1923 Kalani St · Urban Honolulu, HI 96819

$1,250,000

None bd · None ba · 2,880 sqft · MultiFamily public records · 16 Days on market

Built 1966 4,027 sqft lot

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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 +24.5/30.0
• DSCR +7.9/10.0
• ARV discount +7.5/15.0
• 1% rule +6.1/10.0
• Schools +3.7/10.0
• Rent growth +2.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Multi-family units

County records classify this as Multi-Family (5+ Unit). Listing-text estimate: 5 units. confirmed

5+ unit building — per-unit beds/baths from public records are typically unavailable; the breakdown below (if shown) is an estimate from the listing text.

Listing remarks

Rare opportunity to acquire a 5-unit apartment building in Kalihi with Industrial-Mixed Use zoning, offering strong long-term flexibility. The property is currently operating as a multi-family rental with four occupied 2 bedroom units providing immediate income and one 1 bedroom vacant unit offering flexibility for an owner-occupant or additional rental potential.

Key facts

• Multi-family rental
• 4,027 sq ft lot
• 5 parking spots

Tags

• 5 UNIT APARTMENT BUILDING
• INDUSTRIAL-MIXED USE ZONING
• MULTI-FAMILY RENTAL
• OCCUPIED 2 BEDROOM UNITS
• 1 BEDROOM VACANT UNIT

Property features AI

Finance

• Financial info: Total of 5 units; Total actual rent: $6,400; Operating expenses: $24,920 (includes insurance, real estate tax, water/sewer); Tenant pays electricity

Exterior

• Parking: Covered and open parking; Total of 5 parking spaces
• Utilities: Electricity available; Water available; Sewer connected
• Home design: 2-story building; Fee simple ownership; Level topography; Zoned IMX-1 (Industrial-Commercial)
• Construction: Hollow tile and concrete construction
• Exterior features: Level lot; Above ground utilities available

Interior

• Interior features: In-unit laundry; Property in average condition; Has a view
• Laundry & utility: In-unit laundry

What this means for you Summary

Snapshot

• This is a 4×2bd/1ba + 1×1bd/1ba units multifamily listed at $1.25M.

Deal economics

• At list price, monthly cash flow is $3k ($31k/yr) — positive. Per door: $514/mo.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($14k rent vs $1.25M).
• Recommended offer: $1.23M (1.5% below list) — sets the bar for market timing.
• Cap rate 8.8% 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 C — 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: 40 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• At $13,847/mo this rent would consume 166% of the median local household income ($100k/yr) (locally 1385% 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 (-3.0%/yr); year-one equity from $9k of loan paydown is wiped out by about $38k 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 16 days — a 2% lower offer ($1.23M) is reasonable based on typical stale-listing flexibility.

Recommended offer $1,231,250 (1.5% below list)

Questions for the listing agent

1. Can we see the unit-by-unit rent roll, current vacancy, and any below-market leases? What's the average tenancy length?
2. What capital expenditures (roof, boiler, parking lot, exteriors) have been made in the last 5 years, and what's planned in the next 2?
3. Built in 1966 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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 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: 1.11% ✓
• Cap rate: 8.76%
• Cash-on-cash: 8.82%
• DSCR: 1.39
• GRM: 7.5

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.9%
• Equity multiple: 0.89×
• Total profit: $-38,705
• Equity at exit: $186,379

10-year hold

• IRR: 6.8%
• Equity multiple: 1.51×
• Total profit: $177,394
• Equity at exit: $108,077

Cash invested: $350,000 (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 96819

• Active inventory: 40
• Price-to-rent: 36.9×

Monthly cashflow live

• Estimated rent: $13,847 medium
• Mortgage (P&I): −$6,555
• Tax from tax record: −$1,291 /mo · $15,495/yr
• Insurance: −$521
• HOA: −$0
• Vacancy / Maint / Mgmt: −$2,908
• Net cashflow: $2,572

Break-even live

Break-even rent $10,591

Max offer price $1,250,000

Occupancy floor 76%

Sensitivity live

Price	-10% $3,280	-5% $2,926	+0% $2,572	+5% $2,218	+10% $1,864
Rent	-10% $1,478	-5% $2,025	+0% $2,572	+5% $3,119	+10% $3,666
Rate	-1.0pp $3,201	-0.5pp $2,890	base $2,572	+0.5pp $2,248	+1.0pp $1,918

5-unit breakdown (identical units grouped — click to expand)

Units	Beds	Baths	Est. rent
▸ 4× units	2	1	$11,276
1× unit	1	1	$2,570
Total (5 units)			$13,847

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: $312,500
• Closing costs: $37,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1584 Hanai Loop Honolulu, HI	3.0	2.0	3316	$3,950	$1.19	17d	1	1.23mi

Listing history 12 events

1. 2026-06-18
   days on market $1,250,000 Active 16 DOM
2. 2026-06-17
   days on market $1,250,000 Active 15 DOM
3. 2026-06-16
   days on market $1,250,000 Active 14 DOM
4. 2026-06-15
   days on market $1,250,000 Active 13 DOM
5. 2026-06-13
   days on market $1,250,000 Active 11 DOM
6. 2026-06-13
   days on market $1,250,000 Active 10 DOM
7. 2026-06-10
   days on market $1,250,000 Active 8 DOM
8. 2026-06-09
   days on market $1,250,000 Active 7 DOM
9. 2026-06-08
   days on market $1,250,000 Active 6 DOM
10. 2026-06-07
    statusdays on market $1,250,000 Active 5 DOM
11. 2026-05-22
    status Pending
12. 2026-05-18
    listed $1,250,000 Active

ⓘ 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: $15,495 · $1,291/mo
• Projected year-2 tax: $15,495 · $1,291/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: $166,164
• − Mortgage interest: −$70,019
• − Property taxes: −$15,495
• − Insurance: −$6,250
• − Repairs & maintenance: −$13,293
• − Management: −$13,293
• − Depreciation: −$36,364
• Taxable income: $11,450
• Est. tax owed @ 24.0%: −$2,748
• After-tax cash flow: $28,115/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 — 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): 50,345
• Household income: $99,848
• Rent vs Own: 49.2% rent · 50.8% own
• Severe rent burden: 1385.0

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: Diverse neighborhood (Simpson 0.65)
• Race & ethnicity: Asian 59% Two or more races 16% Pacific Islander 14% White 7% Hispanic / Latino 6% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 2%
• Common ancestry: Russian 2% Portuguese 1% Romanian 1%
• Foreign-born: 37% · China, Vietnam, South Korea
• Languages at home: 54% English-only · Other Asian/Pacific 26% Tagalog/Filipino 13% Chinese 3%

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: ▼ -409.34%
• Current HPI: 399.7421
• Rent YoY: —
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

2 events — show timeline

• 2026-05-22 Pending — HiCentral MLS
• 2026-05-18 Listed $1,250,000 HiCentral MLS

Property tax history

+6.0%/yr

Latest (2022): $15,495 · +902.9% YoY. Source: county tax records.