1545 Nehoa St #703 · Urban Honolulu, HI 96822

$365,000

1 bd · 1.0 ba · 510 sqft · Condo public records · 83 Days on market

Built 1973 $716/sqft · 30% above area Est $401k · 9% under $1092/mo HOA · 38% 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).

• ARV discount +11.5/15.0
• Appreciation +6.4/10.0
• Cash flow +4.2/30.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• 1% rule +3.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Location!Location!Location! Welcome to Anga-Roa, a sought after boutique high rise in the vibrant hustle and bustling Makiki/Punahou neighborhood. This 7th floor residence offers the perfect blend of urban convenience and peaceful retreat. With only 4 units per floor, you'll enjoy a level of privacy and quiet rarely found. The unit offers a large open floor plan with beautiful views and natural lighting throughout. This unit is a blank canvas waiting for your vision. Enjoy panoramic vistas of the Honolulu city skyline and lush Ko'olau mountains. This building is gated with fob entrance ensuring security and ease. Relax by the refreshing swimming pool, host weekend gatherings at the recreation area and letting your furry friend play at your very own dog park. Your maintenance fees covers, electricity, sewer, water and trash. You are just blocks from top-tier institutions like Punahou School, the University of Hawaii, and Kapiolani Medical Center. This unit is special, you won't want to miss it!

Key facts

• Boutique high rise
• Panoramic vistas
• Recreation area

Tags

• BOUTIQUE HIGH RISE
• LARGE OPEN FLOOR PLAN
• PANORAMIC VISTAS
• GATED WITH FOB ENTRANCE
• REFRESHING SWIMMING POOL
• RECREATION AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $365k.

Deal economics

• At list price, monthly cash flow is $-1k ($-13k/yr) — negative.
• To cash-flow at today's rent, offer at most $178k (51.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $291k (20.3% below list).
• Recommended offer: $178k (51.2% below list) — sets the bar for cash-flow.
• Cap rate 3.0% 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); 182 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 23d 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 36% 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 $12k of equity ($3k loan paydown + $10k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 3, paydown + projected appreciation supports a ~$31k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($343k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 38% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $178,268 (51.2% 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. It's been on market 83 days. Have you received any prior offers? Is the seller open to a 51% concession, seller financing, or rate buy-down credit?
3. Built in 1973 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 0.80% ✗
• Cap rate: 3.04%
• Cash-on-cash: -11.63%
• DSCR: 0.48
• GRM: 10.5

CMA / ARV

• ARV (median comp): $400,910
• List price: $365,000
• Delta: -8.96%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -3.6%
• Equity multiple: 0.79×
• Total profit: $-21,344
• Equity at exit: $158,176

10-year hold

• IRR: 2.4%
• Equity multiple: 1.37×
• Total profit: $37,601
• Equity at exit: $239,244

Cash invested: $102,200 (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 96822

• Home prices YoY: 1.0%
• Rents YoY: 5.3%
• Active inventory: 182
• Price-to-rent: 10.5×

Monthly cashflow live

• Estimated rent: $2,910 high
• Mortgage (P&I): −$1,914
• Tax from tax record: −$131 /mo · $1,574/yr
• Insurance: −$152
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,092
• Vacancy / Maint / Mgmt: −$611
• Net cashflow: $-1,057

Break-even live

Break-even rent $4,248

Max offer price $178,268

Occupancy floor —

Sensitivity live

Price	-10% $-850	-5% $-954	+0% $-1,057	+5% $-1,160	+10% $-1,264
Rent	-10% $-1,287	-5% $-1,172	+0% $-1,057	+5% $-942	+10% $-827
Rate	-1.0pp $-873	-0.5pp $-964	base $-1,057	+0.5pp $-1,152	+1.0pp $-1,248

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: $91,250
• Closing costs: $10,950
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	25d	1	0.41mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	25d	3	0.63mi
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	3d	1	0.68mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	25d	1	0.70mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	4d	1	0.86mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	21d	1	0.89mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	25d	1	0.93mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	45d	1	0.93mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	25d	1	0.93mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	25d	1	0.93mi
1500 Rycroft St Unit 1509R Honolulu, HI	—	1.0	416	$3,000	$7.21	25d	1	0.93mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	21d	1	0.93mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	18d	1	0.93mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	18d	1	0.93mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	22d	1	1.04mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,050	$5.30	25d	1	1.06mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,950	$6.86	4d	1	1.06mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$3,500	$3.81	45d	2	1.07mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$3,400	$3.68	18d	2	1.07mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	3d	2	1.07mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	22d	1	1.13mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	25d	1	1.13mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	4d	1	1.15mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	45d	1	1.15mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	11d	1	1.15mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	25d	1	1.15mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$3,500	$3.60	4d	2	1.19mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$2,600	$3.26	22d	3	1.20mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$2,700	$3.16	25d	2	1.20mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$2,900	$2.98	16d	2	1.23mi
2883 Oahu Ave Honolulu, HI	2.0	1.0	600	$2,850	$4.75	25d	1	1.24mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	25d	1	1.27mi
2710 Kaaha St Honolulu, HI	1.0	1.0	418	$3,300	$7.89	25d	1	1.29mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	17d	1	1.29mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	18d	2	1.30mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	13d	1	1.33mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$2,650	$3.21	13d	3	1.35mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	4d	2	1.35mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	13d	1	1.37mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	45d	2	1.38mi

