2240 Kuhio Ave #905 · Urban Honolulu, HI 96815

$160,000

1 bd · 1.0 ba · 538 sqft · Condo public records · 190 Days on market

Built 1976 $297/sqft · 55% below area $1049/mo HOA · 37% of rent

---

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 +20.1/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• DSCR +6.4/10.0
• Appreciation +6.4/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

Prime Location! Discover your peaceful retreat in the heart of Waikiki! Tucked away from the bustle, this beautiful serene Waikiki Condo with Mountain & City Views is a peaceful haven for rest and renewal. It's a delightful 1- bedroom, 1-bath, fully furnished condo with washer in unit offering cool, gentle breezes and sits just moments away from world-class shopping, vibrant entertainment, stunning beaches, and all the conveniences of island living. Whether you're looking for a full-time residence, a vacation escape, or an investment opportunity, this inviting unit offers the perfect blend of tranquility and location. Motivated client! Don't miss out on this rare Waikiki gem.

Key facts

• City views
• Washer in unit
• Mountain views

Tags

• MOUNTAIN VIEWS
• CITY VIEWS
• WASHER IN UNIT

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $160k.

Deal economics

• At list price, monthly cash flow is $77 ($926/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $160k).
• Recommended offer: $141k (12.0% below list) — sets the bar for market timing.
• Cap rate 7.8% 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.
• Zoned schools: President Thomas Jefferson Elementary School (math 42% / reading 47%, grade F, #73 of 183 statewide, top 41%, 340 students, 55% FRL); President George Washington Middle School (math 30% / reading 46%, grade F, #17 of 42 statewide, top 39%, 569 students, 61% FRL); Kaimuki High School (math 12% / reading 47%, grade F, #35 of 43 statewide, top 86%, 620 students, 60% FRL) — zoned schools average 59% FRL vs 39% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 813 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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).

Forward outlook

• In year one you build about $5k of equity ($1k loan paydown + $4k 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 + 6.0% rent growth), your $45k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 7, paydown + projected appreciation supports a ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 190 days — a 12% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 14 sale attempts since 18y ago; this cycle's ask has dropped $30k (16%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 37% of rent.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $140,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 190 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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.
9. 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.
10. 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: 1.79% ✓
• Cap rate: 7.79%
• Cash-on-cash: 5.34%
• DSCR: 1.24
• GRM: 4.7

CMA / ARV

• ARV (median comp): $352,337
• List price: $160,000
• Delta: -50.33%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.74% appreciation · 6.0% rent growth · sell at horizon

5-year hold

• IRR: 12.1%
• Equity multiple: 1.71×
• Total profit: $31,635
• Equity at exit: $69,638

10-year hold

• IRR: 17.2%
• Equity multiple: 3.78×
• Total profit: $124,361
• Equity at exit: $105,561

Cash invested: $44,800 (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 96815

• Home prices YoY: 0.9%
• Rents YoY: 6.0%
• Active inventory: 813
• Price-to-rent: 4.7×

Monthly cashflow live

• Estimated rent: $2,864 high
• Mortgage (P&I): −$839
• Tax from tax record: −$108 /mo · $1,301/yr
• Insurance: −$67
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$1,049
• Vacancy / Maint / Mgmt: −$601
• Net cashflow: $77

Break-even live

Break-even rent $2,766

Max offer price $160,000

Occupancy floor 92%

Sensitivity live

Price	-10% $168	-5% $122	+0% $77	+5% $32	+10% $-13
Rent	-10% $-149	-5% $-36	+0% $77	+5% $190	+10% $303
Rate	-1.0pp $158	-0.5pp $118	base $77	+0.5pp $36	+1.0pp $-6

