85-270 Ala Hema St Unit C · Waianae, HI 96792

$199,000

3 bd · 1.0 ba · 952 sqft · Townhouse · 91 Days on market

Built 1974 3,720 sqft lot $209/sqft · 13% above area Est $177k · 13% over $300/mo HOA · 12% of rent

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Why this score? — see what drove the C- 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 +22.5/30.0
• 1% rule +7.8/10.0
• DSCR +7.2/10.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• ARV discount +1.8/15.0
• Appreciation +0.0/10.0

Listing remarks MLS

Don’t miss out on this fantastic opportunity to own your very first home! Imagine stepping into a place that’s all yours, where you can create unforgettable memories and enjoy the freedom of homeownership. This is your chance to turn your dreams into reality! This is a wonderful opportunity to make a place truly your own. With a little vision and personal touch, this property is the perfect place to start building equity and creating lasting memories. Already renegotiated 26 year fixed Lease until 2052 will allow a 20 year fixed loan. Lease payments are $177.66/Month until June 30, 2026/Next Step Up $231.00/Month until June 30, 2036/Next Step Up $300.25/Month until June 30, 2046/Final Step Up $390.33/Month until September 15, 2052. (Please see Supplements for Fixed Lease Terms and Special Assessment $127.00/Month until November 1, 2026)

Key facts

• $300 HOA
• 2 garage spots
• Built 1974

What this means for you Summary

Snapshot

• This is a 3-bed/1.0-bath townhouse listed at $199k.

Deal economics

• At list price, monthly cash flow is $335 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $199k).
• Recommended offer: $181k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#67 in HI) — a middle-class / working-renter tenant base. Strengths: commute B+, employment B+, housing B; Watch: health & safety C-, schools F, 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.
• Market conditions: Rents rising (+3.4%/yr); 250 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 86% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• This rent runs 35% of the median local income ($88k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $6k 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.

Negotiation context

• It's been on market 91 days — a 9% lower offer ($181k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 22y 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.
• Current owner paid $145k; 37% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $181,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 91 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
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. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.28% ✓
• Cap rate: 8.31%
• Cash-on-cash: 7.21%
• DSCR: 1.32
• GRM: 6.5

CMA / ARV

• ARV (median comp): $176,636
• List price: $199,000
• Delta: 12.66%
• Verdict: OVERPRICED
• Comps: 5 within 1.0 mi

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
85-145 Ala Akau St Unit F	0.37mi	3/1.5	951 (-0%)	3mo	$135,000	$142	78
85-118 Ala Walua St Unit H	0.28mi	3/1.5	951 (-0%)	17mo	$130,000	$137	71

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 · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -4.6%
• Equity multiple: 0.83×
• Total profit: $-9,726
• Equity at exit: $29,672

10-year hold

• IRR: 5.7%
• Equity multiple: 1.43×
• Total profit: $23,929
• Equity at exit: $17,206

Cash invested: $55,720 (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 96792

• Home prices YoY: -18.8%
• Rents YoY: 3.4%
• Active inventory: 250
• Price-to-rent: 6.5×

Monthly cashflow live

• Estimated rent: $2,544 high
• Mortgage (P&I): −$1,044
• Tax est. 1.5%: −$249 /mo · $2,985/yr
• Insurance: −$83
• HOA: −$300
• Vacancy / Maint / Mgmt: −$534
• Net cashflow: $335

Break-even live

Break-even rent $2,121

Max offer price $199,000

Occupancy floor 82%

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: $49,750
• Closing costs: $5,970
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
86-027 Glenmonger St Waianae, HI	2.0	2.0	576	$1,800	$3.12	43d	1	1.03mi
84-1111 Lahaina St Unit A Waianae, HI	3.0	2.0	920	$2,900	$3.15	43d	1	1.18mi
84-1026 Hana St #3 Waianae, HI	2.0	1.0	600	$2,000	$3.33	43d	1	1.32mi
85-869 Piliuka Pl Unit Downstairs (3BDR) Waianae, HI	3.0	1.0	800	$2,000	$2.50	43d	1	1.37mi
84-956 Hanalei St Unit B Waianae, HI	3.0	1.0	800	$3,300	$4.12	43d	1	1.40mi
84-917 Hanalei St Unit C Waianae, HI	3.0	1.0	700	$2,400	$3.43	3d	1	1.48mi
84-917 Hanalei St Waianae, HI	3.0	1.0	700	$2,500	$3.57	43d	1	1.48mi

HOA detail

• Monthly dues: $300 · $3,600/yr
• ⚠ Special-assessment mentions:

  …June 30, 2046/Final Step Up $390.33/Month until September 15, 2052. (Please see Supplements for Fixed Lease Terms and Special Assessment $127.00/Month until November 1, 2026)

