46-232 Kahuhipa St Unit F103 · Kaneohe, HI 96744

$380,000

2 bd · 1.5 ba · 782 sqft · Condo public records · 34 Days on market

Built 1979 $486/sqft · 13% below area Est $437k · 13% under $610/mo HOA · 21% 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 +13.4/15.0
• Cash flow +6.8/30.0
• Rent growth +4.6/5.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• 1% rule +2.6/10.0
• Condition / age +2.5/5.0
• DSCR +1.0/10.0
• Appreciation +0.0/10.0

Listing remarks

Move-in-ready ground-floor condo in the heart of Kaneohe, set against the lush Koolau Mountains and just a short walk to Windward Mall. Recently painted interiors and a renovated kitchen create a fresh feel, while the open-concept living area flows to an enclosed lanai with storage in your own private outdoor retreat. This 2-bedroom, 1.5-bath home offers comfortable bedroom layouts, with the half bath in the primary bedroom providing extra convenience. The in-unit full-size washer and dryer add everyday practicality, and ground-level living means easy access with no stairs or elevators—ideal for keiki, kupuna, or anyone seeking convenience.

Key facts

• Ground floor condo
• Renovated kitchen
• Enclosed lanai

Tags

• GROUND FLOOR CONDO
• RENOVATED KITCHEN
• ENCLOSED LANAI
• PRIVATE OUTDOOR RETREAT
• IN UNIT WASHER AND DRYER

Property features AI

Finance

• Other: Property in good condition
• Financial info: Maintenance expense: $610.85
• HOA & community: Association provides management; Association fees cover common areas, water, and sewer

Exterior

• Parking: Assigned parking; Guest parking available; Two parking spaces (assigned/guest); Has open parking
• Utilities: Water included in association fee; Sewer included in association fee
• Home design: One-story building; Entry at level 1; Fee simple land tenure; Part of Nani Koolau; Medium-density apartment zoning
• Construction: Double wall and concrete construction
• Exterior features: Yard

Interior

• Bedrooms: Bedroom located on the main level
• Flooring: Carpet; Ceramic tile
• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Unfurnished; Bedroom on main level; Full bath on main level; Storage; Has view; Good condition

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $380k.

Deal economics

• At list price, monthly cash flow is $-588 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $276k (27.3% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $289k (23.9% below list).
• Recommended offer: $276k (27.3% below list) — sets the bar for cash-flow.
• Cap rate 4.4% vs local median 1.6% in Kaneohe — 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 74/100 on livability (#15 in HI, #4,828 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, 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.
• Market conditions: Rents rising fast (+8.4%/yr); 124 active listings in the ZIP; 18 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 $3k of loan paydown is wiped out by about $11k 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 34 days — a 3% lower offer ($369k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $89k; list at $380k implies a 328% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 21% of rent.

Recommended offer $276,074 (27.3% 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 34 days. Have you received any prior offers? Is the seller open to a 27% concession, seller financing, or rate buy-down credit?
3. Built in 1979 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 0.76% ✗
• Cap rate: 4.44%
• Cash-on-cash: -6.64%
• DSCR: 0.70
• GRM: 10.9

CMA / ARV

• ARV (median comp): $437,319
• List price: $380,000
• Delta: -13.11%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: -21.7%
• Equity multiple: 0.21×
• Total profit: $-83,557
• Equity at exit: $56,659

10-year hold

• IRR: -6.0%
• Equity multiple: 0.52×
• Total profit: $-50,608
• Equity at exit: $32,855

Cash invested: $106,400 (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 96744

• Rents YoY: 8.4%
• Active inventory: 124
• Price-to-rent: 10.9×

Monthly cashflow live

• Estimated rent: $2,894 high
• Mortgage (P&I): −$1,993
• Tax from tax record: −$113 /mo · $1,359/yr
• Insurance: −$158
• HOA: −$610
• Vacancy / Maint / Mgmt: −$608
• Net cashflow: $-588

Break-even live

Break-even rent $3,638

Max offer price $276,074

Occupancy floor —

Sensitivity live

Price	-10% $-373	-5% $-481	+0% $-588	+5% $-696	+10% $-803
Rent	-10% $-817	-5% $-703	+0% $-588	+5% $-474	+10% $-360
Rate	-1.0pp $-397	-0.5pp $-492	base $-588	+0.5pp $-687	+1.0pp $-787