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: $40,000
• Closing costs: $4,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
445 Seaside Ave #2220 Honolulu, HI	1.0	1.0	570	$2,625	$4.61	13d	1	0.09mi
2211 Ala Wai Blvd Honolulu, HI	1.0	1.0	437	$3,100	$7.09	25d	1	0.10mi
2211 Ala Wai Blvd #1108 Honolulu, HI	1.0	1.0	413	$2,600	$6.30	25d	1	0.10mi
2281 Ala Wai Blvd #902 Honolulu, HI	2.0	1.0	609	$3,950	$6.49	15d	1	0.11mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	25d	1	0.12mi
430 Lewers St Unit 25E Honolulu, HI	1.0	1.0	673	$2,700	$4.01	25d	1	0.12mi
445 Kaiolu St Honolulu, HI	1.0	1.0	490	$3,400	$6.94	18d	1	0.15mi
2140 Khi Ave. unit Ph 2506 Honolulu, HI	1.0	1.0	678	$3,200	$4.72	16d	1	0.18mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	25d	1	0.18mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	4d	1	0.18mi
2140 Khi AVE Unit 803 Honolulu, HI	—	1.0	460	$4,990	$10.85	45d	1	0.18mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	18d	1	0.18mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	5d	2	0.19mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	23d	2	0.19mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	12d	1	0.19mi
2345 Ala Wai Blvd #1514 Honolulu, HI	1.0	1.0	555	$2,800	$5.05	25d	1	0.20mi
2380 Kuhio Ave Honolulu, HI	3.0	1.0–3.0	1212	$6,652	$5.49	3d	51	0.25mi
417 Kanekapolei St Honolulu, HI	1.0	1.0	566	$1,695	$2.99	45d	1	0.28mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	25d	8	0.30mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	13d	1	0.32mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.32mi
2407 Tusitala St Unit 304 Honolulu, HI	1.0	1.0	480	$1,500	$3.12	45d	1	0.33mi
2415 Ala Wai Blvd #1802 Honolulu, HI	1.0	1.0	560	$3,000	$5.36	45d	1	0.34mi
2415 Ala Wai Blvd Honolulu, HI	1.0–2.0	1.0	665	$2,750	$4.13	18d	3	0.34mi
2410 Cleghorn St #2403 Honolulu, HI	1.0	1.0	602	$2,500	$4.15	25d	1	0.34mi
223 Saratoga Rd #1012 Honolulu, HI	—	1.0	559	$2,700	$4.83	18d	1	0.34mi
2423 Cleghorn St #204 Honolulu, HI	2.0	1.0	600	$1,595	$2.66	25d	1	0.36mi
2421 Tusitala St #902 Honolulu, HI	2.0	1.0	590	$2,775	$4.70	13d	1	0.37mi
2421 Tusitala St Honolulu, HI	1.0–2.0	1.0	590	$2,600	$4.41	45d	2	0.37mi
2440 Khi Ave Unit 1608 Honolulu, HI	1.0	1.0	488	$2,800	$5.74	45d	1	0.38mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	45d	1	0.38mi
2440 Khi AVE Unit 1412 Honolulu, HI	1.0	1.0	536	$2,700	$5.04	46d	1	0.39mi
2440 Khi AVE Unit 507 Honolulu, HI	1.0	1.0	488	$2,350	$4.82	45d	1	0.39mi
2440 Khi AVE Unit 1710 Honolulu, HI	1.0	1.0	488	$2,600	$5.33	18d	1	0.39mi
2440 Khi AVE Unit 511 Honolulu, HI	1.0	1.0	488	$2,400	$4.92	45d	1	0.39mi
2440 Khi AVE Unit 601 Honolulu, HI	1.0	1.0	537	$2,200	$4.10	5d	1	0.39mi
2440 Khi AVE Unit 601 Honolulu, HI	1.0	1.0	537	$2,200	$4.10	25d	1	0.39mi
2440 Khi AVE Unit 511 Honolulu, HI	1.0	1.0	488	$2,400	$4.92	25d	1	0.39mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$2,650	$3.21	13d	3	0.40mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	5d	2	0.41mi

HOA detail condo

• Monthly dues: $1,049 · $12,588/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 42 events

1. 2026-06-21
   pricedays on market $160,000 Active 190 DOM
2. 2026-06-18
   days on market $175,000 Active 187 DOM
3. 2026-06-17
   days on market $175,000 Active 186 DOM
4. 2026-06-15
   days on market $175,000 Active 184 DOM
5. 2026-06-13
   days on market $175,000 Active 182 DOM
6. 2026-06-13
   statusdays on market $175,000 Active 181 DOM
7. 2026-05-06
   historical
8. 2026-03-28
   price $175,000
9. 2025-11-06
   listed $190,000 Active
10. 2025-11-01
    historical
11. 2025-10-25
    status Active
12. 2025-10-24
    historical
13. 2025-10-22
    status Active
14. 2025-10-22
    price $190,000
15. 2025-09-23
    historical Active Under Contract
16. 2025-06-04
    listed $215,000 Active
17. 2021-07-16
    soldstatus $175,000 Sold
18. 2021-07-16
    soldstatus $175,000
19. 2021-06-08
    listed $175,000 Active
20. 2017-08-11
    soldstatus $185,000
21. 2017-06-01
    status Active
22. 2017-05-31
    historical
23. 2017-05-12
    status Pending
24. 2017-05-05
    listed $189,000 Active
25. 2016-07-12
    historical
26. 2016-04-29
    listed $175,000 Active
27. 2014-04-22
    historical
28. 2014-03-20
    listed $185,000
29. 2014-03-19
    historical
30. 2014-01-31
    listed $193,000
31. 2013-12-14
    historical
32. 2012-12-14
    listed $198,000
33. 2012-01-06
    soldstatus $140,000
34. 2011-11-17
    listed $145,000
35. 2010-08-27
    historical
36. 2010-05-25
    listed $150,000
37. 2008-11-18
    historical
38. 2008-06-17
    listed $230,000
39. 1998-05-08
    soldstatus $109,917
40. 1996-10-31
    soldstatus $2,900,000
41. 1991-03-15
    soldstatus $5,500,000
42. 1990-08-31
    soldstatus $4,725,000

