2415 Ala Wai Blvd #1204 · Urban Honolulu, HI 96815

$299,999

2 bd · 1.0 ba · 755 sqft · Condo public records · 364 Days on market

Built 1968 $1125/mo HOA · 36% 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).

• ARV discount +7.5/15.0
• Cash flow +6.8/30.0
• Appreciation +6.4/10.0
• 1% rule +5.5/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +1.1/10.0

Listing remarks MLS

* FEE IS NOW OFFERED FOR PURCHASE AT $104,504. In a GREAT LOCATION. Ideal for investors or buyers looking for a home in a pet-friendly, well-managed building in the heart of Waikiki. This inviting 2-bedroom unit offers a bright, airy layout with plenty of natural light and refreshing breezes. Waikiki Skyliner’s proactive management has completed significant upgrades, ensuring lasting value. Maintenance fees cover Cable TV, Internet, Sewer, Water, Hot Water, and Common Area upkeep, with electricity individually metered. Take advantage of remarkable lease terms at just $28/month, fixed until 2058 with no renegotiation. Competitively priced, this condo is a rare gem steps from shopping, diverse dining, entertainment, parks, and iconic Waikiki Beach. Act fast call to schedule a showing today! Waikiki Skyliner (000312) is under the VA Condo Approved list.

Key facts

• Significant upgrades
• Natural light
• Steps from shopping

Tags

• WELL MANAGED BUILDING
• BRIGHT AIRY LAYOUT
• NATURAL LIGHT
• SIGNIFICANT UPGRADES
• STEPS FROM SHOPPING
• DIVERSE DINING

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $300k.

Deal economics

• At list price, monthly cash flow is $-887 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $143k (52.2% below list).
• Meets the 1% rule at list price ($3k rent vs $300k).
• Recommended offer: $143k (52.2% below list) — sets the bar for cash-flow.
• Cap rate 4.5% 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.
• 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 26d 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 $10k of equity ($2k loan paydown + $8k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, 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 364 days — a 12% lower offer ($264k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 18y ago; this cycle's ask has dropped $45k (13%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $185k; list at $300k implies a 62% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 36% of rent.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $143,359 (52.2% 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 364 days. Have you received any prior offers? Is the seller open to a 52% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 1.05% ✓
• Cap rate: 4.45%
• Cash-on-cash: -6.57%
• DSCR: 0.71
• GRM: 8.0

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: -2.8%
• Equity multiple: 0.84×
• Total profit: $-13,784
• Equity at exit: $130,570

10-year hold

• IRR: 3.9%
• Equity multiple: 1.63×
• Total profit: $52,755
• Equity at exit: $197,926

Cash invested: $84,000 (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 96815

• Home prices YoY: 0.9%
• Rents YoY: 6.0%
• Active inventory: 813
• Price-to-rent: 8.0×

Monthly cashflow live

• Estimated rent: $3,143 high
• Mortgage (P&I): −$1,573
• Tax from tax record: −$120 /mo · $1,435/yr
• Insurance: −$125
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$1,125
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $-887

Break-even live

Break-even rent $4,265

Max offer price $143,359

Occupancy floor —

Sensitivity live

Price	-10% $-717	-5% $-802	+0% $-887	+5% $-972	+10% $-1,057
Rent	-10% $-1,135	-5% $-1,011	+0% $-887	+5% $-763	+10% $-638
Rate	-1.0pp $-736	-0.5pp $-810	base $-887	+0.5pp $-964	+1.0pp $-1,044

