1909 Ala Wai Blvd #410 · Urban Honolulu, HI 96815

$219,000

2 bd · 1.0 ba · 674 sqft · Condo public records · 332 Days on market

Built 1971 $325/sqft · 24% below area Est $288k · 24% under $777/mo HOA · 25% of rent

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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 +23.2/30.0
• ARV discount +15.0/15.0
• 1% rule +9.3/10.0
• DSCR +7.5/10.0
• 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

Listing remarks MLS

Welcome to the Royal Aloha, a rare resort-zoned building in world-famous Waikiki that legally allows short-term rentals, making it an ideal investment opportunity or perfect island retreat. This spacious 2-bedroom residence features a full size kitchen, central A/C, a private lanai with mountain and city views, and a generous floor plan designed for comfort. Located within walking distance to Waikiki’s iconic beaches, shopping, dining, entertainment, and so much more! The pet-friendly, secured building includes resort-style amenities such as a swimming pool, BBQ area, lounge chairs, recreation room, and community laundry on every floor and in the basement, along with an on-site manager. Whether you're seeking a full-time residence, part-time getaway, or income producing vacation rental, the Royal Aloha offers the perfect blend of flexibility and island living.

Key facts

• Short term rentals
• Pet friendly
• Private lanai

Tags

• RESORT ZONED BUILDING
• SHORT TERM RENTALS
• PRIVATE LANAI
• MOUNTAIN AND CITY VIEWS
• WALKING DISTANCE TO BEACHES
• PET FRIENDLY

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $219k.

Deal economics

• At list price, monthly cash flow is $275 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $193k (12.0% below list) — sets the bar for market timing.
• Cap rate 8.5% 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 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).
• At $3,141/mo this rent would consume 49% 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 $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.
• At projected returns (2.7% appreciation + 6.0% rent growth), your $61k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, 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 332 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $105k; list at $219k implies a 109% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 25% 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 $192,720 (12.0% below list)

Questions for the listing agent

1. It's been on market 332 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1971 — 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: 1.43% ✓
• Cap rate: 8.47%
• Cash-on-cash: 7.77%
• DSCR: 1.35
• GRM: 5.8

CMA / ARV

• ARV (median comp): $288,141
• List price: $219,000
• Delta: -24.00%
• 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: 14.4%
• Equity multiple: 1.83×
• Total profit: $51,147
• Equity at exit: $95,317

10-year hold

• IRR: 18.6%
• Equity multiple: 3.91×
• Total profit: $178,334
• Equity at exit: $144,487

Cash invested: $61,320 (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: 5.8×

Monthly cashflow live

• Estimated rent: $3,141 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$68 /mo · $814/yr
• Insurance: −$91
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$777
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $275

