87-118 Helelua St Unit B305 · Nanakuli, HI 96792

$159,000

2 bd · 1.0 ba · 666 sqft · Condo public records · 111 Days on market

Built 1975 $239/sqft · 8% below area Est $172k · 8% under $852/mo HOA · 44% 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 +10.9/15.0
• 1% rule +7.1/10.0
• Cash flow +6.4/30.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• DSCR +0.7/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Calling all Investors and First Time Home Buyers! Best priced unit in Kahe Kai along O‘ahu’s scenic west side! This well-priced 2-bedroom condo offers a great opportunity for first-time buyers, investors, or those seeking a comfortable coastal retreat. This 2 bedroom unit provides functional living space and great natural light. Kitchen has a gas stove and stainless steel appliances. Building includes community onsite laundry, recreation area, and playground. Located close to the ocean, enjoy easy access to sandy beaches and beautiful sunsets. Whether you're looking to enter the market or add to your portfolio, this is an opportunity to own near the shoreline at an attainable price point!

Key facts

• Gas stove
• Recreation area
• Playground

Tags

• GAS STOVE
• STAINLESS STEEL APPLIANCES
• COMMUNITY ONSITE LAUNDRY
• RECREATION AREA
• PLAYGROUND
• EASY ACCESS TO SANDY BEACHES

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $159k.

Deal economics

• At list price, monthly cash flow is $-278 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $110k (30.9% below list).
• Meets the 1% rule at list price ($2k rent vs $159k).
• Recommended offer: $110k (30.9% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 56/100 on livability (#126 in HI) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment A; 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; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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 111 days — a 9% lower offer ($145k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 7y ago; this cycle's ask has dropped $16k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $87k; list at $159k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 44% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $109,814 (30.9% 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 111 days. Have you received any prior offers? Is the seller open to a 31% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
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: 1.21% ✓
• Cap rate: 4.19%
• Cash-on-cash: -7.50%
• DSCR: 0.67
• GRM: 6.9

CMA / ARV

• ARV (median comp): $172,107
• List price: $159,000
• Delta: -7.62%
• Verdict: FAIR
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -28.2%
• Equity multiple: 0.05×
• Total profit: $-42,305
• Equity at exit: $23,707

10-year hold

• IRR: -23.5%
• Equity multiple: -0.23×
• Total profit: $-54,774
• Equity at exit: $13,747

Cash invested: $44,520 (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: 6.9×

Monthly cashflow live

• Estimated rent: $1,919 medium
• Mortgage (P&I): −$834
• Tax from tax record: −$42 /mo · $507/yr
• Insurance: −$66
• HOA: −$852
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $-278

Break-even live

Break-even rent $2,271

Max offer price $109,814

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: $39,750
• Closing costs: $4,770
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
87-119 Helelua St Unit F202 Waianae, HI	2.0	1.0	666	$2,050	$3.08	19d	1	0.03mi
87-126 Helelua St Unit D204 Waianae, HI	2.0	1.0	666	$1,600	$2.40	43d	1	0.03mi
87-131 Helelua St Unit J206 Waianae, HI	2.0	1.0	666	$1,800	$2.70	21d	1	0.11mi

HOA detail condo

• Monthly dues: $852 · $10,224/yr
• Likely covers: gas
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $159,000 Active 111 DOM
2. 2026-06-17
   days on market $159,000 Active 110 DOM
3. 2026-06-16
   days on market $159,000 Active 109 DOM
4. 2026-06-15
   days on market $159,000 Active 108 DOM
5. 2026-06-13
   days on market $159,000 Active 106 DOM
6. 2026-06-13
   days on market $159,000 Active 105 DOM
7. 2026-06-10
   days on market $159,000 Active 103 DOM
8. 2026-06-09
   days on market $159,000 Active 102 DOM
9. 2026-06-08
   days on market $159,000 Active 101 DOM
10. 2026-06-07
    days on market $159,000 Active 100 DOM
11. 2026-06-05
    days on market $159,000 Active 97 DOM
12. 2026-06-03
    days on market $159,000 Active 96 DOM
13. 2026-06-02
    days on market $159,000 Active 95 DOM
14. 2026-06-01
    days on market $159,000 Active 94 DOM
15. 2026-05-31
    days on market $159,000 Active 93 DOM
16. 2026-04-09
    price $160,000 710-char remark

    Show marketing remark (710 chars)

    Calling all Investors and First Time Home Buyers! Best priced unit in Kahe Kai along O‘ahu’s scenic west side! This well-priced 2-bedroom condo offers a great opportunity for first-time buyers, investors, or those seeking a comfortable coastal retreat. This 2 bedroom unit provides functional living space and great natural light. Kitchen has a gas stove and stainless steel appliances. Building includes community onsite laundry, recreation area, and playground. Located close to the ocean, enjoy easy access to sandy beaches and beautiful sunsets. Whether you're looking to enter the market or add to your portfolio, this is an opportunity to own near the shoreline at an attainable price point!

