425 Ena Rd Unit P7A · Urban Honolulu, HI 96815

$98,000

1 bd · 1.0 ba · 500 sqft · Condo · 80 Days on market

Built 1958 Good condition $840/mo HOA ↓ 5% since listing

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Why this score? — see what drove the B+ 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +6.7/15.0
• Appreciation +6.4/10.0
• Rent growth +4.0/5.0
• Condition / age +3.8/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0

Listing remarks MLS

This Waikiki Penthouse Unit has been completely renovated. The beautiful 88 Square foot Lanai provides extra living space, enclosed with stormproof windows, screens and shutters, ideal for your office with electrical outlets, lights, ceiling fan, TV and ocean view. A rare opportunity to own in a charming tropical co-op community just minutes from the beach. This top-floor residence enjoys refreshing trade winds and pleasant views, creating a bright and comfortable island retreat. The Kalia is a gated leasehold cooperative known for its beautifully landscaped grounds and peaceful garden setting. Residents enjoy amenities including a heated saltwater pool, BBQ area, sundeck, community laundry, and on-site management. Conveniently situated near beaches, restaurants, shopping, the post office, and the Hilton Hawaiian Village, this location offers the best of Waikiki living while tucked away from the busiest streets. An excellent option for those seeking a relaxed island lifestyle in a classic Waikiki community. Buyer must be approved by the Kalia Co-op Board. Maintenance fee includes property taxes, water, sewer, and common area expenses. Leasehold property.

Key facts

• Community laundry
• Bbq area
• Sundeck

Tags

• GATED LEASEHOLD COOPERATIVE
• BEAUTIFULLY LANDSCAPED GROUNDS
• HEATED SALTWATER POOL
• BBQ AREA
• SUNDECK
• COMMUNITY LAUNDRY

🏢 Co-op / cooperative unit. The $98,000 price buys shares in the cooperative corporation, not the real estate itself — so it isn't comparable to a fee-simple sale price, and the cashflow / cap-rate / 1%-rule cards below (which assume you own the property and can rent it out) don't apply here. Expect board approval and a monthly maintenance fee on top of the price.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $98k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $820 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $98k).
• Recommended offer: $92k (6.0% below list) — sets the bar for market timing.
• Cap rate 17.1% 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 B — 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 22d 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).
• At $3,043/mo this rent would consume 47% of the median local household income ($77k/yr) (locally 2422% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $3k of equity ($678 loan paydown + $3k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.7% appreciation + 6.0% rent growth), your $27k cash investment doubles in ~2 years — after that, you're playing with house money.
• By year 10, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 80 days — a 6% lower offer ($92k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 28% of rent; built in 1958 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $92,120 (6.0% below list)

Questions for the listing agent

1. It's been on market 80 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1958 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
9. 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.
10. 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: 3.10% ✓
• Cap rate: 17.15%
• Cash-on-cash: 38.77%
• DSCR: 2.72
• GRM: 2.7

CMA / ARV

• ARV (median comp): $96,304
• List price: $98,000
• Delta: 1.76%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 45.4%
• Equity multiple: 3.65×
• Total profit: $72,768
• Equity at exit: $42,653

10-year hold

• IRR: 47.8%
• Equity multiple: 8.44×
• Total profit: $204,211
• Equity at exit: $64,656

Cash invested: $27,440 (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: 2.7×

Monthly cashflow live

• Estimated rent: $3,043 high
• Mortgage (P&I): −$514
• Tax est. 1.5%: −$122 /mo · $1,470/yr
• Insurance: −$41
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$840
• Vacancy / Maint / Mgmt: −$639
• Net cashflow: $820