ⓘ 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: $1,301 · $108/mo
• Projected year-2 tax: $1,301 · $108/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 8/10 Severe FEMA zone AO · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $34,368
• − Mortgage interest: −$8,962
• − Property taxes: −$1,301
• − Insurance: −$2,268
• − Repairs & maintenance: −$2,749
• − Management: −$2,749
• − HOA: −$12,588
• − Depreciation: −$4,655
• Taxable loss: −$904
• Est. tax savings @ 24.0%: +$217
• After-tax cash flow: $1,143/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): 27,530
• Household income: $77,096
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 2422.0

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 0.71)
• Race & ethnicity: Asian 41% White 35% Two or more races 16% Hispanic / Latino 6% Pacific Islander 4% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 30% · China, South Korea, Canada
• Languages at home: 66% English-only · Other Asian/Pacific 15% Chinese 5% 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: ▲ 2.74%
• Current HPI: 291.9404
• Rent YoY: ▲ 6.00%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

-96.3% since first listed

36 events — show timeline

• 2026-05-06 Listing Removed — HiCentral MLS
• 2026-03-28 Price Changed $175,000 HiCentral MLS
• 2025-11-06 Listed $190,000 HiCentral MLS
• 2025-11-01 Listing Removed — HiCentral MLS
• 2025-10-25 Relisted — HiCentral MLS
• 2025-10-24 Listing Removed — HiCentral MLS
• 2025-10-22 Relisted — HiCentral MLS
• 2025-10-22 Price Changed $190,000 HiCentral MLS
• 2025-09-23 Contingent — HiCentral MLS
• 2025-06-04 Listed $215,000 HiCentral MLS
• 2021-07-16 Sold (Public Records) $175,000 Public Records
• 2021-07-16 Sold (MLS) $175,000 HiCentral MLS
• 2021-06-08 Listed $175,000 HiCentral MLS
• 2017-08-11 Sold (Public Records) $185,000 Public Records
• 2017-06-01 Relisted — HiCentral MLS
• 2017-05-31 Listing Removed — HiCentral MLS
• 2017-05-12 Pending — HiCentral MLS
• 2017-05-05 Listed $189,000 HiCentral MLS
• 2016-07-12 Listing Removed — HiCentral MLS
• 2016-04-29 Listed $175,000 HiCentral MLS
• 2014-04-22 Listing Removed — HiCentral MLS
• 2014-03-20 Listed $185,000 HiCentral MLS
• 2014-03-19 Listing Removed — HiCentral MLS
• 2014-01-31 Listed $193,000 HiCentral MLS
• 2013-12-14 Listing Removed — HiCentral MLS
• 2012-12-14 Listed $198,000 HiCentral MLS
• 2012-01-06 Sold (MLS) $140,000 HiCentral MLS
• 2011-11-17 Listed $145,000 HiCentral MLS
• 2010-08-27 Listing Removed — HiCentral MLS
• 2010-05-25 Listed $150,000 HiCentral MLS
• 2008-11-18 Listing Removed — HiCentral MLS
• 2008-06-17 Listed $230,000 HiCentral MLS
• 1998-05-08 Sold (Public Records) $109,917 Public Records
• 1996-10-31 Sold (Public Records) $2,900,000 Public Records
• 1991-03-15 Sold (Public Records) $5,500,000 Public Records
• 1990-08-31 Sold (Public Records) $4,725,000 Public Records

Property tax history

+5.4%/yr

Latest (2022): $1,301 · +31.9% YoY. Source: county tax records.