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

Rent comps 18 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
46-232 Kahuhipa St Kaneohe, HI	2.0	1.5–2.0	900	$2,475	$2.75	3d	2	0.03mi
46-259 Kahuhipa St Unit 206B Kaneohe, HI	3.0	2.0	1097	$3,500	$3.19	44d	1	0.06mi
46-261 Kahuhipa St Unit A111 Kaneohe, HI	2.0	1.0	800	$2,700	$3.38	17d	1	0.07mi
46-270 Kahuhipa St Unit A410 Kaneohe, HI	2.0	1.0	802	$2,275	$2.84	24d	1	0.07mi
46-270 Kahuhipa St Kaneohe, HI	2.0	1.0	876	$2,500	$2.85	24d	1	0.07mi
46-1060 Emepela Way Unit 9R Kaneohe, HI	2.0	1.0	717	$2,500	$3.49	3d	1	0.22mi
46-318 Haiku Rd #56 Kaneohe, HI	1.0	1.5	944	$3,000	$3.18	3d	1	0.44mi
45-1133-B Cobb Adams Rd Unit B Kaneohe, HI	2.0	2.0	900	$3,350	$3.72	20d	1	0.54mi
45-643 Keneke St Kaneohe, HI	3.0	1.5	1021	$3,600	$3.53	24d	1	0.66mi
45-697 Kamehameha Hwy #112 Kaneohe, HI	2.0	1.0	620	$3,000	$4.84	24d	1	0.78mi
46 Puulena St Unit 203 Kaneohe, HI	2.0	2.0	870	$2,500	$2.87	12d	1	0.83mi
45-677 Kamehameha Hwy Unit B-05 Kaneohe, HI	2.0	1.0	630	$1,900	$3.02	24d	1	0.86mi
45-446 Ihilani St Unit A Kaneohe, HI	1.0	1.0	900	$2,600	$2.89	20d	1	0.97mi
45-995 Wailele Rd #80 Kaneohe, HI	3.0	3.0	1122	$6,500	$5.79	44d	1	1.00mi
45-253 Wena St Unit A Kaneohe, HI	3.0	2.0	964	$5,000	$5.19	12d	1	1.00mi
45-253 Wena St Kaneohe, HI	3.0	2.0	964	$5,000	$5.19	14d	1	1.00mi
45-535 Luluku Rd Unit G1 Kaneohe, HI	2.0	1.0	722	$2,900	$4.02	24d	1	1.02mi
46-051 Konohiki St Kaneohe, HI	2.0	2.0	871	$3,900	$4.48	24d	1	1.23mi

HOA detail condo

• Monthly dues: $610 · $7,320/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 18 events

1. 2026-06-18
   days on market $380,000 Active 34 DOM
2. 2026-06-17
   days on market $380,000 Active 33 DOM
3. 2026-06-16
   days on market $380,000 Active 32 DOM
4. 2026-06-15
   days on market $380,000 Active 31 DOM
5. 2026-06-13
   days on market $380,000 Active 29 DOM
6. 2026-06-13
   days on market $380,000 Active 28 DOM
7. 2026-06-10
   days on market $380,000 Active 26 DOM
8. 2026-06-09
   days on market $380,000 Active 25 DOM
9. 2026-06-08
   days on market $380,000 Active 24 DOM
10. 2026-06-07
    days on market $380,000 Active 23 DOM
11. 2026-06-05
    days on market $380,000 Active 20 DOM
12. 2026-06-03
    days on market $380,000 Active 19 DOM
13. 2026-06-02
    days on market $380,000 Active 18 DOM
14. 2026-06-01
    days on market $380,000 Active 17 DOM
15. 2026-05-31
    days on market $380,000 Active 16 DOM
16. 2026-05-15
    listed $380,000 Active 655-char remark
17. 1993-04-12
    soldstatus $88,819
18. 1978-11-30
    soldstatus $54,000

ⓘ 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: $1,359 · $113/mo
• Projected year-2 tax: $1,359 · $113/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $34,724
• − Mortgage interest: −$21,286
• − Property taxes: −$1,359
• − Insurance: −$1,900
• − Repairs & maintenance: −$2,778
• − Management: −$2,778
• − HOA: −$7,320
• − Depreciation: −$11,055
• Taxable loss: −$13,751
• Est. tax savings @ 24.0%: +$3,300
• After-tax cash flow: $-3,759/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 — Kaneohe

• Score: 74/100
• State rank: #15
• US rank: #4828

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kaneohe, HI
• County: Honolulu County · 963,448 people
• City population: 57,620
• Metro: Urban Honolulu, HI
• Population (ZIP): 57,620
• Household income: $131,653
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 789.0

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 0.83)
• Race & ethnicity: Asian 35% Two or more races 35% White 17% Hispanic / Latino 11% Pacific Islander 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Russian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Asian/Pacific 7% Spanish 1% Tagalog/Filipino 1%

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: ▼ -677.95%
• Current HPI: 376.8834
• Rent YoY: ▲ 8.45%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+603.7% since first listed

3 events — show timeline

• 2026-05-15 Listed $380,000 HiCentral MLS
• 1993-04-12 Sold (Public Records) $88,819 Public Records
• 1978-11-30 Sold (Public Records) $54,000 Public Records

Property tax history

+10.1%/yr

Latest (2022): $1,359 · +57.8% YoY. Source: county tax records.