Listing history 22 events

1. 2026-06-18
   days on market $199,000 Active 91 DOM
2. 2026-06-17
   days on market $199,000 Active 90 DOM
3. 2026-06-16
   days on market $199,000 Active 89 DOM
4. 2026-06-15
   days on market $199,000 Active 88 DOM
5. 2026-06-13
   days on market $199,000 Active 86 DOM
6. 2026-06-13
   days on market $199,000 Active 85 DOM
7. 2026-06-10
   days on market $199,000 Active 83 DOM
8. 2026-06-09
   days on market $199,000 Active 82 DOM
9. 2026-06-08
   days on market $199,000 Active 81 DOM
10. 2026-06-07
    days on market $199,000 Active 80 DOM
11. 2026-06-05
    days on market $199,000 Active 77 DOM
12. 2026-06-03
    days on market $199,000 Active 76 DOM
13. 2026-06-02
    days on market $199,000 Active 75 DOM
14. 2026-06-01
    days on market $199,000 Active 74 DOM
15. 2026-05-31
    days on market $199,000 Active 73 DOM
16. 2026-04-02
    price $199,000 861-char remark

    Show marketing remark (861 chars)

    Don’t miss out on this fantastic opportunity to own your very first home! Imagine stepping into a place that’s all yours, where you can create unforgettable memories and enjoy the freedom of homeownership. This is your chance to turn your dreams into reality! This is a wonderful opportunity to make a place truly your own. With a little vision and personal touch, this property is the perfect place to start building equity and creating lasting memories. Already renegotiated 26 year fixed Lease until 2052 will allow a 20 year fixed loan. Lease payments are $177.66/Month until June 30, 2026/Next Step Up $231.00/Month until June 30, 2036/Next Step Up $300.25/Month until June 30, 2046/Final Step Up $390.33/Month until September 15, 2052. (Please see Supplements for Fixed Lease Terms and Special Assessment $127.00/Month until November 1, 2026)

17. 2026-03-19
    listed $209,000 Active 861-char remark

    Show marketing remark (861 chars)

    Don’t miss out on this fantastic opportunity to own your very first home! Imagine stepping into a place that’s all yours, where you can create unforgettable memories and enjoy the freedom of homeownership. This is your chance to turn your dreams into reality! This is a wonderful opportunity to make a place truly your own. With a little vision and personal touch, this property is the perfect place to start building equity and creating lasting memories. Already renegotiated 26 year fixed Lease until 2052 will allow a 20 year fixed loan. Lease payments are $177.66/Month until June 30, 2026/Next Step Up $231.00/Month until June 30, 2036/Next Step Up $300.25/Month until June 30, 2046/Final Step Up $390.33/Month until September 15, 2052. (Please see Supplements for Fixed Lease Terms and Special Assessment $127.00/Month until November 1, 2026)

18. 2016-07-26
    soldstatus $145,000 Sold 267-char remark

    Show marketing remark (267 chars)

    DUPLEX style with private fenced yard, lots of storage, and two-car carport. Covered lanai for relaxing at the end of the day or entertaining on weekends. Easy walk to elementary, intermediate and high school. Near beaches, Boat Harbor and Wai'anae town. Easy to see!

19. 2016-05-09
    status Pending 267-char remark

    Show marketing remark (267 chars)

    DUPLEX style with private fenced yard, lots of storage, and two-car carport. Covered lanai for relaxing at the end of the day or entertaining on weekends. Easy walk to elementary, intermediate and high school. Near beaches, Boat Harbor and Wai'anae town. Easy to see!

20. 2016-04-25
    listed $129,000 Active 267-char remark

    Show marketing remark (267 chars)

    DUPLEX style with private fenced yard, lots of storage, and two-car carport. Covered lanai for relaxing at the end of the day or entertaining on weekends. Easy walk to elementary, intermediate and high school. Near beaches, Boat Harbor and Wai'anae town. Easy to see!

21. 2005-01-03
    historical
22. 2004-09-13
    listed $135,000

ⓘ 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

Taxation est. · year 1

• Rental income: $30,532
• − Mortgage interest: −$11,147
• − Property taxes: −$2,985
• − Insurance: −$995
• − Repairs & maintenance: −$2,443
• − Management: −$2,443
• − HOA: −$3,600
• − Depreciation: −$5,789
• Taxable income: $1,131
• Est. tax owed @ 24.0%: −$271
• After-tax cash flow: $3,746/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 — Waianae

• Score: 63/100
• State rank: #67
• US rank: #15629

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waianae, HI
• County: Honolulu County · 963,448 people
• City population: 49,618
• Metro: Urban Honolulu, HI
• Population (ZIP): 49,618
• Household income: $87,509
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1706.0

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 0.96)
• Race & ethnicity: Pacific Islander 42% Two or more races 32% Hispanic / Latino 13% Asian 10% White 10% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6%
• Common ancestry: Russian 6% Romanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 82% English-only · Other Asian/Pacific 13% Tagalog/Filipino 2% Spanish 1%

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: ▼ -110.72%
• Current HPI: 477.9187
• Rent YoY: ▲ 3.38%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+47.4% since first listed

7 events — show timeline

• 2026-04-02 Price Changed $199,000 HiCentral MLS
• 2026-03-19 Listed $209,000 HiCentral MLS
• 2016-07-26 Sold (MLS) $145,000 HiCentral MLS
• 2016-05-09 Pending — HiCentral MLS
• 2016-04-25 Listed $129,000 HiCentral MLS
• 2005-01-03 Listing Removed — HiCentral MLS
• 2004-09-13 Listed $135,000 HiCentral MLS