Māmalu Tower | 2 Bedroom Plan · Urban Honolulu, HI 96813

$600,000

2 bd · 2.0 ba · 707 sqft · Townhouse · 234 Days on market

Excellent condition

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Why this score? — see what drove the F 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 +7.5/15.0
• Condition / age +4.8/5.0
• Appreciation +4.6/10.0
• Cash flow +3.9/30.0
• Schools +3.1/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• 1% rule +0.1/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Nestled at the heart of Kaka'ako in Honolulu, Kahuina by Kakaako Block C, an affiliate of Stanford Carr Development, is where the past meets the present. A modern new residential community, it is the intersection and meeting place where we honor the treasured history of Hawai'i while moving forward together toward a bright and innovative future. Featuring 1, 2 and 3 bedroom homes designed for island families and just steps away from incredible dining, shopping and a breathtaking beach sunset.

Key facts

• Listed 233 days

🏗️ New construction. The $600,000 list price is a builder figure, so every metric below is computed on the value from comparable previous sales — $734,898.

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath townhouse listed at $600k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-2k ($-25k/yr) — negative.
• To cash-flow at today's rent, offer at most $431k (28.2% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $377k (37.2% below list).
• Recommended offer: $377k (37.2% below list) — sets the bar for 1% rule.
• Cap rate 2.9% 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 F — 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.
• Zoned schools: Royal Elementary School (math 27% / reading 32%, grade F, #122 of 183 statewide, top 71%, 325 students, 65% FRL); Princess Ruth Keelikolani Middle School (math 8% / reading 23%, grade F, #42 of 42 statewide, top 100%, 324 students, 69% FRL); President William Mckinley High School (math 28% / reading 69%, grade D, #13 of 43 statewide, top 33%, 1,502 students, 50% FRL) — zoned schools average 61% FRL vs 39% district-wide (22 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents flat; 255 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals lingering (median 88d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% 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).
• At $3,771/mo this rent would consume 49% of the median local household income ($92k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $5k of loan paydown is wiped out by about $5k 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 234 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.

Recommended offer $377,051 (37.2% 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 234 days. Have you received any prior offers? Is the seller open to a 37% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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?
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.51% ✗
• Cap rate: 2.86%
• Cash-on-cash: -12.25%
• DSCR: 0.46
• GRM: 16.2

CMA / ARV

• ARV (median comp): $734,898
• List price: $600,000
• Delta: -18.36%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 12 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
988 Halekauwila St #3111	0.24mi	2/2.0	740 (+5%)	2mo	$620,000	$838	79
600 Queen St #809	0.26mi	1/1.0 (-1)	672 (-5%)	0mo	$610,000	$908	70
615 Keawe St #2703	0.13mi	2/2.0	802 (+13%)	2mo	$780,000	$973	70
555 South St #4004	0.20mi	1/1.0 (-1)	652 (-8%)	2mo	$735,000	$1,127	67
333 Ward Ave #3406	0.31mi	1/1.0 (-1)	749 (+6%)	1mo	$1,200,000	$1,602	66
333 Ward Ave #2106	0.31mi	1/1.0 (-1)	749 (+6%)	2mo	$1,325,000	$1,769	65
801 South St #3207	0.36mi	2/1.5	776 (+10%)	0mo	$700,000	$902	65
801 South St #714	0.36mi	2/2.0	807 (+14%)	0mo	$715,000	$886	60
801 S King St #3102	0.49mi	2/2.0	791 (+12%)	3mo	$600,000	$759	55
225 Queen St Unit 22G	0.58mi	2/2.0	624 (-12%)	1mo	$331,000	$530	53
1001 Queen St #1413	0.45mi	1/1.0 (-1)	622 (-12%)	0mo	$700,000	$1,125	50
1100 Ala Moana Blvd #1007	0.44mi	1/1.0 (-1)	798 (+13%)	1mo	$1,300,000	$1,629	48

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-0.73% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: -21.6%
• Equity multiple: 0.08×
• Total profit: $-188,768
• Equity at exit: $187,018

