1909 Ala Wai Blvd #901 · Urban Honolulu, HI 96815

$310,000

2 bd · 1.0 ba · 674 sqft · Condo public records · 103 Days on market

Built 1971 $460/sqft · 7% above area Est $289k · 7% over $777/mo HOA · 25% 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).

• Cash flow +10.4/30.0
• Appreciation +6.4/10.0
• 1% rule +5.1/10.0
• ARV discount +4.2/15.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• DSCR +3.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Welcome to Royal Aloha, a well-established high-rise nestled in the heart of Waikiki. This fully furnished, corner 2-bedroom, 1-bath unit on the 9th floor offers city and marina/canal views, 674 sq ft of living space, and a covered lanai. This unit is a legal short-term rental — a rare and valuable opportunity in Waikiki. Includes one covered assigned parking stall, vinyl flooring, ceiling fan and all furniture included. Giving you a turn-key ready Airbnb rental.

Key facts

• $777 HOA
• Parking
• Community pool

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $310k.

Deal economics

• At list price, monthly cash flow is $-289 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $259k (16.5% below list).
• Meets the 1% rule at list price ($3k rent vs $310k).
• Recommended offer: $259k (16.5% below list) — sets the bar for cash-flow.
• Cap rate 5.6% 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 D — 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 23d 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 $11k of equity ($2k loan paydown + $9k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 103 days — a 9% lower offer ($282k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 2y ago; this cycle's ask has dropped $30k (9%) from the opening price — seller is motivated, your offer sets the floor, not the list.

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 $258,921 (16.5% 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 103 days. Have you received any prior offers? Is the seller open to a 16% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 1.01% ✓
• Cap rate: 5.65%
• Cash-on-cash: -2.31%
• DSCR: 0.90
• GRM: 8.2

CMA / ARV

• ARV (median comp): $288,545
• List price: $310,000
• Delta: 7.44%
• 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: 5.0%
• Equity multiple: 1.29×
• Total profit: $24,929
• Equity at exit: $134,923

10-year hold

• IRR: 10.1%
• Equity multiple: 2.58×
• Total profit: $136,832
• Equity at exit: $204,525

Cash invested: $86,800 (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: 8.2×

Monthly cashflow live

• Estimated rent: $3,141 high
• Mortgage (P&I): −$1,626
• Tax from tax record: −$117 /mo · $1,398/yr
• Insurance: −$129
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$777
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $-289

Break-even live

Break-even rent $3,507

Max offer price $258,921

Occupancy floor —

Sensitivity live

Price	-10% $-114	-5% $-201	+0% $-289	+5% $-377	+10% $-465
Rent	-10% $-537	-5% $-413	+0% $-289	+5% $-165	+10% $-41
Rate	-1.0pp $-133	-0.5pp $-210	base $-289	+0.5pp $-369	+1.0pp $-451

