908 University Ave Unit A202 · Urban Honolulu, HI 96826

$355,000

2 bd · 1.0 ba · 575 sqft · Condo public records · 156 Days on market

Built 1960 $617/sqft · 11% above area Est $320k · 11% over $482/mo HOA · 16% of rent

---

Why this score? — see what drove the F 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 +9.3/30.0
• Appreciation +4.5/10.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• 1% rule +3.3/10.0
• DSCR +2.6/10.0
• ARV discount +2.6/15.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Excellent opportunity for first-time buyers or investors! This 2-bedroom, 1-bath second-floor unit is conveniently located near UH Manoa, Ala Moana, and Waikiki, with quick access to both east- and west-bound freeways. Conveniently close to Down to Earth Market, restaurants, and bus stops. This 2BR has one split AC ( one in one of the bedroom) and one window AC in the second bedroom. Kitchen cabinets may look slightly different than the photos. Unit is currently tenant occupied.

Key facts

• Close to restaurants
• Second floor unit
• Close to bus stops

Tags

• SECOND FLOOR UNIT
• CONVENIENTLY LOCATED
• QUICK ACCESS TO FREEWAYS
• CLOSE TO DOWN TO EARTH MARKET
• CLOSE TO RESTAURANTS
• CLOSE TO BUS STOPS

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $355k.

Deal economics

• At list price, monthly cash flow is $-261 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $309k (13.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $294k (17.1% below list).
• Recommended offer: $294k (17.1% below list) — sets the bar for 1% rule.
• Cap rate 5.4% 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 F — 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 (+3.5%/yr); 161 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); 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• At $2,944/mo this rent would consume 52% of the median local household income ($68k/yr) (locally 2466% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-1.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $4k 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 156 days — a 12% lower offer ($312k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 14y 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.

Recommended offer $294,414 (17.1% 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 156 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1960 — 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. 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?
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: 0.83% ✗
• Cap rate: 5.41%
• Cash-on-cash: -3.15%
• DSCR: 0.86
• GRM: 10.0

CMA / ARV

• ARV (median comp): $319,901
• List price: $355,000
• Delta: 10.97%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-1.0% appreciation · 3.55% rent growth · sell at horizon

5-year hold

• IRR: -9.7%
• Equity multiple: 0.58×
• Total profit: $-41,687
• Equity at exit: $85,609

10-year hold

• IRR: -2.3%
• Equity multiple: 0.78×
• Total profit: $-21,583
• Equity at exit: $89,825

Cash invested: $99,400 (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 96826

• Home prices YoY: -0.4%
• Rents YoY: 3.5%
• Active inventory: 161
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,944 high
• Mortgage (P&I): −$1,862
• Tax from tax record: −$96 /mo · $1,147/yr
• Insurance: −$148
• HOA: −$482
• Vacancy / Maint / Mgmt: −$618
• Net cashflow: $-261

