2240 Kuhio Ave #2405 · Urban Honolulu, HI 96815

$188,888

1 bd · 1.0 ba · 538 sqft · Condo public records · 135 Days on market

Built 1976 $351/sqft · 46% below area Est $351k · 46% under $1112/mo HOA · 39% 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).

• ARV discount +15.0/15.0
• Cash flow +12.5/30.0
• 1% rule +10.0/10.0
• Appreciation +6.4/10.0
• Rent growth +4.0/5.0
• DSCR +3.7/10.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Rare opportunity to own this highly desirable one-bedroom, one-bath corner unit at Royal Kuhio, featuring stunning ocean and Diamond Head views. Positioned on the cooler, quieter side of the building, this residence offers a peaceful living experience with refreshing trade winds and abundant natural light. The corner layout provides added privacy and an airy, open feel, and the unit comes with its own storage for added convenience. Ideal for both owner-occupants and investors, enjoy easy access to Waikiki Beach, world-class shopping, dining, and entertainment, along with resort-style amenities including a pool, BBQ area, sauna, and fitness room. A rare chance to own a prime Waikiki property.

Key facts

• Waikiki beach access
• Storage
• Bbq area

Tags

• DIAMOND HEAD VIEWS
• CORNER UNIT
• STORAGE
• WAIKIKI BEACH ACCESS
• POOL
• BBQ AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $189k.

Deal economics

• At list price, monthly cash flow is $-149 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $163k (14.0% below list).
• Meets the 1% rule at list price ($3k rent vs $189k).
• Recommended offer: $163k (14.0% below list) — sets the bar for cash-flow.
• Cap rate 6.1% 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 C — 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; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 45% 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 $6k of equity ($1k loan paydown + $5k 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 6, 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 135 days — a 12% lower offer ($166k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 23y 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.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 39% of rent.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $162,507 (14.0% 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 135 days. Have you received any prior offers? Is the seller open to a 14% concession, seller financing, or rate buy-down credit?
3. Built in 1976 — 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. 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.
10. 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.
11. 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: 1.52% ✓
• Cap rate: 6.12%
• Cash-on-cash: -0.61%
• DSCR: 0.97
• GRM: 5.5

CMA / ARV

• ARV (median comp): $351,381
• List price: $188,888
• Delta: -46.24%
• 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: 6.6%
• Equity multiple: 1.38×
• Total profit: $20,313
• Equity at exit: $82,211

10-year hold

• IRR: 12.3%
• Equity multiple: 2.98×
• Total profit: $104,793
• Equity at exit: $124,620

Cash invested: $52,889 (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: 5.5×

Monthly cashflow live

• Estimated rent: $2,864 high
• Mortgage (P&I): −$991
• Tax from tax record: −$108 /mo · $1,301/yr
• Insurance: −$79
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$1,112
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $-149