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: $77,500
• Closing costs: $9,300
• 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	22d	1	0.15mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	25d	1	0.20mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	13d	1	0.20mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	13d	1	0.24mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	45d	2	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	45d	3	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	4d	4	0.25mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	25d	1	0.29mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	13d	1	0.30mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.30mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	45d	1	0.30mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$3,000	$3.51	25d	2	0.35mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$3,000	$3.76	22d	3	0.35mi
1778 Ala Moana Blvd #3318 Honolulu, HI	1.0	1.0	683	$3,400	$4.98	4d	1	0.38mi
1778 Ala Moana Blvd #1219 Honolulu, HI	1.0	1.0	724	$4,600	$6.35	25d	1	0.38mi
1778 Ala Moana Blvd #801 Honolulu, HI	1.0	1.0	724	$3,400	$4.70	25d	1	0.38mi
1778 Ala Moana Blvd #1307 Honolulu, HI	1.0	1.0	683	$2,900	$4.25	25d	1	0.38mi
1778 Ala Moana Blvd #2606 Honolulu, HI	1.0	1.0	724	$2,895	$4.00	4d	1	0.38mi
1778 Ala Moana Blvd #1317 Honolulu, HI	1.0	1.0	683	$2,775	$4.06	22d	1	0.38mi
1778 Ala Moana Blvd Unit 1541754P Honolulu, HI	1.0	1.0	721	$4,387	$6.08	15d	1	0.39mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	13d	3	0.39mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	18d	2	0.39mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	17d	1	0.39mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	22d	1	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	11d	1	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	22d	2	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	4d	2	0.43mi
1777 Ala Moana Blvd Unit 1327715P Honolulu, HI	1.0	1.0	495	$5,590	$11.29	45d	1	0.44mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	4d	2	0.44mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	4d	1	0.45mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	18d	1	0.45mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	25d	1	0.45mi
2140 Khi Ave. unit Ph 2506 Honolulu, HI	1.0	1.0	678	$3,200	$4.72	15d	1	0.45mi
1765 Ala Moana Blvd #1183 Honolulu, HI	1.0	1.0	440	$3,100	$7.05	4d	1	0.45mi
445 Kaiolu St Honolulu, HI	1.0	1.0	490	$3,400	$6.94	18d	1	0.48mi
430 Lewers St Unit 25E Honolulu, HI	1.0	1.0	673	$2,700	$4.01	25d	1	0.50mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	25d	1	0.50mi
2211 Ala Wai Blvd Honolulu, HI	1.0	1.0	437	$3,100	$7.09	25d	1	0.55mi
2211 Ala Wai Blvd #1108 Honolulu, HI	1.0	1.0	413	$2,600	$6.30	25d	1	0.55mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,950	$6.86	4d	1	0.58mi

HOA detail condo

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

Listing history 26 events

1. 2026-06-21
   days on market $310,000 Active 103 DOM
2. 2026-06-19
   status $310,000 Active 100 DOM
3. 2026-06-18
   days on market $310,000 Active Under Contract 100 DOM
4. 2026-06-17
   days on market $310,000 Active Under Contract 99 DOM
5. 2026-06-16
   days on market $310,000 Active Under Contract 98 DOM
6. 2026-06-15
   days on market $310,000 Active Under Contract 97 DOM
7. 2026-06-13
   days on market $310,000 Active Under Contract 95 DOM
8. 2026-06-13
   statusdays on market $310,000 Active Under Contract 94 DOM
9. 2026-06-10
   remarks 485-char remark
10. 2026-06-10
    pricedays on market $310,000 Active 92 DOM
11. 2026-06-09
    days on market $340,000 Active 91 DOM
12. 2026-06-08
    days on market $340,000 Active 90 DOM
13. 2026-06-07
    days on market $340,000 Active 89 DOM
14. 2026-06-05
    days on market $340,000 Active 86 DOM
15. 2026-06-03
    days on market $340,000 Active 85 DOM
16. 2026-06-02
    days on market $340,000 Active 84 DOM
17. 2026-06-01
    days on market $340,000 Active 83 DOM
18. 2026-05-31
    days on market $340,000 Active 82 DOM
19. 2026-04-27
    status Active 473-char remark

    Show marketing remark (473 chars)

    Welcome to Royal Aloha, a well-established high-rise nestled in the heart of Waikiki. This fully furnished, corner 2-bedroom, 1-bath unit on the 9th floor offers city and marina/canal views, 674 sq ft of living space, and a covered lanai. This unit is a legal short-term rental — a rare and valuable opportunity in Waikiki. Includes one covered assigned parking stall, vinyl flooring, ceiling fan and all furniture included. Giving you a turn-key ready Airbnb rental.

20. 2026-03-10
    listed Active Under Contract 473-char remark

    Show marketing remark (473 chars)

    Welcome to Royal Aloha, a well-established high-rise nestled in the heart of Waikiki. This fully furnished, corner 2-bedroom, 1-bath unit on the 9th floor offers city and marina/canal views, 674 sq ft of living space, and a covered lanai. This unit is a legal short-term rental — a rare and valuable opportunity in Waikiki. Includes one covered assigned parking stall, vinyl flooring, ceiling fan and all furniture included. Giving you a turn-key ready Airbnb rental.

