98-142 Lipoa Pl #109 · Waimalu, HI 96701

$249,000

1 bd · 1.0 ba · 506 sqft · Condo public records · 87 Days on market

Built 1966 $492/sqft · 10% below area Est $276k · 10% under $533/mo HOA · 24% 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 +11.9/15.0
• Cash flow +8.2/30.0
• 1% rule +4.0/10.0
• Rent growth +4.0/5.0
• Livability +3.8/5.0
• Schools +3.7/10.0
• Condition / age +2.5/5.0
• DSCR +2.2/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Convenient ground floor unit, 1 bedroom, 1 bath, with assigned parking spot, remodeled in 2021. Air conditioner in bedroom, 2 Sets of Sliding closet doors, Ceramic tiles throughout, Smoke detectors in hallway and room. Located within walking distance to Pearl Kai Shopping Center, Longs Drugs, Pearlridge Shopping Center, Pearlridge Clinic, Anna Miller’s Restaurant, American Savings Bank with Leonard’s Malasadas across the street in Parking lot of Old Sears. Near bus stops, restaurants, public parks, schools, gas stations, etc.

Key facts

• $533 HOA
• Parking
• Built 1966

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $249k.

Deal economics

• At list price, monthly cash flow is $-237 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (16.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $224k (10.2% below list).
• Recommended offer: $207k (16.8% below list) — sets the bar for cash-flow.
• Cap rate 5.1% vs local median 1.8% in Waimalu — 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 76/100 on livability (#11 in HI, #3,359 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, commute B+; Watch: amenities D, cost of living 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.
• Zoned schools: Alvah A Scott Elementary School (math 37% / reading 41%, grade F, #94 of 183 statewide, top 52%, 412 students, 55% FRL); Aiea Intermediate School (math 42% / reading 57%, grade C, #8 of 42 statewide, top 17%, 468 students, 58% FRL); Aiea High School (math 22% / reading 57%, grade F, #26 of 43 statewide, top 64%, 995 students, 50% FRL) — zoned schools average 54% FRL vs 39% district-wide (15 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.2%/yr); 95 active listings in the ZIP; 14 comparable units currently listed for rent nearby; rentals at typical pace (median 23d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 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 $2k of loan paydown is wiped out by about $7k 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 87 days — a 6% lower offer ($234k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 24y 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.
• Current owner paid $65k; list at $249k implies a 283% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $207,048 (16.8% 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 87 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 1966 — 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 B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
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: 0.90% ✗
• Cap rate: 5.15%
• Cash-on-cash: -4.09%
• DSCR: 0.82
• GRM: 9.3

CMA / ARV

• ARV (median comp): $275,750
• List price: $249,000
• Delta: -9.70%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 6.15% rent growth · sell at horizon

5-year hold

• IRR: -19.0%
• Equity multiple: 0.31×
• Total profit: $-47,958
• Equity at exit: $37,127

10-year hold

• IRR: -5.4%
• Equity multiple: 0.59×
• Total profit: $-28,399
• Equity at exit: $21,529

Cash invested: $69,720 (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 96701

• Rents YoY: 6.2%
• Active inventory: 95
• Price-to-rent: 9.3×

Monthly cashflow live

• Estimated rent: $2,235 high
• Mortgage (P&I): −$1,306
• Tax from tax record: −$61 /mo · $731/yr
• Insurance: −$104
• HOA: −$533
• Vacancy / Maint / Mgmt: −$469
• Net cashflow: $-237

Break-even live

Break-even rent $2,536

Max offer price $207,048

Occupancy floor —

Sensitivity live

Price	-10% $-97	-5% $-167	+0% $-237	+5% $-308	+10% $-378
Rent	-10% $-414	-5% $-326	+0% $-237	+5% $-149	+10% $-61
Rate	-1.0pp $-112	-0.5pp $-174	base $-237	+0.5pp $-302	+1.0pp $-368

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: $62,250
• Closing costs: $7,470
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
98-142 Lipoa Pl Aiea, HI	1.0–2.0	1.0	583	$2,000	$3.43	25d	2	0.03mi
98-135 Lipoa Pl #102 Aiea, HI	2.0	1.0	660	$2,600	$3.94	23d	1	0.03mi
98-941 Moanalua Rd #504 Aiea, HI	1.0	1.0	523	$2,150	$4.11	25d	1	0.29mi
98-099 Uao Pl Aiea, HI	2.0	1.0–2.0	756	$3,525	$4.66	3d	1	0.39mi
98-080 Uao Pl Unit C9 Aiea, HI	2.0	1.0	731	$2,400	$3.28	25d	1	0.46mi
98-288 Kaonohi St #2106 Aiea, HI	1.0	1.0	515	$2,250	$4.37	25d	1	0.47mi
98-1038 Moanalua Rd Aiea, HI	1.0	1.0	583	$2,000	$3.43	5d	2	0.51mi
98-402 Koauka Loop #303 Aiea, HI	1.0	1.0	610	$2,000	$3.28	18d	1	0.54mi
98-402 Koauka Loop #303 Aiea, HI	1.0	1.0	610	$2,000	$3.28	23d	1	0.54mi
98-402 Koauka Loop #1907 Aiea, HI	1.0	1.0	610	$2,400	$3.93	5d	1	0.54mi
98-500 Koauka Loop Aiea, HI	1.0	1.0	605	$2,100	$3.47	17d	1	0.66mi
98-227 Kaluamoi Pl Unit D Pearl City, HI	2.0	1.0	500	$2,200	$4.40	25d	1	0.79mi
98-227 Kaluamoi Pl Unit B Pearl City, HI	2.0	1.0	650	$2,350	$3.62	25d	1	0.79mi
98-212 Kaulike Dr Unit 102 Pearl City, HI	2.0	1.0	750	$2,200	$2.93	5d	1	0.86mi

