-1)	1,740 (+15%)	12mo	$363,700	$209	24
92-8951 Lotus Blossom Ln	1.30mi	3/2.0 (-1)	1,232 (-19%)	17mo	$475,000	$386	21

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

3.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

IRR: 25.3%
Equity multiple: 2.44×
Total profit: $92,563
Equity at exit: $103,418

10-year hold

IRR: 26.1%
Equity multiple: 4.71×
Total profit: $238,796
Equity at exit: $159,379

Cash invested: $64,400 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

For sale now: 2 active · 2 under contract
Months of supply: 12.0 mo (8%/mo absorbed)
Median asking: $474,450 ($274/sqft)
Median days on market: 232 d
This list price: lowest-priced of the active set
ARV vs active asking: -7.4% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 96737

Active inventory: 309
Price-to-rent: 5.8×

Monthly cashflow live

Estimated rent: $3,300 medium interval (Pro) →
Mortgage (P&I): −$1,206
Tax est. 1.5%: −$288 /mo · $3,450/yr
Insurance: −$96
HOA: −$0
Lot rent: −$0
Vacancy / Maint / Mgmt: −$693
Net cashflow: $1,018

Break-even live

Break-even rent $2,012

Max offer price $230,000

Occupancy floor 64%

Sensitivity live

Price	-10% $1,176	-5% $1,097	+0% $1,018	+5% $938	+10% $859
Rent	-10% $757	-5% $887	+0% $1,018	+5% $1,148	+10% $1,278
Rate	-1.0pp $1,133	-0.5pp $1,076	base $1,018	+0.5pp $958	+1.0pp $897

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: $57,500
Closing costs: $6,900
Club membership (one-time): —
Reserves months: —
Total cash needed: —

Loan-product check · same deal, 3 products live

Conventional

25% down · 7.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Personal DTI + credit; lowest rate.

DSCR

20% down · 8.5% · 30yr

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

No personal income docs; deal must DSCR.

Hard money

10% down · 12.0% · 12mo

Cash invested: —
Monthly P&I: —
Monthly cashflow: —
DSCR: —
Eligible?: —

Short-term bridge; refi at stabilization.

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
92-9039 Ginger Blossom Ln Ocean View, HI	3.0	2.0	1872	$3,300	$1.76	112d	1	0.52mi

Property features AI

Finance

Financial info: Not used as a short-term vacation rental

Exterior

Parking: Paved private road access
Utilities: Catchment waterSeptic tank sewerElectricity availablePhone service availableInternet options include fiber-optic, satellite and wirelessSolid waste handled by private contractor
Home design: A-1A zoning
Exterior features: Grassy, rocky interior lot with gentle slope, graded and terraced areasLot dimensions approximately 489 x 89Fee simple ownershipLava zone 2

