85-260 Ala Hema St Unit D · Waianae, HI 96792

$170,000

4 bd · 1.5 ba · 1,128 sqft · SingleFamily · 10 Days on market

Built 1974 3,720 sqft lot $427/mo HOA · 14% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Livability +3.2/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great First-Time Homebuyer Opportunity! Become a homeowner today! This beautifully maintained LEASEHOLD property is priced well below market value—an incredible opportunity you don’t want to miss. Featuring the desirable single-level layout with carport, 4 bedrooms, and 1.5 bathrooms, this home offers comfortable and spacious living at an affordable price point. With the option to extend the current lease through 2055, and eligibility for Conventional, VA, FHA, and USDA financing, this home provides flexibility for a wide range of buyers. Recently renovated in 2023, it’s move-in ready—no need to leave the island to find value like this! Conveniently located near schools, shopping, dining, and just minutes from stunning Westside beaches, this home combines lifestyle and value. Schedule a showing today!

Key facts

• Move-in ready
• Near schools
• Near shopping

Tags

• SINGLE-LEVEL LAYOUT
• CARPORT
• RECENTLY RENOVATED
• MOVE-IN READY
• NEAR SCHOOLS
• NEAR SHOPPING

Property features AI

Finance

• Financial info: Maintenance expense approximately $300; Lease amount $80.91 with lease expiration 2026-07-24
• HOA & community: Association fee of $127 (includes grounds and structure maintenance)

Exterior

• Parking: Two-car garage; Carport; On-street parking
• Security: Key card entry
• Utilities: Water available; Sewer available; Electricity available; High-speed internet available; Cable available; Phone available; Underground utilities
• Home design: Single-story; Ulu Wehi building; Leasehold
• Construction: Vinyl siding with wood frame construction; Composition roof
• Exterior features: Fenced yard with wall; Interior, level lot; County road frontage; Storage facilities in community

Interior

• Flooring: Ceramic tile; Laminate; Vinyl
• Bathrooms: 1 full bathroom; 1 half bathroom
• Interior features: Partially furnished; Updated/remodeled; Good condition; Has view

What this means for you Summary

Snapshot

• This is a 4-bed/1.5-bath single-family listed at $170k.

Deal economics

• At list price, monthly cash flow is $799 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $170k).

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 42% 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 $1k 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.
• At projected returns (-3.0% appreciation + 3.4% rent growth), your $48k cash investment doubles in ~6 years — after that, you're playing with house money.

Negotiation context

• Only 10 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 24y ago 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.
• Current owner paid $46k; list at $170k implies a 272% gain — meaningful room to come down on a strong offer.

Recommended offer $170,000

Questions for the listing agent

1. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 1.79% ✓
• Cap rate: 11.93%
• Cash-on-cash: 20.14%
• DSCR: 1.90
• GRM: 4.7

CMA / ARV

• ARV (on-the-fly): $700,488
• Comps found: 2

Show comp detail 2 sales within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
85-555 Waianae Valley Rd	0.70mi	4/2.0	1,125 (-0%)	10mo	$699,000	$621	57
85-310 Kohai Pl	0.59mi	3/2.0 (-1)	1,104 (-2%)	11mo	$685,000	$620	52

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

Projected returns pro-forma

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

5-year hold

• IRR: 13.0%
• Equity multiple: 1.52×
• Total profit: $24,798
• Equity at exit: $25,348

10-year hold

• IRR: 22.3%
• Equity multiple: 2.96×
• Total profit: $93,173
• Equity at exit: $14,698

Cash invested: $47,600 (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: 4.7×

Monthly cashflow live

• Estimated rent: $3,039 high
• Mortgage (P&I): −$891
• Tax est. 1.5%: −$212 /mo · $2,550/yr
• Insurance: −$71
• HOA: −$427
• Vacancy / Maint / Mgmt: −$638
• Net cashflow: $799

Break-even live

Break-even rent $2,028

Max offer price $170,000

Occupancy floor 69%

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: $42,500
• Closing costs: $5,100
• 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	44d	1	0.37mi
84-1131 Lahaina St Unit B Waianae, HI	4.0	2.0	1200	$3,600	$3.00	24d	1	1.18mi
84-1111 Lahaina St Unit A Waianae, HI	3.0	2.0	920	$2,900	$3.15	44d	1	1.21mi
85-869 Piliuka Pl Unit Downstairs (3BDR) Waianae, HI	3.0	1.0	800	$2,000	$2.50	44d	1	1.39mi
86-138 Leihoku St Waianae, HI	3.0	2.0	1276	$3,800	$2.98	3d	1	1.41mi
84-956 Hanalei St Unit B Waianae, HI	3.0	1.0	800	$3,300	$4.12	44d	1	1.43mi
84-929 Lahaina St Unit B Waianae, HI	4.0	2.0	1200	$3,600	$3.00	17d	1	1.47mi

HOA detail

• Monthly dues: $427 · $5,124/yr

Listing history 9 events

1. 2026-06-18
   days on market $170,000 Active 10 DOM
2. 2026-06-17
   days on market $170,000 Active 9 DOM
3. 2026-06-16
   days on market $170,000 Active 8 DOM
4. 2026-06-15
   days on market $170,000 Active 7 DOM
5. 2026-06-13
   days on market $170,000 Active 5 DOM
6. 2026-06-13
   days on market $170,000 Active 4 DOM
7. 2026-06-10
   days on market $170,000 Active 2 DOM
8. 2026-06-09
   remarks 675-char remark
9. 2026-06-09
   listed $170,000 Active 1 DOM

ⓘ 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: $36,464
• − Mortgage interest: −$9,523
• − Property taxes: −$2,550
• − Insurance: −$850
• − Repairs & maintenance: −$2,917
• − Management: −$2,917
• − HOA: −$5,124
• − Depreciation: −$4,945
• Taxable income: $7,638
• Est. tax owed @ 24.0%: −$1,833
• After-tax cash flow: $7,752/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 — 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

+259.8% since first listed

7 events — show timeline

• 2026-06-07 Listed $170,000 HiCentral MLS
• 2026-06-07 Listed $170,000 HiCentral MLS
• 2024-04-18 Rental Removed $2,600 APPFOLIO
• 2024-04-12 Listed for Rent $2,600 APPFOLIO
• 2002-04-01 Sold (MLS) $45,678 HiCentral MLS
• 2002-03-08 Listing Removed — HiCentral MLS
• 2002-02-15 Listed $47,250 HiCentral MLS