HOA detail condo

• Monthly dues: $533 · $6,396/yr
• Likely covers: gasparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-21
   days on market $249,000 Active 87 DOM
2. 2026-06-18
   days on market $249,000 Active 84 DOM
3. 2026-06-17
   days on market $249,000 Active 83 DOM
4. 2026-06-16
   days on market $249,000 Active 82 DOM
5. 2026-06-15
   days on market $249,000 Active 81 DOM
6. 2026-06-13
   days on market $249,000 Active 79 DOM
7. 2026-06-13
   days on market $249,000 Active 78 DOM
8. 2026-06-10
   days on market $249,000 Active 76 DOM
9. 2026-06-09
   days on market $249,000 Active 75 DOM
10. 2026-06-08
    days on market $249,000 Active 74 DOM
11. 2026-06-07
    days on market $249,000 Active 73 DOM
12. 2026-06-05
    days on market $249,000 Active 70 DOM
13. 2026-06-03
    days on market $249,000 Active 69 DOM
14. 2026-06-02
    days on market $249,000 Active 68 DOM
15. 2026-06-01
    days on market $249,000 Active 67 DOM
16. 2026-05-31
    days on market $249,000 Active 66 DOM
17. 2026-03-19
    listed $249,000 Active 545-char remark

    Show marketing remark (545 chars)

    Convenient ground floor unit, 1 bedroom, 1 bath, with assigned parking spot, remodeled in 2021. Air conditioner in bedroom, 2 Sets of Sliding closet doors, Ceramic tiles throughout, Smoke detectors in hallway and room. Located within walking distance to Pearl Kai Shopping Center, Longs Drugs, Pearlridge Shopping Center, Pearlridge Clinic, Anna Miller’s Restaurant, American Savings Bank with Leonard’s Malasadas across the street in Parking lot of Old Sears. Near bus stops, restaurants, public parks, schools, gas stations, etc.

18. 2002-10-31
    soldstatus $65,000 177-char remark

    Show marketing remark (177 chars)

    GROUND LVL UNIT IN GOOD CONDITION.TENANT OCC. MON/MON. ALLOW 48 HRS TO SHOW LOCATED ACROSS PR SHOPPING MALL,NR PEARL KAI SHOP MALL. UNIT SOLD AS IS. COLISTOR:CARL TANIBE X107

19. 2002-10-31
    soldstatus $65,000

    Show marketing remark (177 chars)

    GROUND LVL UNIT IN GOOD CONDITION.TENANT OCC. MON/MON. ALLOW 48 HRS TO SHOW LOCATED ACROSS PR SHOPPING MALL,NR PEARL KAI SHOP MALL. UNIT SOLD AS IS. COLISTOR:CARL TANIBE X107

20. 2002-09-12
    historical 177-char remark

    Show marketing remark (177 chars)

    GROUND LVL UNIT IN GOOD CONDITION.TENANT OCC. MON/MON. ALLOW 48 HRS TO SHOW LOCATED ACROSS PR SHOPPING MALL,NR PEARL KAI SHOP MALL. UNIT SOLD AS IS. COLISTOR:CARL TANIBE X107

21. 2002-08-27
    listed $65,000 177-char remark

    Show marketing remark (177 chars)

    GROUND LVL UNIT IN GOOD CONDITION.TENANT OCC. MON/MON. ALLOW 48 HRS TO SHOW LOCATED ACROSS PR SHOPPING MALL,NR PEARL KAI SHOP MALL. UNIT SOLD AS IS. COLISTOR:CARL TANIBE X107

22. 1993-06-18
    soldstatus $26,500

ⓘ 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: $731 · $61/mo
• Projected year-2 tax: $731 · $61/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 4/10 Moderate FEMA zone X (unshaded) · 21% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $26,825
• − Mortgage interest: −$13,948
• − Property taxes: −$731
• − Insurance: −$1,245
• − Repairs & maintenance: −$2,146
• − Management: −$2,146
• − HOA: −$6,396
• − Depreciation: −$7,244
• Taxable loss: −$7,031
• Est. tax savings @ 24.0%: +$1,687
• After-tax cash flow: $-1,162/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 — Waimalu

• Score: 76/100
• State rank: #11
• US rank: #3359

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waimalu, HI
• County: Honolulu County · 963,448 people
• Metro: Urban Honolulu, HI
• Population (ZIP): 39,200
• Household income: $111,173
• Rent vs Own: 30.3% rent · 69.7% own
• Severe rent burden: 878.0

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 23% White 10% Pacific Islander 8% Hispanic / Latino 8% Black 2%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Russian 1% Lithuanian 1% Romanian 1%
• Foreign-born: 16% · China, South Korea, Vietnam
• Languages at home: 77% English-only · Other Asian/Pacific 11% Tagalog/Filipino 4% Chinese 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: ▼ -538.09%
• Current HPI: 351.1868
• Rent YoY: ▲ 6.15%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+839.6% since first listed

6 events — show timeline

• 2026-03-19 Listed $249,000 HiCentral MLS
• 2002-10-31 Sold (Public Records) $65,000 Public Records
• 2002-10-31 Sold (MLS) $65,000 HiCentral MLS
• 2002-09-12 Listing Removed — HiCentral MLS
• 2002-08-27 Listed $65,000 HiCentral MLS
• 1993-06-18 Sold (Public Records) $26,500 Public Records

Property tax history

+4.6%/yr

Latest (2022): $731 · +9.6% YoY. Source: county tax records.