445 Kaiolu St #504 · Urban Honolulu, HI 96815

$225,000

1 bd · 1.0 ba · 456 sqft · Condo public records · 119 Days on market

Built 1955 $493/sqft · 32% below area Est $333k · 32% under $1293/mo HOA · 50% 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 +15.0/15.0
• 1% rule +6.5/10.0
• Appreciation +6.4/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Cash flow +2.3/30.0
• DSCR +0.0/10.0

Listing remarks MLS

GREAT NEW PRICE! BEST PRICED 1/1 IN THE BUILDING! Convenient and central Waikiki location, close to famous beaches, shops and wonderful restaurants. This fee simple bright corner unit one bedroom, one bathroom features new kitchen cabinets/countertops, air conditioning in the bedroom and spacious lanai. This well maintained secured building is pet friendly (2 cats, sorry no dogs), the building has completed several projects which include full plumbing re-pipe, exterior renovations and elevator modernization. Rosalei offers a beautiful swimming pool, community laundry, storage and manager. The monthly maintenance fees include electricity, basic cable, internet and hot water. Property tax amount reflects previous years exemption. Don't miss out on this opportunity at a great price. Photos have been enhanced.

Key facts

• Air conditioning
• Secured building
• New kitchen cabinets

Tags

• WAIKIKI LOCATION
• NEW KITCHEN CABINETS
• AIR CONDITIONING
• SPACIOUS LANAI
• SECURED BUILDING
• PET FRIENDLY

🏷️ Possibly a rental listed for sale. The $225,000 price doesn't fit this home's estimated sale value (~$332,579) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $225k.

Deal economics

• At list price, monthly cash flow is $-921 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $92k (59.2% below list).
• Meets the 1% rule at list price ($3k rent vs $225k).
• Recommended offer: $92k (59.2% below list) — sets the bar for cash-flow.
• Cap rate 2.0% 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 (+6.0%/yr); 814 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 40% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $8k of equity ($2k loan paydown + $6k 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 5, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 119 days — a 9% lower offer ($205k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $32k; list at $225k implies a 598% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 50% of rent; built in 1955 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $91,795 (59.2% 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 119 days. Have you received any prior offers? Is the seller open to a 59% concession, seller financing, or rate buy-down credit?
3. Built in 1955 — 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: 1.15% ✓
• Cap rate: 2.04%
• Cash-on-cash: -15.20%
• DSCR: 0.32
• GRM: 7.2

CMA / ARV

• ARV (median comp): $332,579
• List price: $225,000
• Delta: -32.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.74% appreciation · 6.0% rent growth · sell at horizon

5-year hold

• IRR: -7.0%
• Equity multiple: 0.59×
• Total profit: $-25,598
• Equity at exit: $97,928

10-year hold

• IRR: 0.9%
• Equity multiple: 1.15×
• Total profit: $9,666
• Equity at exit: $148,445

Cash invested: $63,000 (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 96815

• Home prices YoY: 0.9%
• Rents YoY: 6.0%
• Active inventory: 814
• Price-to-rent: 7.2×

Monthly cashflow live

• Estimated rent: $2,595 high
• Mortgage (P&I): −$1,180
• Tax est. 1.5%: −$281 /mo · $3,375/yr
• Insurance: −$94
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$1,293
• Vacancy / Maint / Mgmt: −$545
• Net cashflow: $-921

Break-even live

Break-even rent $3,760

Max offer price $91,795

Occupancy floor —

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: $56,250
• Closing costs: $6,750
• Reserves months: —
• Total cash needed: —

Rent comps 15 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	0.17mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.17mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	24d	1	0.44mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	24d	1	0.44mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	24d	8	0.44mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	44d	1	0.54mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	21d	1	0.57mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	24d	1	0.57mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	24d	2	0.65mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	3d	1	0.65mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	24d	1	0.65mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	24d	1	0.67mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	44d	1	0.75mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	3d	3	0.84mi
234 Hua AVE Unit 103 Honolulu, HI	—	1.0	257	$1,550	$6.03	3d	1	1.09mi

HOA detail condo

• Monthly dues: $1,293 · $15,516/yr
• Likely covers: waterelectricinternetcablepool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $225,000 Active 119 DOM
2. 2026-06-17
   days on market $225,000 Active 118 DOM
3. 2026-06-16
   days on market $225,000 Active 117 DOM
4. 2026-06-15
   days on market $225,000 Active 116 DOM
5. 2026-06-13
   days on market $225,000 Active 114 DOM
6. 2026-06-13
   days on market $225,000 Active 113 DOM
7. 2026-06-10
   days on market $225,000 Active 111 DOM
8. 2026-06-09
   days on market $225,000 Active 110 DOM
9. 2026-06-08
   days on market $225,000 Active 109 DOM
10. 2026-06-07
    days on market $225,000 Active 108 DOM
11. 2026-06-05
    days on market $225,000 Active 105 DOM
12. 2026-06-03
    days on market $225,000 Active 104 DOM
13. 2026-06-02
    days on market $225,000 Active 103 DOM
14. 2026-06-01
    days on market $225,000 Active 102 DOM
15. 2026-05-31
    days on market $225,000 Active 101 DOM
16. 2026-05-15
    price $225,000 817-char remark