Break-even live

Break-even rent $3,275

Max offer price $308,838

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: $88,750
• Closing costs: $10,650
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,735	$6.58	24d	1	0.02mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,050	$5.30	24d	1	0.13mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,950	$6.86	3d	1	0.13mi
2710 Kaaha St Honolulu, HI	1.0	1.0	418	$3,300	$7.89	24d	1	0.14mi
2499 Kapiolani Blvd Honolulu, HI	1.0	1.0	474	$2,675	$5.64	17d	2	0.28mi
2499 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–1.5	575	$3,300	$5.74	10d	2	0.28mi
2499 Kapiolani Blvd #3800 Honolulu, HI	2.0	1.5	676	$3,200	$4.73	3d	1	0.30mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	3d	2	0.35mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	12d	3	0.39mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	24d	1	0.42mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	10d	1	0.62mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	3d	2	0.62mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	21d	2	0.62mi
445 Kaiolu St Honolulu, HI	1.0	1.0	490	$3,400	$6.94	17d	1	0.64mi
2211 Ala Wai Blvd Honolulu, HI	1.0	1.0	437	$3,100	$7.09	24d	1	0.65mi
2211 Ala Wai Blvd #1108 Honolulu, HI	1.0	1.0	413	$2,600	$6.30	24d	1	0.65mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	12d	1	0.65mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.65mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	24d	1	0.67mi
430 Lewers St Unit 25E Honolulu, HI	1.0	1.0	673	$2,700	$4.01	24d	1	0.67mi
910 Kapahulu Ave #703 Honolulu, HI	2.0	1.0	739	$2,600	$3.52	11d	1	0.69mi
2281 Ala Wai Blvd #902 Honolulu, HI	2.0	1.0	609	$3,950	$6.49	14d	1	0.70mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	24d	1	0.71mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	3d	1	0.71mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	17d	1	0.71mi
2140 Khi Ave. unit Ph 2506 Honolulu, HI	1.0	1.0	678	$3,200	$4.72	15d	1	0.71mi
445 Seaside Ave #2220 Honolulu, HI	1.0	1.0	570	$2,625	$4.61	12d	1	0.71mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	0.73mi
2345 Ala Wai Blvd #1514 Honolulu, HI	1.0	1.0	555	$2,800	$5.05	24d	1	0.77mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	44d	1	0.78mi
3046 Harding Ave Unit C Honolulu, HI	3.0	1.0	608	$2,800	$4.61	24d	1	0.79mi
3046C Harding Ave Honolulu, HI	3.0	1.0	632	$2,800	$4.43	24d	1	0.79mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	24d	1	0.86mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	12d	1	0.88mi
2415 Ala Wai Blvd #1802 Honolulu, HI	1.0	1.0	560	$3,000	$5.36	44d	1	0.88mi
2415 Ala Wai Blvd Honolulu, HI	1.0–2.0	1.0	665	$3,500	$5.26	17d	3	0.88mi
2380 Kuhio Ave Honolulu, HI	3.0	1.0–3.0	1212	$10,275	$8.47	2d	51	0.88mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$4,225	$6.44	24d	8	0.89mi
417 Kanekapolei St Honolulu, HI	1.0	1.0	566	$1,695	$2.99	44d	1	0.89mi
2407 Tusitala St Unit 304 Honolulu, HI	1.0	1.0	480	$1,500	$3.12	44d	1	0.90mi

HOA detail condo

• Monthly dues: $482 · $5,784/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $355,000 Active 156 DOM
2. 2026-06-17
   days on market $355,000 Active 155 DOM
3. 2026-06-15
   days on market $355,000 Active 153 DOM
4. 2026-06-13
   days on market $355,000 Active 151 DOM
5. 2026-06-13
   days on market $355,000 Active 150 DOM
6. 2026-06-10
   days on market $355,000 Active 148 DOM
7. 2026-06-09
   days on market $355,000 Active 147 DOM
8. 2026-06-08
   days on market $355,000 Active 146 DOM
9. 2026-06-07
   days on market $355,000 Active 145 DOM
10. 2026-06-05
    days on market $355,000 Active 142 DOM
11. 2026-06-03
    days on market $355,000 Active 141 DOM
12. 2026-06-02
    days on market $355,000 Active 140 DOM
13. 2026-06-01
    days on market $355,000 Active 139 DOM
14. 2026-05-31
    days on market $355,000 Active 138 DOM
15. 2026-02-24
    price $355,000 483-char remark

    Show marketing remark (483 chars)

    Excellent opportunity for first-time buyers or investors! This 2-bedroom, 1-bath second-floor unit is conveniently located near UH Manoa, Ala Moana, and Waikiki, with quick access to both east- and west-bound freeways. Conveniently close to Down to Earth Market, restaurants, and bus stops. This 2BR has one split AC ( one in one of the bedroom) and one window AC in the second bedroom. Kitchen cabinets may look slightly different than the photos. Unit is currently tenant occupied.

