84-770 Kili Dr Unit J1034

Makaha, HI 96792

$180,000F

1 bd · 1.0 ba · 680 sqft · Built 1970 · Condo · Active · 187 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $1,965/mo
• Mortgage (P&I): −$944
• Tax + insurance: −$300
• HOA: −$1,210
• Vac / Maint / Mgmt: −$413
• Net cashflow: $-901/mo
• Annual: $-10,818/yr
• Cap rate: 0.28%
• Cash-on-cash: -21.46%
• DSCR: 0.04
• 1% rule: 1.09%
• Cash to close: $50,400

Investor read

• This is a 1-bed/1.0-bath condo listed at $180k. Condition is rated excellent.
• At list price, monthly cash flow is $-901 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $50k (72.5% below list).
• Meets the 1% rule at list price ($2k rent vs $180k).
• It's been on market 187 days — a 12% lower offer ($158k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $50k (72.5% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k of value loss. Plan a longer hold.
• Location reads 61/100 on livability (#82 in HI) — a middle-class / working-renter tenant base. Strengths: commute A; Watch: crime C-, health & safety C-, housing D+.
• 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: Makaha Elementary School (math 7% / reading 13%, grade F, #178 of 183 statewide, top 99%, 418 students, 83% FRL); Waianae Intermediate School (math 8% / reading 26%, grade F, #40 of 42 statewide, top 95%, 671 students, 74% FRL); Waianae High School (math 12% / reading 47%, grade F, #35 of 43 statewide, top 86%, 1,831 students, 64% FRL) — zoned schools average 74% FRL vs 39% district-wide (35 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 19% at this address vs 41% district-wide (-22 pts) — the specific schools serving this property underperform the Hawaii Department Of Education average; the district grade overstates school quality for this exact location.
• Watch-outs: HOA is 62% of rent.
• Market conditions: Rents rising (+3.4%/yr); 281 active listings in the ZIP; 22 comparable units currently listed for rent nearby; rentals lingering (median 47d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 82% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $19k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Cap rate 0.3% vs local median 1.5% in Makaha — below-typical yield; the buyer is paying a premium for something (appreciation thesis, condition, location) that the cap rate doesn't capture.

Questions for listing agent

• 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?
• It's been on market 187 days. Have you received any prior offers? Is the seller open to a 72% concession, seller financing, or rate buy-down credit?
• Built in 1970 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?