Interior

Bathrooms: 2 full bathrooms
Interior features: Two full bathrooms

Listing history 50 events

2026-10-22

days on market $230,000 Active 21 DOM
2026-10-21

days on market $230,000 Active 20 DOM
2026-10-20

days on market $230,000 Active 19 DOM
2026-10-19

days on market $230,000 Active 18 DOM
2026-10-18

days on market $230,000 Active 17 DOM
2026-10-17

days on market $230,000 Active 16 DOM
2026-10-16

days on market $230,000 Active 15 DOM
2026-10-15

days on market $230,000 Active 14 DOM
2026-10-14

days on market $230,000 Active 13 DOM
2026-10-13

days on market $230,000 Active 12 DOM
2026-10-12

days on market $230,000 Active 11 DOM
2026-10-11

days on market $230,000 Active 10 DOM
2026-10-10

days on market $230,000 Active 9 DOM
2026-10-09

days on market $230,000 Active 8 DOM
2026-10-08

days on market $230,000 Active 7 DOM
2026-10-07

days on market $230,000 Active 6 DOM
2026-10-06

days on market $230,000 Active 5 DOM
2026-10-05

days on market $230,000 Active 4 DOM
2026-10-04

days on market $230,000 Active 3 DOM
2026-10-03

days on market $230,000 Active 2 DOM
2026-10-02

pricedays on marketlisting id $230,000 Active 1 DOM
2026-08-19

days on market $215,000 Active 270 DOM
2026-08-18

days on market $215,000 Active 269 DOM
2026-08-17

days on market $215,000 Active 268 DOM
2026-08-16

days on market $215,000 Active 267 DOM
2026-08-15

days on market $215,000 Active 266 DOM
2026-08-14

days on market $215,000 Active 265 DOM
2026-08-13

days on market $215,000 Active 264 DOM
2026-08-12

days on market $215,000 Active 263 DOM
2026-08-11

days on market $215,000 Active 262 DOM
2026-08-10

days on market $215,000 Active 261 DOM
2026-08-09

days on market $215,000 Active 260 DOM
2026-08-08

days on market $215,000 Active 259 DOM
2026-08-07

days on market $215,000 Active 258 DOM
2026-08-06

days on market $215,000 Active 257 DOM
2026-08-05

days on market $215,000 Active 256 DOM
2026-08-04

days on market $215,000 Active 255 DOM
2026-08-03

days on market $215,000 Active 254 DOM
2026-07-31

days on market $215,000 Active 251 DOM
2026-07-30

days on market $215,000 Active 250 DOM
2026-07-30

pricedays on market $215,000 Active 249 DOM
2026-07-28

days on market $225,000 Active 248 DOM
2026-07-26

days on market $225,000 Active 246 DOM
2026-07-24

days on market $225,000 Active 244 DOM
2026-07-23

days on market $225,000 Active 243 DOM
2026-07-22

days on market $225,000 Active 242 DOM
2026-07-21

days on market $225,000 Active 241 DOM
2026-07-20

days on market $225,000 Active 240 DOM
2026-07-18

days on market $225,000 Active 238 DOM
2026-07-18

days on market $225,000 Active 237 DOM

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

Climate risk First Street

🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
🫁 Air quality 1/10 Low

Nearby sold comps map

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Walkable amenities ~0.75 mi

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Taxation est. · year 1

Rental income: $39,600
− Mortgage interest: −$12,884
− Property taxes: −$3,450
− Insurance: −$1,150
− Repairs & maintenance: −$3,168
− Management: −$3,168
− Depreciation: −$6,691
Taxable income: $9,090

Your marginal tax rate % combined federal + state — saved on this device

Est. tax owed @ 24.0%: −$2,181
After-tax cash flow: $10,029/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.

Condition & rehab AI · 12 photos

Good 80/100 Cosmetic rehab Est. rehab $7,590–$22,770 screening

This 4-bedroom, 2-bath home on a 1-acre ocean view property is in good condition with minimal repairs needed. It offers excellent multi-generational or rental potential.

Value-add opportunities

Both Paint exterior — Enhances curb appeal and value ↑
Both Landscaping — Improves curb appeal and rental potential ↑
Both Replace windows — Improves energy efficiency and value ↑
Both Replace HVAC system — Improves comfort and energy efficiency ↑

ⓘ Rehab cost is a screening estimate — Cosmetic scope × the home's square footage at US $/sqft rules of thumb (the same model as the Flip Finder). Get contractor quotes + a written scope before underwriting.

F Composite school gradezoned avg 15/100

Zoned Schools

Elementary Naalehu Elementary School F HI #171/183 Nat'l #36,424/41,679

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

F Composite livability gradescore 48/100

Livability — Hawaiian Ocean View

Score: 48/100
State rank: #151
US rank: #26127

Category grades

Amenities F Commute F Cost of living B- Crime C+ Employment F Housing C- Health & safety C- User ratings F

Schools grade is shown separately in the Schools card above.

Census & demographics

Census place: Hawaiian Ocean View, HI
County: Hawaii · 220,733 people
City population: 3,781
Population (ZIP): 3,781
Household income: $46,200
Rent vs Own: 25.3% rent · 74.7% own

Population outlook (Hawaii County) Hauer SSP2

Today (2025): 220,733 people
By 2030: 232,156 · +5.2%
By 2040: 252,486 · +14.4%
By 2050: 272,703 · +23.5%
By 2075: 332,113 · +50.5%
By 2100: 398,342 · +80.5%

Race, ethnicity, and origin ACS 2023

Neighborhood character: Highly diverse neighborhood (Simpson 0.81)
Race & ethnicity: Two or more races 42% White 39% Hispanic / Latino 16% Asian 6% Pacific Islander 6% Black 1% Native American 1%
Hispanic origin (detail): Mexican 6% Puerto Rican 10%
Languages at home: 75% English-only · Other Asian/Pacific 10% Spanish 3% Russian/Polish/Slavic 2%

Political lean MEDSL · Hawaii

2024 margin: Strong D (+28.3) · D 63.0% · R 34.7% · Other 2.3%
2008→2024 swing: -25.4pp toward R · 2008: 53.7pp · 2024: 28.3pp
All cycles: 2024: D+28.3 2020: D+36.2 2016: D+36.6 2012: D+51.3 2008: D+53.7

Not yet ingested

Civics: —

Market trends

HPI YoY: —
Current HPI: —
Rent YoY: —
Metro: —
State GDP YoY: —
F500 in state: 0

Price history

+13.2% since first listed

11 events — show timeline

2026-08-20 Listing Removed — HI Information Service
2026-07-29 Price Changed $215,000 HI Information Service
2026-06-23 Price Changed $225,000 HI Information Service
2026-05-26 Price Changed $250,000 HI Information Service
2026-04-29 Price Changed $275,000 HI Information Service
2026-01-28 Price Changed $299,000 HI Information Service
2025-12-30 Price Changed $320,000 HI Information Service
2025-11-20 Listed $345,000 HI Information Service
2025-11-12 Listed $230,000 HI Information Service
2014-09-02 Listed $200,000 HI Information Service
2013-12-12 Listed $190,000 HI Information Service

Cash-flow waterfall

monthly

Sold comps — $/sqft

last 12 mo · ≤1 mi

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