16. 2026-01-12
    listed $360,000 Active 483-char remark

    Show marketing remark (483 chars)

    Excellent opportunity for first-time buyers or investors! This 2-bedroom, 1-bath second-floor unit is conveniently located near UH Manoa, Ala Moana, and Waikiki, with quick access to both east- and west-bound freeways. Conveniently close to Down to Earth Market, restaurants, and bus stops. This 2BR has one split AC ( one in one of the bedroom) and one window AC in the second bedroom. Kitchen cabinets may look slightly different than the photos. Unit is currently tenant occupied.

17. 2021-08-30
    soldstatus $330,000 Sold 321-char remark

    Show marketing remark (321 chars)

    Good opportunity for first time buyer or investor to own this fully renovated in 2016, 2 bedroom, 1 bath, 1 parking unit. Super-convenient location for students attending the University of Hawaii where they walk the class, restaurants, bus lines, convenience store, and much more. Low maintenance fee and moved-in ready.

18. 2021-07-09
    listed $325,000 Active 321-char remark

    Show marketing remark (321 chars)

    Good opportunity for first time buyer or investor to own this fully renovated in 2016, 2 bedroom, 1 bath, 1 parking unit. Super-convenient location for students attending the University of Hawaii where they walk the class, restaurants, bus lines, convenience store, and much more. Low maintenance fee and moved-in ready.

19. 2021-03-17
    historical
20. 2021-03-04
    price $340,000
21. 2021-02-09
    listed $350,000 Active
22. 2012-08-31
    soldstatus $232,000
23. 2012-08-31
    soldstatus $232,000
24. 2012-04-20
    listed $245,000
25. 1994-06-08
    soldstatus $72,100
26. 1985-08-01
    soldstatus $48,000
27. 1984-11-01
    soldstatus $43,500

ⓘ 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: $1,147 · $96/mo
• Projected year-2 tax: $1,147 · $96/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 3/10 Moderate FEMA zone X (unshaded) · 18% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $35,330
• − Mortgage interest: −$19,886
• − Property taxes: −$1,147
• − Insurance: −$1,775
• − Repairs & maintenance: −$2,826
• − Management: −$2,826
• − HOA: −$5,784
• − Depreciation: −$10,327
• Taxable loss: −$9,242
• Est. tax savings @ 24.0%: +$2,218
• After-tax cash flow: $-918/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): 29,174
• Household income: $68,296
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 2466.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Asian 54% Two or more races 18% White 13% Pacific Islander 10% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Russian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 30% · Vietnam, China, South Korea
• Languages at home: 63% English-only · Other Asian/Pacific 13% Chinese 6% Vietnamese 6%

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: ▼ -1.00%
• Current HPI: 272.9183
• Rent YoY: ▲ 3.55%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+716.1% since first listed

13 events — show timeline

• 2026-02-24 Price Changed $355,000 HiCentral MLS
• 2026-01-12 Listed $360,000 HiCentral MLS
• 2021-08-30 Sold (MLS) $330,000 HiCentral MLS
• 2021-07-09 Listed $325,000 HiCentral MLS
• 2021-03-17 Listing Removed — HiCentral MLS
• 2021-03-04 Price Changed $340,000 HiCentral MLS
• 2021-02-09 Listed $350,000 HiCentral MLS
• 2012-08-31 Sold (Public Records) $232,000 Public Records
• 2012-08-31 Sold (MLS) $232,000 HiCentral MLS
• 2012-04-20 Listed $245,000 HiCentral MLS
• 1994-06-08 Sold (Public Records) $72,100 Public Records
• 1985-08-01 Sold (Public Records) $48,000 Public Records
• 1984-11-01 Sold (Public Records) $43,500 Public Records

Property tax history

+3.9%/yr

Latest (2022): $1,147 · +5.0% YoY. Source: county tax records.