    Show marketing remark (817 chars)

    GREAT NEW PRICE! BEST PRICED 1/1 IN THE BUILDING! Convenient and central Waikiki location, close to famous beaches, shops and wonderful restaurants. This fee simple bright corner unit one bedroom, one bathroom features new kitchen cabinets/countertops, air conditioning in the bedroom and spacious lanai. This well maintained secured building is pet friendly (2 cats, sorry no dogs), the building has completed several projects which include full plumbing re-pipe, exterior renovations and elevator modernization. Rosalei offers a beautiful swimming pool, community laundry, storage and manager. The monthly maintenance fees include electricity, basic cable, internet and hot water. Property tax amount reflects previous years exemption. Don't miss out on this opportunity at a great price. Photos have been enhanced.

17. 2026-04-08
    price $235,000 817-char remark

    Show marketing remark (817 chars)

    GREAT NEW PRICE! BEST PRICED 1/1 IN THE BUILDING! Convenient and central Waikiki location, close to famous beaches, shops and wonderful restaurants. This fee simple bright corner unit one bedroom, one bathroom features new kitchen cabinets/countertops, air conditioning in the bedroom and spacious lanai. This well maintained secured building is pet friendly (2 cats, sorry no dogs), the building has completed several projects which include full plumbing re-pipe, exterior renovations and elevator modernization. Rosalei offers a beautiful swimming pool, community laundry, storage and manager. The monthly maintenance fees include electricity, basic cable, internet and hot water. Property tax amount reflects previous years exemption. Don't miss out on this opportunity at a great price. Photos have been enhanced.

18. 2026-02-19
    listed $249,500 Active 817-char remark

    Show marketing remark (817 chars)

    GREAT NEW PRICE! BEST PRICED 1/1 IN THE BUILDING! Convenient and central Waikiki location, close to famous beaches, shops and wonderful restaurants. This fee simple bright corner unit one bedroom, one bathroom features new kitchen cabinets/countertops, air conditioning in the bedroom and spacious lanai. This well maintained secured building is pet friendly (2 cats, sorry no dogs), the building has completed several projects which include full plumbing re-pipe, exterior renovations and elevator modernization. Rosalei offers a beautiful swimming pool, community laundry, storage and manager. The monthly maintenance fees include electricity, basic cable, internet and hot water. Property tax amount reflects previous years exemption. Don't miss out on this opportunity at a great price. Photos have been enhanced.

19. 1987-12-21
    soldstatus $32,250
20. 1987-12-01
    soldstatus $64,500
21. 1983-06-01
    soldstatus $61,500
22. 1981-10-01
    soldstatus $58,000

ⓘ 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 9/10 Extreme FEMA zone AO · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $31,134
• − Mortgage interest: −$12,603
• − Property taxes: −$3,375
• − Insurance: −$2,592
• − Repairs & maintenance: −$2,491
• − Management: −$2,491
• − HOA: −$15,516
• − Depreciation: −$6,545
• Taxable loss: −$14,480
• Est. tax savings @ 24.0%: +$3,475
• After-tax cash flow: $-7,571/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): 27,530
• Household income: $77,096
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 2422.0

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 0.71)
• Race & ethnicity: Asian 41% White 35% Two or more races 16% Hispanic / Latino 6% Pacific Islander 4% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 30% · China, South Korea, Canada
• Languages at home: 66% English-only · Other Asian/Pacific 15% Chinese 5% 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: ▲ 2.74%
• Current HPI: 291.9404
• Rent YoY: ▲ 6.00%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+287.9% since first listed

7 events — show timeline

• 2026-05-15 Price Changed $225,000 HiCentral MLS
• 2026-04-08 Price Changed $235,000 HiCentral MLS
• 2026-02-19 Listed $249,500 HiCentral MLS
• 1987-12-21 Sold (Public Records) $32,250 Public Records
• 1987-12-01 Sold (Public Records) $64,500 Public Records
• 1983-06-01 Sold (Public Records) $61,500 Public Records
• 1981-10-01 Sold (Public Records) $58,000 Public Records

Property tax history

+2.1%/yr

Latest (2022): $368 · +3.5% YoY. Source: county tax records.