Break-even live

Break-even rent $3,053

Max offer price $162,507

Occupancy floor —

Sensitivity live

Price	-10% $-42	-5% $-96	+0% $-149	+5% $-203	+10% $-256
Rent	-10% $-376	-5% $-262	+0% $-149	+5% $-36	+10% $77
Rate	-1.0pp $-54	-0.5pp $-101	base $-149	+0.5pp $-198	+1.0pp $-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: $47,222
• Closing costs: $5,667
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
445 Seaside Ave #2220 Honolulu, HI	1.0	1.0	570	$2,625	$4.61	13d	1	0.09mi
2211 Ala Wai Blvd Honolulu, HI	1.0	1.0	437	$3,100	$7.09	25d	1	0.10mi
2211 Ala Wai Blvd #1108 Honolulu, HI	1.0	1.0	413	$2,600	$6.30	25d	1	0.10mi
2281 Ala Wai Blvd #902 Honolulu, HI	2.0	1.0	609	$3,950	$6.49	15d	1	0.11mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	25d	1	0.12mi
430 Lewers St Unit 25E Honolulu, HI	1.0	1.0	673	$2,700	$4.01	25d	1	0.12mi
445 Kaiolu St Honolulu, HI	1.0	1.0	490	$3,400	$6.94	18d	1	0.15mi
2140 Khi Ave. unit Ph 2506 Honolulu, HI	1.0	1.0	678	$3,200	$4.72	16d	1	0.18mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	25d	1	0.18mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	4d	1	0.18mi
2140 Khi AVE Unit 803 Honolulu, HI	—	1.0	460	$4,990	$10.85	45d	1	0.18mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	18d	1	0.18mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	4d	2	0.19mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	22d	2	0.19mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	11d	1	0.19mi
2345 Ala Wai Blvd #1514 Honolulu, HI	1.0	1.0	555	$2,800	$5.05	25d	1	0.20mi
2380 Kuhio Ave Honolulu, HI	3.0	1.0–3.0	1212	$6,652	$5.49	3d	51	0.25mi
417 Kanekapolei St Honolulu, HI	1.0	1.0	566	$1,695	$2.99	45d	1	0.28mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	25d	8	0.30mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	13d	1	0.32mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.32mi
2407 Tusitala St Unit 304 Honolulu, HI	1.0	1.0	480	$1,500	$3.12	45d	1	0.33mi
2415 Ala Wai Blvd #1802 Honolulu, HI	1.0	1.0	560	$3,000	$5.36	45d	1	0.34mi
2415 Ala Wai Blvd Honolulu, HI	1.0–2.0	1.0	665	$2,750	$4.13	18d	3	0.34mi
2410 Cleghorn St #2403 Honolulu, HI	1.0	1.0	602	$2,500	$4.15	25d	1	0.34mi
223 Saratoga Rd #1012 Honolulu, HI	—	1.0	559	$2,700	$4.83	18d	1	0.34mi
2423 Cleghorn St #204 Honolulu, HI	2.0	1.0	600	$1,595	$2.66	25d	1	0.36mi
2421 Tusitala St #902 Honolulu, HI	2.0	1.0	590	$2,775	$4.70	13d	1	0.37mi
2421 Tusitala St Honolulu, HI	1.0–2.0	1.0	590	$2,600	$4.41	45d	2	0.37mi
2440 Khi Ave Unit 1608 Honolulu, HI	1.0	1.0	488	$2,800	$5.74	45d	1	0.38mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	45d	1	0.38mi
2440 Khi AVE Unit 1412 Honolulu, HI	1.0	1.0	536	$2,700	$5.04	45d	1	0.39mi
2440 Khi AVE Unit 507 Honolulu, HI	1.0	1.0	488	$2,350	$4.82	45d	1	0.39mi
2440 Khi AVE Unit 1710 Honolulu, HI	1.0	1.0	488	$2,600	$5.33	18d	1	0.39mi
2440 Khi AVE Unit 511 Honolulu, HI	1.0	1.0	488	$2,400	$4.92	45d	1	0.39mi
2440 Khi AVE Unit 601 Honolulu, HI	1.0	1.0	537	$2,200	$4.10	4d	1	0.39mi
2440 Khi AVE Unit 601 Honolulu, HI	1.0	1.0	537	$2,200	$4.10	25d	1	0.39mi
2440 Khi AVE Unit 511 Honolulu, HI	1.0	1.0	488	$2,400	$4.92	25d	1	0.39mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$2,650	$3.21	13d	3	0.40mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	4d	2	0.41mi

HOA detail condo

• Monthly dues: $1,112 · $13,344/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 37 events

1. 2026-06-21
   days on market $188,888 Active 135 DOM
2. 2026-06-18
   days on market $188,888 Active 132 DOM
3. 2026-06-17
   days on market $188,888 Active 131 DOM
4. 2026-06-16
   days on market $188,888 Active 130 DOM
5. 2026-06-15
   days on market $188,888 Active 129 DOM
6. 2026-06-13
   days on market $188,888 Active 127 DOM
7. 2026-06-13
   days on market $188,888 Active 126 DOM
8. 2026-06-10
   days on market $188,888 Active 124 DOM
9. 2026-06-09
   days on market $188,888 Active 123 DOM
10. 2026-06-08
    days on market $188,888 Active 122 DOM
11. 2026-06-07
    days on market $188,888 Active 121 DOM
12. 2026-06-05
    days on market $188,888 Active 118 DOM
13. 2026-06-03
    days on market $188,888 Active 117 DOM
14. 2026-06-02
    days on market $188,888 Active 116 DOM
15. 2026-06-01
    days on market $188,888 Active 115 DOM
16. 2026-05-31
    days on market $188,888 Active 114 DOM
17. 2026-02-06
    listed $188,888 Active 700-char remark

