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

$600,000

2 bd · 2.0 ba · 707 sqft · Condo · 136 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 +3.7/10.0
• 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 136 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 — $788,973.

What this means for you Summary

Snapshot

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

Deal economics

• At list price, monthly cash flow is $-2k ($-27k/yr) — negative.
• To cash-flow at today's rent, offer at most $462k (23.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $404k (32.7% below list).
• Recommended offer: $404k (32.7% 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.
• Market conditions: Rents flat; 198 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals leasing fast (median 12d on market — plan ~1-2 weeks tenant-placement turnaround); solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• At $4,040/mo this rent would consume 53% of the median local household income ($92k/yr) (locally 1338% of renters already pay >50% of income on rent) — 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 $6k 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 136 days — a 12% lower offer ($528k) is reasonable based on typical stale-listing flexibility.

Recommended offer $404,027 (32.7% 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 136 days. Have you received any prior offers? Is the seller open to a 33% concession, seller financing, or rate buy-down credit?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.51% ✗
• Cap rate: 2.85%
• Cash-on-cash: -12.28%
• DSCR: 0.45
• GRM: 16.3

CMA / ARV

• ARV (median comp): $788,973
• List price: $600,000
• Delta: -23.95%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

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: $-203,026
• Equity at exit: $200,778

10-year hold

• IRR: -16.9%
• Equity multiple: -0.47×
• Total profit: $-324,365
• Equity at exit: $219,767

Cash invested: $220,912 (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 96813

• Home prices YoY: -0.3%
• Rents YoY: 0.6%
• Active inventory: 198
• Price-to-rent: 12.4×

Monthly cashflow live

• Estimated rent: $4,040 high
• Mortgage (P&I): −$4,137
• Tax est. 1.5%: −$986 /mo · $11,835/yr
• Insurance: −$329
• HOA: −$0
• Vacancy / Maint / Mgmt: −$848
• Net cashflow: $-2,261

Break-even live

Break-even rent $6,902

Max offer price $461,860

Occupancy floor —

Sensitivity live

Price	-10% $-1,715	-5% $-1,988	+0% $-2,261	+5% $-2,533	+10% $-2,806
Rent	-10% $-2,580	-5% $-2,420	+0% $-2,261	+5% $-2,101	+10% $-1,941
Rate	-1.0pp $-1,863	-0.5pp $-2,060	base $-2,261	+0.5pp $-2,465	+1.0pp $-2,673