Break-even live

Break-even rent $2,005

Max offer price $98,000

Occupancy floor 68%

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: $24,500
• Closing costs: $2,940
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	24d	1	0.04mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	44d	3	0.05mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	44d	2	0.05mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	3d	4	0.05mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	12d	1	0.06mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	12d	1	0.09mi
1778 Ala Moana Blvd #3318 Honolulu, HI	1.0	1.0	683	$3,400	$4.98	3d	1	0.14mi
1778 Ala Moana Blvd #1307 Honolulu, HI	1.0	1.0	683	$2,900	$4.25	24d	1	0.14mi
1778 Ala Moana Blvd #1317 Honolulu, HI	1.0	1.0	683	$2,775	$4.06	21d	1	0.14mi
1778 Ala Moana Blvd #2606 Honolulu, HI	1.0	1.0	724	$2,895	$4.00	3d	1	0.14mi
1778 Ala Moana Blvd #1219 Honolulu, HI	1.0	1.0	724	$4,600	$6.35	24d	1	0.14mi
1778 Ala Moana Blvd #801 Honolulu, HI	1.0	1.0	724	$3,400	$4.70	24d	1	0.14mi
1778 Ala Moana Blvd Unit 1541754P Honolulu, HI	1.0	1.0	721	$4,387	$6.08	14d	1	0.16mi
1777 Ala Moana Blvd Unit 1327715P Honolulu, HI	1.0	1.0	495	$5,590	$11.29	44d	1	0.20mi
1765 Ala Moana Blvd #1183 Honolulu, HI	1.0	1.0	440	$3,100	$7.05	3d	1	0.23mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	17d	2	0.27mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	16d	1	0.28mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	0.29mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	44d	1	0.29mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$2,700	$3.16	24d	2	0.29mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$2,600	$3.26	21d	3	0.29mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	12d	1	0.39mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.39mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	21d	1	0.45mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	24d	1	0.50mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	3d	1	0.50mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	17d	1	0.50mi
2140 Khi AVE Unit 803 Honolulu, HI	—	1.0	460	$4,990	$10.85	44d	1	0.50mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	24d	1	0.50mi
2140 Khi Ave. unit Ph 2506 Honolulu, HI	1.0	1.0	678	$3,200	$4.72	14d	1	0.50mi
223 Saratoga Rd #1012 Honolulu, HI	—	1.0	559	$2,700	$4.83	17d	1	0.52mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	10d	1	0.53mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	3d	2	0.53mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	21d	2	0.53mi
445 Kaiolu St Honolulu, HI	1.0	1.0	490	$3,400	$6.94	17d	1	0.56mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	24d	1	0.57mi
430 Lewers St Unit 25E Honolulu, HI	1.0	1.0	673	$2,700	$4.01	24d	1	0.57mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$2,650	$3.21	12d	3	0.58mi
2211 Ala Wai Blvd Honolulu, HI	1.0	1.0	437	$3,100	$7.09	24d	1	0.64mi
2211 Ala Wai Blvd #1108 Honolulu, HI	1.0	1.0	413	$2,600	$6.30	24d	1	0.64mi

HOA detail condo

• Monthly dues: $840 · $10,080/yr
• Likely covers: watersewerelectriclandscapingpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 17 events

1. 2026-06-18
   days on market $98,000 Active 80 DOM
2. 2026-06-17
   days on market $98,000 Active 79 DOM
3. 2026-06-16
   days on market $98,000 Active 78 DOM
4. 2026-06-15
   days on market $98,000 Active 77 DOM
5. 2026-06-13
   days on market $98,000 Active 75 DOM
6. 2026-06-13
   pricedays on market $98,000 Active 74 DOM
7. 2026-06-10
   days on market $119,000 Active 72 DOM
8. 2026-06-09
   days on market $119,000 Active 71 DOM
9. 2026-06-08
   days on market $119,000 Active 70 DOM
10. 2026-06-07
    days on market $119,000 Active 69 DOM
11. 2026-06-05
    days on market $119,000 Active 66 DOM
12. 2026-06-03
    days on market $119,000 Active 65 DOM
13. 2026-06-02
    days on market $119,000 Active 64 DOM
14. 2026-06-01
    days on market $119,000 Active 63 DOM
15. 2026-05-31
    days on market $119,000 Active 62 DOM
16. 2026-04-16
    price $119,000 1173-char remark

    Show marketing remark (1173 chars)

    This Waikiki Penthouse Unit has been completely renovated. The beautiful 88 Square foot Lanai provides extra living space, enclosed with stormproof windows, screens and shutters, ideal for your office with electrical outlets, lights, ceiling fan, TV and ocean view. A rare opportunity to own in a charming tropical co-op community just minutes from the beach. This top-floor residence enjoys refreshing trade winds and pleasant views, creating a bright and comfortable island retreat. The Kalia is a gated leasehold cooperative known for its beautifully landscaped grounds and peaceful garden setting. Residents enjoy amenities including a heated saltwater pool, BBQ area, sundeck, community laundry, and on-site management. Conveniently situated near beaches, restaurants, shopping, the post office, and the Hilton Hawaiian Village, this location offers the best of Waikiki living while tucked away from the busiest streets. An excellent option for those seeking a relaxed island lifestyle in a classic Waikiki community. Buyer must be approved by the Kalia Co-op Board. Maintenance fee includes property taxes, water, sewer, and common area expenses. Leasehold property.