17. 2026-03-24
    price $170,000 710-char remark

    Show marketing remark (710 chars)

    Calling all Investors and First Time Home Buyers! Best priced unit in Kahe Kai along O‘ahu’s scenic west side! This well-priced 2-bedroom condo offers a great opportunity for first-time buyers, investors, or those seeking a comfortable coastal retreat. This 2 bedroom unit provides functional living space and great natural light. Kitchen has a gas stove and stainless steel appliances. Building includes community onsite laundry, recreation area, and playground. Located close to the ocean, enjoy easy access to sandy beaches and beautiful sunsets. Whether you're looking to enter the market or add to your portfolio, this is an opportunity to own near the shoreline at an attainable price point!

18. 2026-02-26
    listed $175,000 Active 710-char remark

    Show marketing remark (710 chars)

    Calling all Investors and First Time Home Buyers! Best priced unit in Kahe Kai along O‘ahu’s scenic west side! This well-priced 2-bedroom condo offers a great opportunity for first-time buyers, investors, or those seeking a comfortable coastal retreat. This 2 bedroom unit provides functional living space and great natural light. Kitchen has a gas stove and stainless steel appliances. Building includes community onsite laundry, recreation area, and playground. Located close to the ocean, enjoy easy access to sandy beaches and beautiful sunsets. Whether you're looking to enter the market or add to your portfolio, this is an opportunity to own near the shoreline at an attainable price point!

19. 2019-10-15
    soldstatus $87,300 Sold 210-char remark

    Show marketing remark (210 chars)

    Price to sell! Fee simple 2/1/1 apartment. Ideal for investors. Pet friendly and low maintenance fees. Property is in probate procedings and sale will be subject to court approval. To be sold "As-Is".

20. 2019-01-10
    status Pending 210-char remark

    Show marketing remark (210 chars)

    Price to sell! Fee simple 2/1/1 apartment. Ideal for investors. Pet friendly and low maintenance fees. Property is in probate procedings and sale will be subject to court approval. To be sold "As-Is".

21. 2019-01-03
    listed $80,000 Active 210-char remark

    Show marketing remark (210 chars)

    Price to sell! Fee simple 2/1/1 apartment. Ideal for investors. Pet friendly and low maintenance fees. Property is in probate procedings and sale will be subject to court approval. To be sold "As-Is".

22. 2005-03-29
    soldstatus $20,900
23. 1993-01-29
    soldstatus $1,000
24. 1986-10-31
    soldstatus $45,000
25. 1984-10-01
    soldstatus $44,500
26. 1982-10-01
    soldstatus $43,800
27. 1980-02-01
    soldstatus $51,000

ⓘ 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: $507 · $42/mo
• Projected year-2 tax: $507 · $42/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 6/10 Major FEMA zone D · 74% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $23,026
• − Mortgage interest: −$8,906
• − Property taxes: −$507
• − Insurance: −$795
• − Repairs & maintenance: −$1,842
• − Management: −$1,842
• − HOA: −$10,224
• − Depreciation: −$4,625
• Taxable loss: −$5,716
• Est. tax savings @ 24.0%: +$1,372
• After-tax cash flow: $-1,969/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 — Nanakuli

• Score: 56/100
• State rank: #126
• US rank: #23014

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nanakuli, 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

+213.7% since first listed

12 events — show timeline

• 2026-04-09 Price Changed $160,000 HiCentral MLS
• 2026-03-24 Price Changed $170,000 HiCentral MLS
• 2026-02-26 Listed $175,000 HiCentral MLS
• 2019-10-15 Sold (MLS) $87,300 HiCentral MLS
• 2019-01-10 Pending — HiCentral MLS
• 2019-01-03 Listed $80,000 HiCentral MLS
• 2005-03-29 Sold (Public Records) $20,900 Public Records
• 1993-01-29 Sold (Public Records) $1,000 Public Records
• 1986-10-31 Sold (Public Records) $45,000 Public Records
• 1984-10-01 Sold (Public Records) $44,500 Public Records
• 1982-10-01 Sold (Public Records) $43,800 Public Records
• 1980-02-01 Sold (Public Records) $51,000 Public Records

Property tax history

+5.4%/yr

Latest (2022): $507 · +18.8% YoY. Source: county tax records.