HOA detail condo

• Monthly dues: $1,092 · $13,104/yr
• Likely covers: watersewertrashelectricpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-21
   days on market $365,000 Active 83 DOM
2. 2026-06-18
   days on market $365,000 Active 80 DOM
3. 2026-06-17
   days on market $365,000 Active 79 DOM
4. 2026-06-16
   days on market $365,000 Active 78 DOM
5. 2026-06-15
   days on market $365,000 Active 77 DOM
6. 2026-06-13
   days on market $365,000 Active 75 DOM
7. 2026-06-13
   days on market $365,000 Active 74 DOM
8. 2026-06-10
   days on market $365,000 Active 72 DOM
9. 2026-06-09
   days on market $365,000 Active 71 DOM
10. 2026-06-08
    days on market $365,000 Active 70 DOM
11. 2026-06-07
    days on market $365,000 Active 69 DOM
12. 2026-06-05
    days on market $365,000 Active 66 DOM
13. 2026-06-03
    days on market $365,000 Active 65 DOM
14. 2026-06-02
    days on market $365,000 Active 64 DOM
15. 2026-06-01
    days on market $365,000 Active 63 DOM
16. 2026-05-31
    days on market $365,000 Active 62 DOM
17. 2026-05-05
    price $365,000 1008-char remark

    Show marketing remark (1008 chars)

    Location!Location!Location! Welcome to Anga-Roa, a sought after boutique high rise in the vibrant hustle and bustling Makiki/Punahou neighborhood. This 7th floor residence offers the perfect blend of urban convenience and peaceful retreat. With only 4 units per floor, you'll enjoy a level of privacy and quiet rarely found. The unit offers a large open floor plan with beautiful views and natural lighting throughout. This unit is a blank canvas waiting for your vision. Enjoy panoramic vistas of the Honolulu city skyline and lush Ko'olau mountains. This building is gated with fob entrance ensuring security and ease. Relax by the refreshing swimming pool, host weekend gatherings at the recreation area and letting your furry friend play at your very own dog park. Your maintenance fees covers, electricity, sewer, water and trash. You are just blocks from top-tier institutions like Punahou School, the University of Hawaii, and Kapiolani Medical Center. This unit is special, you won't want to miss it!

18. 2026-03-30
    listed $385,000 Active 1008-char remark

    Show marketing remark (1008 chars)

    Location!Location!Location! Welcome to Anga-Roa, a sought after boutique high rise in the vibrant hustle and bustling Makiki/Punahou neighborhood. This 7th floor residence offers the perfect blend of urban convenience and peaceful retreat. With only 4 units per floor, you'll enjoy a level of privacy and quiet rarely found. The unit offers a large open floor plan with beautiful views and natural lighting throughout. This unit is a blank canvas waiting for your vision. Enjoy panoramic vistas of the Honolulu city skyline and lush Ko'olau mountains. This building is gated with fob entrance ensuring security and ease. Relax by the refreshing swimming pool, host weekend gatherings at the recreation area and letting your furry friend play at your very own dog park. Your maintenance fees covers, electricity, sewer, water and trash. You are just blocks from top-tier institutions like Punahou School, the University of Hawaii, and Kapiolani Medical Center. This unit is special, you won't want to miss it!

19. 1990-09-07
    soldstatus $466,800
20. 1990-08-30
    soldstatus $20,200

ⓘ 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: $1,574 · $131/mo
• Projected year-2 tax: $1,574 · $131/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 8/10 Severe FEMA zone X (unshaded) · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $34,917
• − Mortgage interest: −$20,446
• − Property taxes: −$1,574
• − Insurance: −$2,622
• − Repairs & maintenance: −$2,793
• − Management: −$2,793
• − HOA: −$13,104
• − Depreciation: −$10,618
• Taxable loss: −$19,033
• Est. tax savings @ 24.0%: +$4,568
• After-tax cash flow: $-8,117/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

+1706.9% since first listed

4 events — show timeline

• 2026-05-05 Price Changed $365,000 HiCentral MLS
• 2026-03-30 Listed $385,000 HiCentral MLS
• 1990-09-07 Sold (Public Records) $466,800 Public Records
• 1990-08-30 Sold (Public Records) $20,200 Public Records

Property tax history

+3.7%/yr

Latest (2022): $1,574 · +4.2% YoY. Source: county tax records.