1642 Kewalo St #202 · Urban Honolulu, HI 96822

$329,000

1 bd · 1.0 ba · 590 sqft · Condo public records · 164 Days on market

Built 1967 $558/sqft · at area comps Est $343k · at est. $363/mo HOA · 13% of rent

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Why this score? — see what drove the D+ 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 +12.4/30.0
• ARV discount +9.3/15.0
• Appreciation +6.4/10.0
• Rent growth +3.8/5.0
• 1% rule +3.7/10.0
• DSCR +3.7/10.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

NEWLY renovated as of January 2026! Welcome home to Makiki Wind Apartments! Here is your opportunity to own a spacious 1 bedroom x 1 bathroom unit in the heart of Makiki! Renovated with NEW open Quartz Kitchen, NEW Bathroom, and NEW Interior Paint. This home is the perfect starter home or investment property. Enjoy an open + spacious lanai with built-in storage for added convenience. The unit includes a spacious + partially covered parking stall located right next to the main entrance for easy access. The building also offers secured key entry, an elevator, and community laundry area on the 1st floor. LOW monthly maintenance fees covers: cable TV, internet, water, sewer, and common area expenses. Property to be sold in AS-IS condition.

Key facts

• New bathroom
• Secured key entry
• Spacious lanai

Tags

• OPEN QUARTZ KITCHEN
• NEW BATHROOM
• SPACIOUS LANAI
• BUILT-IN STORAGE
• SECURED KEY ENTRY
• COMMUNITY LAUNDRY AREA

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $329k.

Deal economics

• At list price, monthly cash flow is $-51 ($-617/yr) — negative.
• To cash-flow at today's rent, offer at most $320k (2.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $286k (13.0% below list).
• Recommended offer: $286k (13.0% below list) — sets the bar for 1% rule.
• Cap rate 6.1% 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 D — 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 rising fast (+5.3%/yr); 177 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• This rent runs 36% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $11k of equity ($2k loan paydown + $9k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.7% appreciation + 5.3% rent growth), your $92k cash investment doubles in ~7 years — after that, you're playing with house money.
• By year 4, paydown + projected appreciation supports a ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 164 days — a 12% lower offer ($290k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y 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 $225k; 46% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Recommended offer $286,185 (13.0% 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 164 days. Have you received any prior offers? Is the seller open to a 13% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. 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?
9. 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.
10. 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.
11. 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: 0.87% ✗
• Cap rate: 6.11%
• Cash-on-cash: -0.67%
• DSCR: 0.97
• GRM: 9.6

CMA / ARV

• ARV (median comp): $342,616
• List price: $329,000
• Delta: -3.97%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.71% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: 7.3%
• Equity multiple: 1.42×
• Total profit: $38,312
• Equity at exit: $142,575

10-year hold

• IRR: 11.3%
• Equity multiple: 2.72×
• Total profit: $158,654
• Equity at exit: $215,648

Cash invested: $92,120 (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 96822

• Home prices YoY: 1.0%
• Rents YoY: 5.3%
• Active inventory: 177
• Price-to-rent: 9.6×

Monthly cashflow live

• Estimated rent: $2,862 high
• Mortgage (P&I): −$1,725
• Tax from tax record: −$87 /mo · $1,043/yr
• Insurance: −$137
• HOA: −$363
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $-51

Break-even live

Break-even rent $2,927

Max offer price $319,911

Occupancy floor 97%

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: $82,250
• Closing costs: $9,870
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	23d	1	0.07mi
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	2d	1	0.30mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	23d	1	0.30mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	23d	3	0.56mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	19d	1	0.68mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	3d	1	0.71mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	19d	1	0.78mi
1500 Rycroft St Unit 1509R Honolulu, HI	—	1.0	416	$3,000	$7.21	23d	1	0.78mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	17d	1	0.78mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	23d	1	0.78mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	43d	1	0.78mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	17d	1	0.78mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	23d	1	0.78mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	23d	1	0.78mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	2d	2	0.94mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$3,500	$3.81	43d	2	0.94mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$3,400	$3.68	17d	2	0.94mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	3d	1	0.98mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	23d	1	0.98mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	10d	1	0.98mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	43d	1	0.98mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$2,900	$2.98	14d	2	0.99mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	21d	1	1.02mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$3,500	$3.60	3d	2	1.03mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	23d	1	1.04mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	17d	1	1.04mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$3,500	$3.01	3d	4	1.13mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	23d	2	1.17mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	1d	2	1.17mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$2,700	$3.42	3d	2	1.17mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$2,600	$3.26	21d	3	1.18mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$2,700	$3.16	23d	2	1.18mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	1.19mi
1133 Waimanu St #405 Honolulu, HI	1.0	1.0	550	$2,700	$4.91	3d	1	1.22mi
1133 Waimanu St #1808 Honolulu, HI	1.0	1.0	556	$2,800	$5.04	11d	1	1.22mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	16d	1	1.26mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	17d	2	1.26mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	10d	9	1.29mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	16d	8	1.29mi
987 Queen St Honolulu, HI	1.0	1.0	606	$3,975	$6.56	43d	2	1.29mi