10-year hold

• IRR: -16.8%
• Equity multiple: -0.46×
• Total profit: $-301,436
• Equity at exit: $204,705

Cash invested: $205,772 (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 →

Buyer's market Market conditions within 1.0 mi — comparable homes for sale

Active competition Active MLS

• For sale now: 184 active · 93 under contract
• Months of supply: 17.5 mo (6%/mo absorbed)
• Median asking: $739,000 ($1018/sqft)
• Median days on market: 95 d
• This list price: 38% of active listings are priced below it
• ARV vs active asking: +2.1% vs current asking $/sqft

Closed sales set the value; these active listings set current market conditions and a practical price ceiling.

ZIP-level market 96813

• Home prices YoY: -0.3%
• Rents YoY: 0.6%
• Active inventory: 255
• Price-to-rent: 13.3×

Monthly cashflow live

• Estimated rent: $3,771 high
• Mortgage (P&I): −$3,854
• Tax est. 1.5%: −$919 /mo · $11,023/yr
• Insurance: −$306
• HOA: −$0
• Vacancy / Maint / Mgmt: −$792
• Net cashflow: $-2,100

Break-even live

Break-even rent $6,429

Max offer price $431,023

Occupancy floor —

Sensitivity live

Price	-10% $-1,592	-5% $-1,846	+0% $-2,100	+5% $-2,354	+10% $-2,608
Rent	-10% $-2,398	-5% $-2,249	+0% $-2,100	+5% $-1,951	+10% $-1,802
Rate	-1.0pp $-1,730	-0.5pp $-1,913	base $-2,100	+0.5pp $-2,290	+1.0pp $-2,484

