91-654 Kilaha St Unit E8

Ewa Beach, HI 96706

$264,800B-

2 bd · 1.0 ba · 774 sqft · Built 1974 · Condo · Active · 99 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $3,108/mo
• Mortgage (P&I): −$1,389
• Tax + insurance: −$195
• HOA: −$411
• Vac / Maint / Mgmt: −$653
• Net cashflow: $461/mo
• Annual: $5,532/yr
• Cap rate: 8.38%
• Cash-on-cash: 7.46%
• DSCR: 1.33
• 1% rule: 1.17%
• Cash to close: $74,144

Investor read

• This is a 2-bed/1.0-bath condo listed at $265k.
• At list price, monthly cash flow is $461 ($6k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $265k).
• It's been on market 99 days — a 9% lower offer ($241k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $241k (9.0% below list) — sets the bar for market timing.
• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $8k of value loss. Plan a longer hold.
• Location reads 65/100 on livability (#59 in HI) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, housing B; Watch: amenities F, commute F, cost of living F.
• Market conditions: Rents rising fast (+4.7%/yr); 341 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $122k (32%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $160k; list at $265k implies a 66% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• It's been on market 99 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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.