Break-even live

Break-even rent $2,794

Max offer price $219,000

Occupancy floor 86%

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	0.15mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	23d	1	0.20mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	11d	1	0.20mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	11d	1	0.24mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	43d	2	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	44d	3	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	3d	4	0.25mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	23d	1	0.29mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	11d	1	0.30mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.30mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	43d	1	0.30mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$3,000	$3.51	23d	2	0.35mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$3,000	$3.76	21d	3	0.35mi
1778 Ala Moana Blvd #3318 Honolulu, HI	1.0	1.0	683	$3,400	$4.98	3d	1	0.38mi
1778 Ala Moana Blvd #1219 Honolulu, HI	1.0	1.0	724	$4,600	$6.35	23d	1	0.38mi
1778 Ala Moana Blvd #801 Honolulu, HI	1.0	1.0	724	$3,400	$4.70	23d	1	0.38mi
1778 Ala Moana Blvd #1307 Honolulu, HI	1.0	1.0	683	$2,900	$4.25	23d	1	0.38mi
1778 Ala Moana Blvd #2606 Honolulu, HI	1.0	1.0	724	$2,895	$4.00	3d	1	0.38mi
1778 Ala Moana Blvd #1317 Honolulu, HI	1.0	1.0	683	$2,775	$4.06	21d	1	0.38mi
1778 Ala Moana Blvd Unit 1541754P Honolulu, HI	1.0	1.0	721	$4,387	$6.08	14d	1	0.39mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	11d	3	0.39mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	17d	2	0.39mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	16d	1	0.39mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	21d	1	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	10d	1	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	21d	2	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	3d	2	0.43mi
1777 Ala Moana Blvd Unit 1327715P Honolulu, HI	1.0	1.0	495	$5,590	$11.29	43d	1	0.44mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	3d	2	0.44mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	2d	1	0.45mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	17d	1	0.45mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	23d	1	0.45mi
2140 Khi Ave. unit Ph 2506 Honolulu, HI	1.0	1.0	678	$3,200	$4.72	14d	1	0.45mi
1765 Ala Moana Blvd #1183 Honolulu, HI	1.0	1.0	440	$3,100	$7.05	3d	1	0.45mi
445 Kaiolu St Honolulu, HI	1.0	1.0	490	$3,400	$6.94	17d	1	0.48mi
430 Lewers St Unit 25E Honolulu, HI	1.0	1.0	673	$2,700	$4.01	23d	1	0.50mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	23d	1	0.50mi
2211 Ala Wai Blvd Honolulu, HI	1.0	1.0	437	$3,100	$7.09	23d	1	0.55mi
2211 Ala Wai Blvd #1108 Honolulu, HI	1.0	1.0	413	$2,600	$6.30	23d	1	0.55mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,950	$6.86	3d	1	0.58mi

HOA detail condo

• Monthly dues: $777 · $9,324/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $219,000 Active 332 DOM
2. 2026-06-17
   days on market $219,000 Active 331 DOM
3. 2026-06-15
   days on market $219,000 Active 329 DOM
4. 2026-06-13
   days on market $219,000 Active 327 DOM
5. 2026-06-13
   days on market $219,000 Active 326 DOM
6. 2026-06-10
   days on market $219,000 Active 324 DOM
7. 2026-06-09
   days on market $219,000 Active 323 DOM
8. 2026-06-08
   days on market $219,000 Active 322 DOM
9. 2026-06-07
   days on market $219,000 Active 321 DOM
10. 2026-06-05
    days on market $219,000 Active 318 DOM
11. 2026-06-03
    days on market $219,000 Active 317 DOM
12. 2026-06-02
    days on market $219,000 Active 316 DOM
13. 2026-06-01
    days on market $219,000 Active 315 DOM
14. 2026-05-31
    days on market $219,000 Active 314 DOM
15. 2026-05-07
    price $219,000 878-char remark

    Show marketing remark (878 chars)

    Welcome to the Royal Aloha, a rare resort-zoned building in world-famous Waikiki that legally allows short-term rentals, making it an ideal investment opportunity or perfect island retreat. This spacious 2-bedroom residence features a full size kitchen, central A/C, a private lanai with mountain and city views, and a generous floor plan designed for comfort. Located within walking distance to Waikiki’s iconic beaches, shopping, dining, entertainment, and so much more! The pet-friendly, secured building includes resort-style amenities such as a swimming pool, BBQ area, lounge chairs, recreation room, and community laundry on every floor and in the basement, along with an on-site manager. Whether you're seeking a full-time residence, part-time getaway, or income producing vacation rental, the Royal Aloha offers the perfect blend of flexibility and island living.