17. 2026-03-30
    listed $125,000 Active 1173-char remark

    Show marketing remark (1173 chars)

    This Waikiki Penthouse Unit has been completely renovated. The beautiful 88 Square foot Lanai provides extra living space, enclosed with stormproof windows, screens and shutters, ideal for your office with electrical outlets, lights, ceiling fan, TV and ocean view. A rare opportunity to own in a charming tropical co-op community just minutes from the beach. This top-floor residence enjoys refreshing trade winds and pleasant views, creating a bright and comfortable island retreat. The Kalia is a gated leasehold cooperative known for its beautifully landscaped grounds and peaceful garden setting. Residents enjoy amenities including a heated saltwater pool, BBQ area, sundeck, community laundry, and on-site management. Conveniently situated near beaches, restaurants, shopping, the post office, and the Hilton Hawaiian Village, this location offers the best of Waikiki living while tucked away from the busiest streets. An excellent option for those seeking a relaxed island lifestyle in a classic Waikiki community. Buyer must be approved by the Kalia Co-op Board. Maintenance fee includes property taxes, water, sewer, and common area expenses. Leasehold property.

ⓘ 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 X (unshaded) · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $36,512
• − Mortgage interest: −$5,490
• − Property taxes: −$1,470
• − Insurance: −$1,288
• − Repairs & maintenance: −$2,921
• − Management: −$2,921
• − HOA: −$10,080
• − Depreciation: −$2,851
• Taxable income: $9,492
• Est. tax owed @ 24.0%: −$2,278
• After-tax cash flow: $7,562/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This Waikiki Penthouse Unit has been completely renovated and is move-in ready. However, there are minor repairs and maintenance items that can be addressed to further enhance its value.

Repairs flagged

• Minor Kitchen countertops — Worn appearance
• Minor Kitchen cabinets — Worn appearance
• Minor Bathroom tiles — Dated appearance
• Minor Living room carpet — Worn appearance

Value-add opportunities

• Both Paint interior walls — Fresh paint can improve curb appeal and interior aesthetics.
• Both Replace kitchen countertops and cabinets — New countertops and cabinets can significantly enhance the kitchen's functionality and appearance.
• Both Replace bathroom tiles — New tiles can improve the bathroom's functionality and appearance.
• Both Replace living room carpet — New carpet can improve the living room's functionality and appearance.
• Both Landscaping and curb appeal improvements — Landscaping and curb appeal improvements can enhance the home's overall appearance and attract potential buyers/tenants.

Renovation cost estimate screening

Repair item	Severity	Est. cost
Kitchen countertops · Worn appearance	Minor	$500–3,000
Kitchen cabinets · Worn appearance	Minor	$500–3,000
Bathroom tiles · Dated appearance	Minor	$500–3,000
Living room carpet · Worn appearance	Minor	$500–3,000
Total estimated repair cost · 4 items		$2,000–12,000

Value-add ROI direction

• Both Paint interior walls — Fresh paint can improve curb appeal and interior aesthetics. ↑
• Both Replace kitchen countertops and cabinets — New countertops and cabinets can significantly enhance the kitchen's functionality and appearance. ↑
• Both Replace bathroom tiles — New tiles can improve the bathroom's functionality and appearance. ↑
• Both Replace living room carpet — New carpet can improve the living room's functionality and appearance. ↑
• Both Landscaping and curb appeal improvements — Landscaping and curb appeal improvements can enhance the home's overall appearance and attract potential buyers/tenants. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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

-4.8% since first listed

2 events — show timeline

• 2026-04-16 Price Changed $119,000 HiCentral MLS
• 2026-03-30 Listed $125,000 HiCentral MLS