21. 2026-03-09
    listed $340,000 473-char remark

    Show marketing remark (473 chars)

    Welcome to Royal Aloha, a well-established high-rise nestled in the heart of Waikiki. This fully furnished, corner 2-bedroom, 1-bath unit on the 9th floor offers city and marina/canal views, 674 sq ft of living space, and a covered lanai. This unit is a legal short-term rental — a rare and valuable opportunity in Waikiki. Includes one covered assigned parking stall, vinyl flooring, ceiling fan and all furniture included. Giving you a turn-key ready Airbnb rental.

22. 2024-04-15
    soldstatus $325,000 Sold 580-char remark

    Show marketing remark (580 chars)

    Welcome to the Royal Aloha! This beautifully furnished condo in Waikiki offers sweeping views of the Ala Wai Canal and famous golf course. Perfectly located near restaurants, shops and entertainment venues, this condo is the ideal getaway to experience all that Waikiki has to offer. Enjoy the convenience of onsite laundry, BBQ area, and pool; all the amenities you need for a perfect Hawaiian getaway! Use it on vacation and rent it out while you're away, this property is a LEGAL VACATION RENTAL, zone X-6 Resort Mix Use. Don't miss your opportunity to own a piece of paradise!

23. 2024-03-04
    historical Active Under Contract 580-char remark

    Show marketing remark (580 chars)

    Welcome to the Royal Aloha! This beautifully furnished condo in Waikiki offers sweeping views of the Ala Wai Canal and famous golf course. Perfectly located near restaurants, shops and entertainment venues, this condo is the ideal getaway to experience all that Waikiki has to offer. Enjoy the convenience of onsite laundry, BBQ area, and pool; all the amenities you need for a perfect Hawaiian getaway! Use it on vacation and rent it out while you're away, this property is a LEGAL VACATION RENTAL, zone X-6 Resort Mix Use. Don't miss your opportunity to own a piece of paradise!

24. 2024-01-17
    listed $350,000 Active 580-char remark

    Show marketing remark (580 chars)

    Welcome to the Royal Aloha! This beautifully furnished condo in Waikiki offers sweeping views of the Ala Wai Canal and famous golf course. Perfectly located near restaurants, shops and entertainment venues, this condo is the ideal getaway to experience all that Waikiki has to offer. Enjoy the convenience of onsite laundry, BBQ area, and pool; all the amenities you need for a perfect Hawaiian getaway! Use it on vacation and rent it out while you're away, this property is a LEGAL VACATION RENTAL, zone X-6 Resort Mix Use. Don't miss your opportunity to own a piece of paradise!

25. 1986-07-15
    soldstatus $66,500
26. 1986-05-01
    soldstatus $66,500

ⓘ 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: $1,398 · $117/mo
• Projected year-2 tax: $1,398 · $117/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: −$17,365
• − Property taxes: −$1,398
• − Insurance: −$3,018
• − Repairs & maintenance: −$3,016
• − Management: −$3,016
• − HOA: −$9,324
• − Depreciation: −$9,018
• Taxable loss: −$8,460
• Est. tax savings @ 24.0%: +$2,030
• After-tax cash flow: $-1,439/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

+411.3% since first listed

8 events — show timeline

• 2026-04-27 Relisted — HiCentral MLS
• 2026-03-10 Listed — HiCentral MLS
• 2026-03-09 Listed $340,000 HiCentral MLS
• 2024-04-15 Sold (MLS) $325,000 HiCentral MLS
• 2024-03-04 Contingent — HiCentral MLS
• 2024-01-17 Listed $350,000 HiCentral MLS
• 1986-07-15 Sold (Public Records) $66,500 Public Records
• 1986-05-01 Sold (Public Records) $66,500 Public Records

Property tax history

+3.6%/yr

Latest (2022): $1,398 · +5.5% YoY. Source: county tax records.