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: $183,725
• Closing costs: $22,047
• Club membership (one-time): —
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
555 South St Honolulu, HI	1.0–2.0	1.0–2.0	706	$4,000	$5.66	62d	2	0.15mi
555 South St Honolulu, HI	1.0–2.0	1.0–2.0	718	$3,990	$5.55	112d	2	0.15mi
555 South St Honolulu, HI	1.0–2.0	1.0–2.0	770	$4,000	$5.19	63d	2	0.15mi
555 South St Honolulu, HI	1.0	1.0	580	$3,025	$5.22	82d	3	0.15mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$4,100	$4.84	99d	1	0.24mi
988 Halekauwila St Honolulu, HI	1.0	1.0	511	$2,700	$5.28	99d	1	0.25mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	107d	1	0.25mi
988 Halekauwila St Honolulu, HI	2.0–3.0	2.0	850	$3,600	$4.23	58d	1	0.26mi
988 Halekauwila St Honolulu, HI	2.0	2.0	738	$3,600	$4.88	111d	1	0.26mi
988 Halekauwila St Honolulu, HI	1.0–2.0	1.0–2.0	625	$3,600	$5.76	80d	2	0.26mi
988 Halekauwila St Unit Ke Kilohana Honolulu, HI	2.0	2.0	739	$3,700	$5.01	106d	1	0.27mi
333 Ward Ave #2609 Honolulu, HI	1.0	1.0	565	$3,700	$6.55	98d	1	0.32mi
333 Ward Ave #1101 Honolulu, HI	1.0	1.0	734	$4,100	$5.59	76d	1	0.32mi
333 Ward Ave #2205 Honolulu, HI	1.0	1.0	709	$3,800	$5.36	78d	1	0.32mi
333 Ward Ave #1909 Honolulu, HI	1.0	1.0	565	$3,750	$6.64	93d	1	0.32mi
333 Ward Ave #907 Honolulu, HI	1.0	1.0	726	$3,900	$5.37	93d	1	0.32mi
333 Ward Ave #2909 Honolulu, HI	1.0	1.0	565	$3,700	$6.55	87d	1	0.32mi
333 Ward Ave #1807 Honolulu, HI	1.0	1.0	728	$4,950	$6.80	74d	1	0.32mi
333 Ward Ave #2315 Honolulu, HI	1.0	1.0	726	$4,100	$5.65	88d	1	0.32mi
333 Ward Ave #1005 Honolulu, HI	1.0	1.0	710	$4,250	$5.99	88d	1	0.32mi
333 Ward Ave #1906 Honolulu, HI	1.0	1.0	750	$5,000	$6.67	111d	1	0.32mi
333 Ward Ave #909 Honolulu, HI	1.0	1.0	563	$3,800	$6.75	74d	1	0.32mi
333 Ward Ave #1715 Honolulu, HI	1.0	1.0	740	$3,800	$5.14	73d	1	0.32mi
333 Ward Ave #3005 Honolulu, HI	1.0	1.0	710	$3,900	$5.49	82d	1	0.32mi
333 Ward Ave #3706 Honolulu, HI	1.0	1.0	750	$5,200	$6.93	93d	1	0.32mi
333 Ward Ave #1709 Honolulu, HI	1.0	1.0	565	$3,500	$6.19	82d	1	0.32mi
333 Ward Ave #1706 Honolulu, HI	1.0	1.0	749	$5,000	$6.68	99d	1	0.32mi
333 Ward Ave #2209 Honolulu, HI	1.0	1.0	563	$4,200	$7.46	111d	1	0.32mi
333 Ward Ave #3706 Honolulu, HI	1.0	1.0	750	$5,200	$6.93	78d	1	0.32mi
333 Ward Ave #3309 Honolulu, HI	1.0	1.0	565	$3,850	$6.81	98d	1	0.32mi
333 Ward Ave Honolulu, HI	1.0	1.0	728	$4,800	$6.59	99d	1	0.32mi
333 Ward Ave #1306 Honolulu, HI	1.0	1.0	749	$4,600	$6.14	99d	1	0.32mi
333 Ward Ave #1709 Honolulu, HI	1.0	1.0	565	$3,850	$6.81	88d	1	0.32mi
333 Ward Ave #3409 Honolulu, HI	1.0	1.0	565	$3,600	$6.37	97d	1	0.32mi
333 Ward Ave #4109 Honolulu, HI	1.0	1.0	565	$4,200	$7.43	85d	1	0.32mi
333 Ward Ave #3506 Honolulu, HI	1.0	1.0	750	$4,800	$6.40	88d	1	0.32mi
333 Ward Ave #3707 Honolulu, HI	1.0	1.0	728	$4,200	$5.77	97d	1	0.32mi
333 Ward Ave #3707 Honolulu, HI	1.0	1.0	728	$4,200	$5.77	98d	1	0.32mi
333 Ward Ave #2305 Honolulu, HI	1.0	1.0	709	$3,900	$5.50	74d	1	0.32mi
333 Ward Ave #3609 Honolulu, HI	1.0	1.0	565	$3,600	$6.37	73d	1	0.32mi