16. 2026-03-18
    price $229,000 878-char remark

    Show marketing remark (878 chars)

    Welcome to the Royal Aloha, a rare resort-zoned building in world-famous Waikiki that legally allows short-term rentals, making it an ideal investment opportunity or perfect island retreat. This spacious 2-bedroom residence features a full size kitchen, central A/C, a private lanai with mountain and city views, and a generous floor plan designed for comfort. Located within walking distance to Waikiki’s iconic beaches, shopping, dining, entertainment, and so much more! The pet-friendly, secured building includes resort-style amenities such as a swimming pool, BBQ area, lounge chairs, recreation room, and community laundry on every floor and in the basement, along with an on-site manager. Whether you're seeking a full-time residence, part-time getaway, or income producing vacation rental, the Royal Aloha offers the perfect blend of flexibility and island living.

17. 2025-10-01
    price $239,000 878-char remark

    Show marketing remark (878 chars)

    Welcome to the Royal Aloha, a rare resort-zoned building in world-famous Waikiki that legally allows short-term rentals, making it an ideal investment opportunity or perfect island retreat. This spacious 2-bedroom residence features a full size kitchen, central A/C, a private lanai with mountain and city views, and a generous floor plan designed for comfort. Located within walking distance to Waikiki’s iconic beaches, shopping, dining, entertainment, and so much more! The pet-friendly, secured building includes resort-style amenities such as a swimming pool, BBQ area, lounge chairs, recreation room, and community laundry on every floor and in the basement, along with an on-site manager. Whether you're seeking a full-time residence, part-time getaway, or income producing vacation rental, the Royal Aloha offers the perfect blend of flexibility and island living.

18. 2025-07-21
    listed $255,000 Active 878-char remark

    Show marketing remark (878 chars)

    Welcome to the Royal Aloha, a rare resort-zoned building in world-famous Waikiki that legally allows short-term rentals, making it an ideal investment opportunity or perfect island retreat. This spacious 2-bedroom residence features a full size kitchen, central A/C, a private lanai with mountain and city views, and a generous floor plan designed for comfort. Located within walking distance to Waikiki’s iconic beaches, shopping, dining, entertainment, and so much more! The pet-friendly, secured building includes resort-style amenities such as a swimming pool, BBQ area, lounge chairs, recreation room, and community laundry on every floor and in the basement, along with an on-site manager. Whether you're seeking a full-time residence, part-time getaway, or income producing vacation rental, the Royal Aloha offers the perfect blend of flexibility and island living.

19. 1996-12-23
    soldstatus $105,000
20. 1996-12-01
    soldstatus $138,600
21. 1990-06-29
    soldstatus $160,000
22. 1988-03-24
    soldstatus $75,000
23. 1983-04-01
    soldstatus $68,000
24. 1979-07-01
    soldstatus $65,000
25. 1979-06-01
    soldstatus $55,000

ⓘ 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: $814 · $68/mo
• Projected year-2 tax: $814 · $68/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: $37,694
• − Mortgage interest: −$12,267
• − Property taxes: −$814
• − Insurance: −$2,562
• − Repairs & maintenance: −$3,016
• − Management: −$3,016
• − HOA: −$9,324
• − Depreciation: −$6,371
• Taxable income: $324
• Est. tax owed @ 24.0%: −$78
• After-tax cash flow: $3,218/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

+298.2% since first listed

11 events — show timeline

• 2026-05-07 Price Changed $219,000 HiCentral MLS
• 2026-03-18 Price Changed $229,000 HiCentral MLS
• 2025-10-01 Price Changed $239,000 HiCentral MLS
• 2025-07-21 Listed $255,000 HiCentral MLS
• 1996-12-23 Sold (Public Records) $105,000 Public Records
• 1996-12-01 Sold (Public Records) $138,600 Public Records
• 1990-06-29 Sold (Public Records) $160,000 Public Records
• 1988-03-24 Sold (Public Records) $75,000 Public Records
• 1983-04-01 Sold (Public Records) $68,000 Public Records
• 1979-07-01 Sold (Public Records) $65,000 Public Records
• 1979-06-01 Sold (Public Records) $55,000 Public Records

Property tax history

+7.2%/yr

Latest (2022): $814 · +12.4% YoY. Source: county tax records.