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: $197,243
• Closing costs: $23,669
• 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	718	$3,990	$5.55	17d	2	0.15mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$4,100	$4.84	4d	1	0.24mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	12d	1	0.25mi
988 Halekauwila St Honolulu, HI	1.0	1.0	511	$2,700	$5.28	4d	1	0.25mi
988 Halekauwila St Honolulu, HI	2.0	2.0	738	$3,600	$4.88	16d	1	0.26mi
988 Halekauwila St Unit Ke Kilohana Honolulu, HI	2.0	2.0	739	$3,700	$5.01	11d	1	0.27mi
333 Ward Ave #1715 Honolulu, HI	1.0	1.0	740	$4,100	$5.54	14d	1	0.32mi
333 Ward Ave Honolulu, HI	1.0	1.0	728	$4,800	$6.59	4d	1	0.32mi
333 Ward Ave #3409 Honolulu, HI	1.0	1.0	565	$3,600	$6.37	2d	1	0.32mi
333 Ward Ave #3609 Honolulu, HI	1.0	1.0	565	$4,000	$7.08	2d	1	0.32mi
333 Ward Ave #3707 Honolulu, HI	1.0	1.0	728	$4,200	$5.77	2d	1	0.32mi
333 Ward Ave #2609 Honolulu, HI	1.0	1.0	565	$3,700	$6.55	3d	1	0.32mi
333 Ward Ave #3309 Honolulu, HI	1.0	1.0	565	$3,850	$6.81	3d	1	0.32mi
333 Ward Ave #3707 Honolulu, HI	1.0	1.0	728	$4,200	$5.77	3d	1	0.32mi
333 Ward Ave #2909 Honolulu, HI	1.0	1.0	565	$3,900	$6.90	4d	1	0.32mi
333 Ward Ave #2209 Honolulu, HI	1.0	1.0	563	$4,200	$7.46	16d	1	0.32mi
333 Ward Ave #2315 Honolulu, HI	1.0	1.0	726	$4,200	$5.79	4d	1	0.32mi
333 Ward Ave #1306 Honolulu, HI	1.0	1.0	749	$4,600	$6.14	4d	1	0.32mi
333 Ward Ave #1906 Honolulu, HI	1.0	1.0	750	$5,000	$6.67	16d	1	0.32mi
333 Ward Ave #907 Honolulu, HI	1.0	1.0	726	$4,000	$5.51	15d	1	0.32mi
333 Ward Ave #2309 Honolulu, HI	1.0	1.0	563	$3,900	$6.93	12d	1	0.32mi
333 Ward Ave #1706 Honolulu, HI	1.0	1.0	749	$5,000	$6.68	4d	1	0.32mi
333 Ward Ave #1709 Honolulu, HI	1.0	1.0	565	$4,000	$7.08	11d	1	0.32mi
1000 Auahi St Honolulu, HI	1.0–2.0	1.0–2.0	775	$6,200	$8.00	15d	2	0.40mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$6,200	$9.85	24d	2	0.40mi
1000 Auahi St Honolulu, HI	1.0–3.0	1.0–3.0	1019	$8,400	$8.24	44d	4	0.40mi
1000 Auahi St Honolulu, HI	1.0	1.0	561	$3,800	$6.77	17d	1	0.40mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$6,750	$5.81	4d	4	0.41mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	17d	9	0.42mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$5,200	$9.39	16d	8	0.42mi
987 Queen St Honolulu, HI	1.0	1.0	606	$3,975	$6.56	44d	2	0.42mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	11d	9	0.42mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$3,600	$4.55	4d	2	0.42mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	17d	1	0.48mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	2d	2	0.52mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	24d	2	0.52mi
1108 Auahi St Honolulu, HI	3.0	1.0–3.5	1441	$12,133	$8.42	24d	1	0.55mi
1108 Auahi St Honolulu, HI	3.0	1.0–3.5	1444	$12,133	$8.40	44d	2	0.55mi
225 Queen St Unit 16A Honolulu, HI	2.0	2.0	704	$3,500	$4.97	44d	1	0.56mi
225 Queen St Honolulu, HI	1.0	1.0	469	$3,500	$7.46	44d	1	0.56mi

HOA detail condo

• Monthly dues: $0 · $0/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 15 events

1. 2026-06-18
   days on market $600,000 Active 136 DOM
2. 2026-06-17
   days on market $600,000 Active 135 DOM
3. 2026-06-15
   days on market $600,000 Active 133 DOM
4. 2026-06-13
   days on market $600,000 Active 131 DOM
5. 2026-06-13
   days on market $600,000 Active 130 DOM
6. 2026-06-10
   days on market $600,000 Active 128 DOM
7. 2026-06-09
   days on market $600,000 Active 127 DOM
8. 2026-06-08
   days on market $600,000 Active 126 DOM
9. 2026-06-07
   days on market $600,000 Active 125 DOM
10. 2026-06-05
    days on market $600,000 Active 122 DOM
11. 2026-06-03
    days on market $600,000 Active 121 DOM
12. 2026-06-02
    days on market $600,000 Active 120 DOM
13. 2026-06-01
    days on market $600,000 Active 119 DOM
14. 2026-05-31
    days on market $600,000 Active 118 DOM
15. 2026-02-02
    listed $600,000 Active 497-char remark

    Show marketing remark (497 chars)

    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.

ⓘ 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: $48,483
• − Mortgage interest: −$44,195
• − Property taxes: −$11,835
• − Insurance: −$3,945
• − Repairs & maintenance: −$3,879
• − Management: −$3,879
• − Depreciation: −$22,952
• Taxable loss: −$42,200
• Est. tax savings @ 24.0%: +$10,128
• After-tax cash flow: $-16,999/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

Renovation cost estimate screening

Value-add ROI direction

• 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 ↑

ⓘ 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 — 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): 26,766
• Household income: $91,690
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 1338.0

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 0.74)
• 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%

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