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: $75,000
• Closing costs: $9,000
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
2410 Cleghorn St #2403 Honolulu, HI	1.0	1.0	602	$2,500	$4.15	25d	1	0.02mi
2415 Ala Wai Blvd #1802 Honolulu, HI	1.0	1.0	560	$3,000	$5.36	45d	1	0.03mi
2415 Ala Wai Blvd Honolulu, HI	1.0–2.0	1.0	665	$3,500	$5.26	18d	3	0.03mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$4,225	$6.44	25d	8	0.03mi
2421 Tusitala St #902 Honolulu, HI	2.0	1.0	590	$2,775	$4.70	13d	1	0.04mi
2421 Tusitala St Honolulu, HI	1.0–2.0	1.0	590	$2,849	$4.83	45d	2	0.04mi
2423 Cleghorn St #204 Honolulu, HI	2.0	1.0	600	$1,595	$2.66	25d	1	0.06mi
417 Kanekapolei St Honolulu, HI	1.0	1.0	566	$1,695	$2.99	45d	1	0.06mi
2440 Khi AVE Unit 2102 Honolulu, HI	3.0	1.5	976	$4,420	$4.53	45d	1	0.08mi
2440 Khi AVE Unit 601 Honolulu, HI	1.0	1.0	537	$2,200	$4.10	25d	1	0.08mi
2440 Khi AVE Unit 1906 Honolulu, HI	3.0	1.5	1037	$4,900	$4.73	45d	1	0.08mi
2440 Khi AVE Unit 1412 Honolulu, HI	1.0	1.0	536	$2,700	$5.04	46d	1	0.08mi
2440 Khi AVE Unit 2106 Honolulu, HI	3.0	1.0	1037	$4,500	$4.34	5d	1	0.08mi
2440 Khi AVE Unit 2105 Honolulu, HI	3.0	1.5	976	$4,900	$5.02	25d	1	0.08mi
2440 Khi AVE Unit 601 Honolulu, HI	1.0	1.0	537	$2,200	$4.10	5d	1	0.08mi
2452 Tusitala St Unit 1327721P Honolulu, HI	1.0	1.0	592	$2,960	$5.00	3d	1	0.09mi
2452 Tusitala St Honolulu, HI	1.0	1.0	558	$3,000	$5.38	5d	1	0.09mi
2380 Kuhio Ave Honolulu, HI	3.0	1.0–3.0	1212	$10,275	$8.47	3d	51	0.10mi
2465 Ala Wai Blvd Honolulu, HI	2.0	2.0	935	$2,900	$3.10	45d	2	0.12mi
240 Liliuokalani Ave Unit 401 Honolulu, HI	1.0	1.0	600	$2,000	$3.33	45d	1	0.15mi
240 Liliuokalani Ave #301 Honolulu, HI	1.0	1.0	600	$2,200	$3.67	18d	1	0.15mi
431 Nahua St Honolulu, HI	2.0	2.0	898	$3,500	$3.90	25d	2	0.15mi
2345 Ala Wai Blvd #1514 Honolulu, HI	1.0	1.0	555	$2,800	$5.05	25d	1	0.15mi
320 Liliuokalani Ave Honolulu, HI	2.0	1.0–1.5	762	$3,000	$3.94	21d	1	0.15mi
451 Nahua St Honolulu, HI	2.0	1.0	786	$2,895	$3.68	25d	1	0.17mi
303 Liliuokalani Ave Honolulu, HI	2.0	1.5–2.0	1096	$2,995	$2.73	45d	2	0.17mi
225 Liliuokalani Ave Unit 2A Honolulu, HI	1.0	1.0	680	$1,800	$2.65	21d	1	0.17mi
250 Ohua Ave Honolulu, HI	2.0	2.0	1067	$4,200	$3.94	45d	1	0.20mi
320 Ohua Ave #901 Honolulu, HI	2.0	2.0	845	$2,300	$2.72	23d	1	0.21mi
320 Ohua Ave #1301 Honolulu, HI	2.0	2.0	845	$3,100	$3.67	5d	1	0.21mi
2533 Ala Wai Blvd #1203 Honolulu, HI	2.0	2.0	989	$3,300	$3.34	17d	1	0.24mi
2281 Ala Wai Blvd #902 Honolulu, HI	2.0	1.0	609	$3,950	$6.49	15d	1	0.26mi
201 Ohua Ave Unit 3704-1 Honolulu, HI	1.0	1.0	557	$2,700	$4.85	45d	1	0.26mi
201 Ohua Ave Unit 1112 Honolulu, HI	1.0	1.0	533	$2,300	$4.32	23d	1	0.26mi
445 Seaside Ave #2220 Honolulu, HI	1.0	1.0	570	$2,625	$4.61	13d	1	0.27mi
300 Wai Nani Way Unit II2212 Honolulu, HI	2.0	2.0	944	$3,500	$3.71	5d	1	0.29mi
300 Wai Nani Way Unit 302 Honolulu, HI	1.0	1.0	620	$2,700	$4.35	25d	1	0.29mi
300 Wai Nani Way Unit 2203 Honolulu, HI	1.0	1.0	570	$2,700	$4.74	45d	1	0.31mi
2600 Pualani Way #3003 Honolulu, HI	1.0	1.0	625	$3,200	$5.12	18d	1	0.35mi
2600 Pualani Way #1404 Honolulu, HI	1.0	1.0	625	$2,600	$4.16	5d	1	0.35mi

HOA detail condo

• Monthly dues: $1,125 · $13,500/yr
• Likely covers: watersewerelectricinternetcable
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-10
   days on market $299,999 Active 364 DOM
2. 2026-06-09
   days on market $299,999 Active 363 DOM
3. 2026-06-08
   days on market $299,999 Active 362 DOM
4. 2026-06-07
   days on market $299,999 Active 361 DOM
5. 2026-06-05
   days on market $299,999 Active 358 DOM
6. 2026-06-03
   days on market $299,999 Active 357 DOM
7. 2026-06-02
   days on market $299,999 Active 356 DOM
8. 2026-06-01
   days on market $299,999 Active 355 DOM
9. 2026-05-31
   days on market $299,999 Active 354 DOM
10. 2025-09-10
    price $299,999 869-char remark