Listing history 50 events

1. 2026-09-24
   days on market $600,000 Active 234 DOM
2. 2026-09-22
   days on market $600,000 Active 232 DOM
3. 2026-09-21
   days on market $600,000 Active 231 DOM
4. 2026-09-20
   days on market $600,000 Active 230 DOM
5. 2026-09-19
   days on market $600,000 Active 229 DOM
6. 2026-09-18
   days on market $600,000 Active 228 DOM
7. 2026-09-17
   days on market $600,000 Active 227 DOM
8. 2026-09-16
   days on market $600,000 Active 226 DOM
9. 2026-09-15
   days on market $600,000 Active 225 DOM
10. 2026-09-14
    days on market $600,000 Active 224 DOM
11. 2026-09-13
    days on market $600,000 Active 223 DOM
12. 2026-09-12
    days on market $600,000 Active 222 DOM
13. 2026-09-11
    days on market $600,000 Active 221 DOM
14. 2026-09-05
    days on market $600,000 Active 215 DOM
15. 2026-09-04
    days on market $600,000 Active 214 DOM
16. 2026-09-03
    days on market $600,000 Active 213 DOM
17. 2026-08-31
    days on market $600,000 Active 210 DOM
18. 2026-08-29
    days on market $600,000 Active 208 DOM
19. 2026-08-28
    days on market $600,000 Active 207 DOM
20. 2026-08-27
    days on market $600,000 Active 206 DOM
21. 2026-08-25
    days on market $600,000 Active 204 DOM
22. 2026-08-24
    days on market $600,000 Active 203 DOM
23. 2026-08-23
    days on market $600,000 Active 202 DOM
24. 2026-08-22
    days on market $600,000 Active 201 DOM
25. 2026-08-21
    days on market $600,000 Active 200 DOM
26. 2026-08-20
    days on market $600,000 Active 199 DOM
27. 2026-08-19
    days on market $600,000 Active 198 DOM
28. 2026-08-18
    days on market $600,000 Active 197 DOM
29. 2026-08-17
    days on market $600,000 Active 196 DOM
30. 2026-08-16
    days on market $600,000 Active 195 DOM
31. 2026-08-15
    days on market $600,000 Active 194 DOM
32. 2026-08-14
    days on market $600,000 Active 193 DOM
33. 2026-08-13
    days on market $600,000 Active 192 DOM
34. 2026-08-12
    days on market $600,000 Active 191 DOM
35. 2026-08-11
    days on market $600,000 Active 190 DOM
36. 2026-08-10
    days on market $600,000 Active 189 DOM
37. 2026-08-09
    days on market $600,000 Active 188 DOM
38. 2026-08-08
    days on market $600,000 Active 187 DOM
39. 2026-08-07
    days on market $600,000 Active 186 DOM
40. 2026-08-06
    days on market $600,000 Active 185 DOM
41. 2026-08-05
    days on market $600,000 Active 184 DOM
42. 2026-08-04
    days on market $600,000 Active 183 DOM
43. 2026-08-03
    days on market $600,000 Active 182 DOM
44. 2026-07-31
    days on market $600,000 Active 179 DOM
45. 2026-07-30
    days on market $600,000 Active 178 DOM
46. 2026-07-30
    days on market $600,000 Active 177 DOM
47. 2026-07-28
    days on market $600,000 Active 176 DOM
48. 2026-07-24
    days on market $600,000 Active 172 DOM
49. 2026-07-23
    days on market $600,000 Active 171 DOM
50. 2026-07-22
    days on market $600,000 Active 170 DOM

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

Taxation est. · year 1

• Rental income: $45,246
• − Mortgage interest: −$41,166
• − Property taxes: −$11,023
• − Insurance: −$3,674
• − Repairs & maintenance: −$3,620
• − Management: −$3,620
• − Depreciation: −$21,379
• Taxable loss: −$39,236
• Est. tax savings @ 24.0%: +$9,417
• After-tax cash flow: $-15,784/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

Excellent 95/100 None rehab

This modern, move-in-ready condo in Kaka'ako, Honolulu, offers stunning ocean views and is well-maintained with no visible repairs needed. It's an excellent investment opportunity with high resale and rental potential.

Value-add opportunities

• Both Landscaping improvements — Enhance curb appeal and attract more buyers ↑
• Both Painting exterior — Freshen up the exterior and make it more appealing ↑
• Both Upgrade kitchen appliances — Modernize the kitchen and make it more functional ↑

F Composite school gradezoned avg 31/100

Zoned Schools

Elementary Royal Elementary School F HI #122/183 Nat'l #26,716/41,679 Middle Princess Ruth Keelikolani Middle School F HI #42/42 Nat'l #12,557/14,009 High President William Mckinley High School D HI #13/43 Nat'l #6,127/17,239

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 · 1,072,641 people
• City population: 309,956
• Metro: Urban Honolulu, HI
• Population (ZIP): 26,766
• Household income: $91,690
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 14% of renters

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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%

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Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.74)
• Race & ethnicity: Asian 48% Two or more races 21% White 15% Pacific Islander 9% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Russian 2% Romanian 1% Lithuanian 1%
• Foreign-born: 23% · South Korea, China, Vietnam
• Languages at home: 72% English-only · Other Asian/Pacific 10% Chinese 7% Korean 5%

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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: ▼ -0.73%
• Current HPI: 231.8414
• Rent YoY: ▲ 0.63%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-02-02 Listed $600,000 Zillow