HOA detail condo

• Monthly dues: $363 · $4,356/yr
• Likely covers: watersewerinternetcable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $329,000 Active 164 DOM
2. 2026-06-17
   days on market $329,000 Active 163 DOM
3. 2026-06-15
   days on market $329,000 Active 161 DOM
4. 2026-06-13
   days on market $329,000 Active 159 DOM
5. 2026-06-13
   days on market $329,000 Active 158 DOM
6. 2026-06-10
   days on market $329,000 Active 156 DOM
7. 2026-06-09
   days on market $329,000 Active 155 DOM
8. 2026-06-08
   days on market $329,000 Active 154 DOM
9. 2026-06-07
   days on market $329,000 Active 153 DOM
10. 2026-06-05
    days on market $329,000 Active 150 DOM
11. 2026-06-03
    days on market $329,000 Active 149 DOM
12. 2026-06-02
    days on market $329,000 Active 148 DOM
13. 2026-06-01
    days on market $329,000 Active 147 DOM
14. 2026-05-31
    days on market $329,000 Active 146 DOM
15. 2026-03-04
    price $329,000 746-char remark

    Show marketing remark (746 chars)

    NEWLY renovated as of January 2026! Welcome home to Makiki Wind Apartments! Here is your opportunity to own a spacious 1 bedroom x 1 bathroom unit in the heart of Makiki! Renovated with NEW open Quartz Kitchen, NEW Bathroom, and NEW Interior Paint. This home is the perfect starter home or investment property. Enjoy an open + spacious lanai with built-in storage for added convenience. The unit includes a spacious + partially covered parking stall located right next to the main entrance for easy access. The building also offers secured key entry, an elevator, and community laundry area on the 1st floor. LOW monthly maintenance fees covers: cable TV, internet, water, sewer, and common area expenses. Property to be sold in AS-IS condition.

16. 2026-02-18
    price $335,000 746-char remark

    Show marketing remark (746 chars)

    NEWLY renovated as of January 2026! Welcome home to Makiki Wind Apartments! Here is your opportunity to own a spacious 1 bedroom x 1 bathroom unit in the heart of Makiki! Renovated with NEW open Quartz Kitchen, NEW Bathroom, and NEW Interior Paint. This home is the perfect starter home or investment property. Enjoy an open + spacious lanai with built-in storage for added convenience. The unit includes a spacious + partially covered parking stall located right next to the main entrance for easy access. The building also offers secured key entry, an elevator, and community laundry area on the 1st floor. LOW monthly maintenance fees covers: cable TV, internet, water, sewer, and common area expenses. Property to be sold in AS-IS condition.

17. 2026-01-05
    listed $339,000 Active 746-char remark

    Show marketing remark (746 chars)

    NEWLY renovated as of January 2026! Welcome home to Makiki Wind Apartments! Here is your opportunity to own a spacious 1 bedroom x 1 bathroom unit in the heart of Makiki! Renovated with NEW open Quartz Kitchen, NEW Bathroom, and NEW Interior Paint. This home is the perfect starter home or investment property. Enjoy an open + spacious lanai with built-in storage for added convenience. The unit includes a spacious + partially covered parking stall located right next to the main entrance for easy access. The building also offers secured key entry, an elevator, and community laundry area on the 1st floor. LOW monthly maintenance fees covers: cable TV, internet, water, sewer, and common area expenses. Property to be sold in AS-IS condition.

18. 2025-12-02
    historical
19. 2025-10-02
    price $318,000
20. 2025-08-18
    listed $319,000 Active
21. 2011-07-06
    soldstatus $225,000
22. 2011-07-06
    soldstatus $225,000
23. 2011-04-04
    listed $238,000
24. 1985-12-04
    soldstatus $59,000
25. 1985-12-01
    soldstatus $59,000

ⓘ 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: $1,043 · $87/mo
• Projected year-2 tax: $1,043 · $87/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: $34,342
• − Mortgage interest: −$18,429
• − Property taxes: −$1,043
• − Insurance: −$1,645
• − Repairs & maintenance: −$2,747
• − Management: −$2,747
• − HOA: −$4,356
• − Depreciation: −$9,571
• Taxable loss: −$6,197
• Est. tax savings @ 24.0%: +$1,487
• After-tax cash flow: $870/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): 43,747
• Household income: $95,947
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 2139.0

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 0.72)
• Race & ethnicity: Asian 48% White 21% Two or more races 20% Pacific Islander 7% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Russian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 20% · South Korea, China, Vietnam
• Languages at home: 73% English-only · Other Asian/Pacific 11% Chinese 4% Korean 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: ▲ 2.71%
• Current HPI: 273.9456
• Rent YoY: ▲ 5.35%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+457.6% since first listed

11 events — show timeline

• 2026-03-04 Price Changed $329,000 HiCentral MLS
• 2026-02-18 Price Changed $335,000 HiCentral MLS
• 2026-01-05 Listed $339,000 HiCentral MLS
• 2025-12-02 Listing Removed — HiCentral MLS
• 2025-10-02 Price Changed $318,000 HiCentral MLS
• 2025-08-18 Listed $319,000 HiCentral MLS
• 2011-07-06 Sold (Public Records) $225,000 Public Records
• 2011-07-06 Sold (MLS) $225,000 HiCentral MLS
• 2011-04-04 Listed $238,000 HiCentral MLS
• 1985-12-04 Sold (Public Records) $59,000 Public Records
• 1985-12-01 Sold (Public Records) $59,000 Public Records

Property tax history

+7.2%/yr

Latest (2022): $1,043 · +3.8% YoY. Source: county tax records.