    Show marketing remark (869 chars)

    * FEE IS NOW OFFERED FOR PURCHASE AT $104,504. In a GREAT LOCATION. Ideal for investors or buyers looking for a home in a pet-friendly, well-managed building in the heart of Waikiki. This inviting 2-bedroom unit offers a bright, airy layout with plenty of natural light and refreshing breezes. Waikiki Skyliner’s proactive management has completed significant upgrades, ensuring lasting value. Maintenance fees cover Cable TV, Internet, Sewer, Water, Hot Water, and Common Area upkeep, with electricity individually metered. Take advantage of remarkable lease terms at just $28/month, fixed until 2058 with no renegotiation. Competitively priced, this condo is a rare gem steps from shopping, diverse dining, entertainment, parks, and iconic Waikiki Beach. Act fast call to schedule a showing today! Waikiki Skyliner (000312) is under the VA Condo Approved list.

11. 2025-07-23
    price $315,000 869-char remark

    Show marketing remark (869 chars)

    * FEE IS NOW OFFERED FOR PURCHASE AT $104,504. In a GREAT LOCATION. Ideal for investors or buyers looking for a home in a pet-friendly, well-managed building in the heart of Waikiki. This inviting 2-bedroom unit offers a bright, airy layout with plenty of natural light and refreshing breezes. Waikiki Skyliner’s proactive management has completed significant upgrades, ensuring lasting value. Maintenance fees cover Cable TV, Internet, Sewer, Water, Hot Water, and Common Area upkeep, with electricity individually metered. Take advantage of remarkable lease terms at just $28/month, fixed until 2058 with no renegotiation. Competitively priced, this condo is a rare gem steps from shopping, diverse dining, entertainment, parks, and iconic Waikiki Beach. Act fast call to schedule a showing today! Waikiki Skyliner (000312) is under the VA Condo Approved list.

12. 2025-06-11
    listed $345,000 Active 869-char remark

    Show marketing remark (869 chars)

    * FEE IS NOW OFFERED FOR PURCHASE AT $104,504. In a GREAT LOCATION. Ideal for investors or buyers looking for a home in a pet-friendly, well-managed building in the heart of Waikiki. This inviting 2-bedroom unit offers a bright, airy layout with plenty of natural light and refreshing breezes. Waikiki Skyliner’s proactive management has completed significant upgrades, ensuring lasting value. Maintenance fees cover Cable TV, Internet, Sewer, Water, Hot Water, and Common Area upkeep, with electricity individually metered. Take advantage of remarkable lease terms at just $28/month, fixed until 2058 with no renegotiation. Competitively priced, this condo is a rare gem steps from shopping, diverse dining, entertainment, parks, and iconic Waikiki Beach. Act fast call to schedule a showing today! Waikiki Skyliner (000312) is under the VA Condo Approved list.

13. 2010-05-14
    historical
14. 2010-04-10
    listed $339,000
15. 2009-03-27
    historical
16. 2008-10-28
    listed $299,000
17. 1992-08-27
    soldstatus $185,000
18. 1990-12-28
    soldstatus $205,000
19. 1987-10-23
    soldstatus $93,000
20. 1986-06-01
    soldstatus $75,000

ⓘ 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: $1,435 · $120/mo
• Projected year-2 tax: $1,435 · $120/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 6/10 Major FEMA zone AE · 74% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $37,712
• − Mortgage interest: −$16,805
• − Property taxes: −$1,435
• − Insurance: −$6,618
• − Repairs & maintenance: −$3,017
• − Management: −$3,017
• − HOA: −$13,500
• − Depreciation: −$8,727
• Taxable loss: −$15,408
• Est. tax savings @ 24.0%: +$3,698
• After-tax cash flow: $-6,943/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

+300.0% since first listed

11 events — show timeline

• 2025-09-10 Price Changed $299,999 HiCentral MLS
• 2025-07-23 Price Changed $315,000 HiCentral MLS
• 2025-06-11 Listed $345,000 HiCentral MLS
• 2010-05-14 Listing Removed — HiCentral MLS
• 2010-04-10 Listed $339,000 HiCentral MLS
• 2009-03-27 Listing Removed — HiCentral MLS
• 2008-10-28 Listed $299,000 HiCentral MLS
• 1992-08-27 Sold (Public Records) $185,000 Public Records
• 1990-12-28 Sold (Public Records) $205,000 Public Records
• 1987-10-23 Sold (Public Records) $93,000 Public Records
• 1986-06-01 Sold (Public Records) $75,000 Public Records

Property tax history

+3.9%/yr

Latest (2022): $1,435 · +11.6% YoY. Source: county tax records.