85-135 Ala Akau St Unit H · Waianae, HI 96792

$235,000

4 bd · 1.0 ba · 1,128 sqft · Condo · 109 Days on market

Built 1974 Good condition $208/sqft · 51% above area $300/mo HOA · 10% of rent ↓ 13% since listing

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Why this score? — see what drove the C 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 +21.4/30.0
• ARV discount +7.5/15.0
• 1% rule +7.2/10.0
• DSCR +6.8/10.0
• Condition / age +3.8/5.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Spacious and versatile, this leasehold single-level 4-bedroom + bonus room home offers endless possibilities with low fees and a long lease! Whether you need a home office or extra guest space, this flexible layout has you covered. Move-in ready with room for your personal upgrades, this pet-friendly, fully fenced property provides plenty of space for pets to roam. Enjoy ample storage and a generous carport fitting up to 4 cars—a fantastic opportunity!

Key facts

• Fully fenced
• Flexible layout
• Bonus room

Tags

• BONUS ROOM
• HOME OFFICE
• FLEXIBLE LAYOUT
• PET FRIENDLY
• FULLY FENCED
• AMPLE STORAGE

What this means for you Summary

Snapshot

• This is a 4-bed/1.0-bath condo listed at $235k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $348 ($4k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $235k).
• Recommended offer: $214k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 63/100 on livability (#67 in HI) — a middle-class / working-renter tenant base. Strengths: commute B+, employment B+, housing B; Watch: health & safety C-, schools F, amenities 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 (+3.4%/yr); 250 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 57% 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).
• This rent runs 39% of the median local income ($88k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 109 days — a 9% lower offer ($214k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts 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.

Recommended offer $213,850 (9.0% below list)

Questions for the listing agent

1. It's been on market 109 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 1.22% ✓
• Cap rate: 8.07%
• Cash-on-cash: 6.35%
• DSCR: 1.28
• GRM: 6.8

CMA / ARV

• ARV (median comp): $155,818
• List price: $235,000
• Delta: 50.82%
• Verdict: OVERPRICED
• Comps: 4 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.38% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.78×
• Total profit: $-14,555
• Equity at exit: $35,039

10-year hold

• IRR: 4.3%
• Equity multiple: 1.33×
• Total profit: $21,393
• Equity at exit: $20,319

Cash invested: $65,800 (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 96792

• Home prices YoY: -18.8%
• Rents YoY: 3.4%
• Active inventory: 250
• Price-to-rent: 6.8×

Monthly cashflow live

• Estimated rent: $2,877 high
• Mortgage (P&I): −$1,232
• Tax est. 1.5%: −$294 /mo · $3,525/yr
• Insurance: −$98
• HOA: −$300
• Vacancy / Maint / Mgmt: −$604
• Net cashflow: $348

Break-even live

Break-even rent $2,435

Max offer price $235,000

Occupancy floor 83%

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: $58,750
• Closing costs: $7,050
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
85-135 Ala Akau St Unit A Waianae, HI	4.0	2.0	1128	$2,500	$2.22	43d	1	0.03mi
84-1131 Lahaina St Unit B Waianae, HI	4.0	2.0	1200	$3,600	$3.00	23d	1	0.84mi
84-1111 Lahaina St Unit A Waianae, HI	3.0	2.0	920	$2,900	$3.15	43d	1	0.87mi
84-956 Hanalei St Unit B Waianae, HI	3.0	1.0	800	$3,300	$4.12	43d	1	1.09mi
84-929 Lahaina St Unit B Waianae, HI	4.0	2.0	1200	$3,600	$3.00	17d	1	1.13mi
84-917 Hanalei St Unit C Waianae, HI	3.0	1.0	700	$2,400	$3.43	3d	1	1.17mi
84-917 Hanalei St Waianae, HI	3.0	1.0	700	$2,500	$3.57	43d	1	1.17mi