    Show marketing remark (700 chars)

    Rare opportunity to own this highly desirable one-bedroom, one-bath corner unit at Royal Kuhio, featuring stunning ocean and Diamond Head views. Positioned on the cooler, quieter side of the building, this residence offers a peaceful living experience with refreshing trade winds and abundant natural light. The corner layout provides added privacy and an airy, open feel, and the unit comes with its own storage for added convenience. Ideal for both owner-occupants and investors, enjoy easy access to Waikiki Beach, world-class shopping, dining, and entertainment, along with resort-style amenities including a pool, BBQ area, sauna, and fitness room. A rare chance to own a prime Waikiki property.

18. 2025-12-09
    historical
19. 2025-03-21
    listed $169,000 Active
20. 2025-03-19
    historical
21. 2025-03-05
    status Active
22. 2025-02-14
    historical Active Under Contract
23. 2025-01-04
    price $175,000
24. 2025-01-04
    status Active
25. 2024-12-26
    historical Active Under Contract
26. 2024-06-28
    price $179,900
27. 2024-04-09
    price $188,000
28. 2024-03-20
    listed $210,000 Active
29. 2009-05-22
    soldstatus $185,000
30. 2009-05-22
    soldstatus $185,000
31. 2008-11-19
    listed $225,000
32. 2004-05-11
    soldstatus $161,000
33. 2003-05-09
    soldstatus $165,000
34. 2003-05-09
    soldstatus $165,000
35. 2003-04-12
    historical
36. 2003-04-01
    listed $170,000
37. 1978-04-01
    soldstatus $91,600

ⓘ 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: $1,301 · $108/mo
• Projected year-2 tax: $1,301 · $108/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 AO · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $34,368
• − Mortgage interest: −$10,581
• − Property taxes: −$1,301
• − Insurance: −$2,412
• − Repairs & maintenance: −$2,749
• − Management: −$2,749
• − HOA: −$13,344
• − Depreciation: −$5,495
• Taxable loss: −$4,263
• Est. tax savings @ 24.0%: +$1,023
• After-tax cash flow: $-769/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

+106.2% since first listed

21 events — show timeline

• 2026-02-06 Listed $188,888 HiCentral MLS
• 2025-12-09 Listing Removed — HiCentral MLS
• 2025-03-21 Listed $169,000 HiCentral MLS
• 2025-03-19 Listing Removed — HiCentral MLS
• 2025-03-05 Relisted — HiCentral MLS
• 2025-02-14 Contingent — HiCentral MLS
• 2025-01-04 Price Changed $175,000 HiCentral MLS
• 2025-01-04 Relisted — HiCentral MLS
• 2024-12-26 Contingent — HiCentral MLS
• 2024-06-28 Price Changed $179,900 HiCentral MLS
• 2024-04-09 Price Changed $188,000 HiCentral MLS
• 2024-03-20 Listed $210,000 HiCentral MLS
• 2009-05-22 Sold (Public Records) $185,000 Public Records
• 2009-05-22 Sold (MLS) $185,000 HiCentral MLS
• 2008-11-19 Listed $225,000 HiCentral MLS
• 2004-05-11 Sold (Public Records) $161,000 Public Records
• 2003-05-09 Sold (Public Records) $165,000 Public Records
• 2003-05-09 Sold (MLS) $165,000 HiCentral MLS
• 2003-04-12 Listing Removed — HiCentral MLS
• 2003-04-01 Listed $170,000 HiCentral MLS
• 1978-04-01 Sold (Public Records) $91,600 Public Records

Property tax history

+1.5%/yr

Latest (2022): $1,301 · -5.6% YoY. Source: county tax records.