HOA detail condo

• Monthly dues: $300 · $3,600/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $235,000 Active 109 DOM
2. 2026-06-17
   days on market $235,000 Active 108 DOM
3. 2026-06-16
   days on market $235,000 Active 107 DOM
4. 2026-06-15
   days on market $235,000 Active 106 DOM
5. 2026-06-13
   days on market $235,000 Active 104 DOM
6. 2026-06-13
   days on market $235,000 Active 103 DOM
7. 2026-06-10
   days on market $235,000 Active 101 DOM
8. 2026-06-09
   days on market $235,000 Active 100 DOM
9. 2026-06-08
   days on market $235,000 Active 99 DOM
10. 2026-06-07
    days on market $235,000 Active 98 DOM
11. 2026-06-05
    days on market $235,000 Active 95 DOM
12. 2026-06-03
    days on market $235,000 Active 94 DOM
13. 2026-06-02
    days on market $235,000 Active 93 DOM
14. 2026-06-01
    days on market $235,000 Active 92 DOM
15. 2026-05-31
    days on market $235,000 Active 91 DOM
16. 2026-02-27
    listed $235,000 Active 462-char remark

    Show marketing remark (462 chars)

    Spacious and versatile, this leasehold single-level 4-bedroom + bonus room home offers endless possibilities with low fees and a long lease! Whether you need a home office or extra guest space, this flexible layout has you covered. Move-in ready with room for your personal upgrades, this pet-friendly, fully fenced property provides plenty of space for pets to roam. Enjoy ample storage and a generous carport fitting up to 4 cars—a fantastic opportunity!

17. 2026-02-19
    historical
18. 2026-01-22
    price $242,500
19. 2025-11-09
    price $245,000
20. 2025-11-04
    status Active
21. 2025-08-21
    price $259,000
22. 2025-04-23
    historical Active Under Contract
23. 2025-02-27
    listed $269,000 Active

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $34,519
• − Mortgage interest: −$13,164
• − Property taxes: −$3,525
• − Insurance: −$1,175
• − Repairs & maintenance: −$2,761
• − Management: −$2,761
• − HOA: −$3,600
• − Depreciation: −$6,836
• Taxable income: $696
• Est. tax owed @ 24.0%: −$167
• After-tax cash flow: $4,014/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.

Condition & rehab AI · 12 photos

Good 75/100 Cosmetic rehab

This move-in ready, pet-friendly condo offers a good condition with minor updates needed for a fresh look and increased value.

Repairs flagged

• Minor kitchen cabinets — Aesthetic update needed
• Minor kitchen countertops — Cleanliness and minor scratches

Value-add opportunities

• Resale Paint kitchen cabinets — Fresh paint enhances curb appeal
• Resale Replace kitchen countertops — Modern countertops improve functionality and aesthetics
• Resale Replace kitchen appliances — Upgraded appliances increase appeal and functionality
• Both Landscaping improvements — Enhances curb appeal and adds value
• Rental Window screens — Improved comfort and energy efficiency

Renovation cost estimate screening

Repair item	Severity	Est. cost
kitchen cabinets · Aesthetic update needed	Minor	$500–3,000
kitchen countertops · Cleanliness and minor scratches	Minor	$500–3,000
Total estimated repair cost · 2 items		$1,000–6,000

Value-add ROI direction

• Resale Paint kitchen cabinets — Fresh paint enhances curb appeal ↑
• Resale Replace kitchen countertops — Modern countertops improve functionality and aesthetics ↑
• Resale Replace kitchen appliances — Upgraded appliances increase appeal and functionality ↑
• Both Landscaping improvements — Enhances curb appeal and adds value ↑
• Rental Window screens — Improved comfort and energy efficiency ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Waianae

• Score: 63/100
• State rank: #67
• US rank: #15629

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waianae, HI
• County: Honolulu County · 963,448 people
• City population: 49,618
• Metro: Urban Honolulu, HI
• Population (ZIP): 49,618
• Household income: $87,509
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1706.0

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 0.96)
• Race & ethnicity: Pacific Islander 42% Two or more races 32% Hispanic / Latino 13% Asian 10% White 10% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6%
• Common ancestry: Russian 6% Romanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 82% English-only · Other Asian/Pacific 13% Tagalog/Filipino 2% Spanish 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: ▼ -110.72%
• Current HPI: 477.9187
• Rent YoY: ▲ 3.38%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

-12.6% since first listed

8 events — show timeline

• 2026-02-27 Listed $235,000 HiCentral MLS
• 2026-02-19 Listing Removed — HiCentral MLS
• 2026-01-22 Price Changed $242,500 HiCentral MLS
• 2025-11-09 Price Changed $245,000 HiCentral MLS
• 2025-11-04 Relisted — HiCentral MLS
• 2025-08-21 Price Changed $259,000 HiCentral MLS
• 2025-04-23 Contingent — HiCentral MLS
• 2025-02-27 Listed $269,000 HiCentral MLS