1129 Rycroft St #406 · Urban Honolulu, HI 96814

$270,000

1 bd · 1.0 ba · 431 sqft · Condo public records · 35 Days on market

Built 1974 $626/sqft · 53% below area $510/mo HOA · 15% 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 +24.5/30.0
• DSCR +7.9/10.0
• 1% rule +7.5/10.0
• ARV discount +7.5/15.0
• Appreciation +6.0/10.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

RYCROFT MANOR #406 - is an affordable opportunity that adds comfort and style to a first time home buyer or investor. This 4-story walk up is conveniently located in the heart of Honolulu. It has 1 Bedroom (partitioned), 1 full bathroom and a lanai with sweeping views of the City. The community laundry room is on the first floor, it is a pet friendly (small pet-verify), with low maintenance fees. It is centrally located near Ala Moana Center and has countless dining and shopping options. It is tenant occupied on a month-to month currently rented for $1,300.00.

Key facts

• Low maintenance fees
• Sweeping views
• Centrally located

Tags

• SWEEPING VIEWS
• COMMUNITY LAUNDRY ROOM
• PET FRIENDLY
• LOW MAINTENANCE FEES
• CENTRALLY LOCATED

Property features AI

Finance

• Other: Pet policy: contact management
• HOA & community: Monthly maintenance fee: $510.90; Association fee covers water and sewer; Community amenities include deck/porch, patio, and laundry facilities

Exterior

• Security: Key card entry
• Utilities: Water included in association fee; Sewer included in association fee
• Home design: Located on entry level 4; Good condition; Condominium in Rycroft Manor
• Construction: Concrete construction
• Exterior features: Deck/porch; Patio; Has a view; Fee simple ownership

Interior

• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Interior features: Partially furnished unit; Laminate flooring
• Laundry & utility: On-site laundry facilities (community)

🏷️ Possibly a rental listed for sale. The $270,000 price doesn't fit this home's estimated sale value (~$573,948) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $270k.

Deal economics

• At list price, monthly cash flow is $552 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $270k).
• Recommended offer: $262k (3.0% below list) — sets the bar for market timing.
• Cap rate 8.7% 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 B — 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 (+3.1%/yr); 549 active listings in the ZIP; 7 comparable units currently listed for rent nearby; rentals at typical pace (median 16d 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).
• At $3,366/mo this rent would consume 52% of the median local household income ($78k/yr) (locally 1641% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $7k of equity ($2k loan paydown + $5k appreciation (2.0% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.0% appreciation + 3.1% rent growth), your $76k cash investment doubles in ~5 years — after that, you're playing with house money.
• By year 5, paydown + projected appreciation supports a ~$32k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 35 days — a 3% lower offer ($262k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 22y 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 $148k; list at $270k implies a 82% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $261,900 (3.0% below list)

Questions for the listing agent

1. It's been on market 35 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 1.25% ✓
• Cap rate: 8.75%
• Cash-on-cash: 8.76%
• DSCR: 1.39
• GRM: 6.7

CMA / ARV

• ARV (median comp): $573,948
• List price: $270,000
• Delta: -52.96%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

1.98% appreciation · 3.1% rent growth · sell at horizon

5-year hold

• IRR: 13.2%
• Equity multiple: 1.71×
• Total profit: $53,879
• Equity at exit: $106,151

10-year hold

• IRR: 16.0%
• Equity multiple: 3.14×
• Total profit: $161,944
• Equity at exit: $152,595

Cash invested: $75,600 (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 96814

• Home prices YoY: 0.5%
• Rents YoY: 3.1%
• Active inventory: 549
• Price-to-rent: 6.7×

Monthly cashflow live

• Estimated rent: $3,366 high
• Mortgage (P&I): −$1,416
• Tax from tax record: −$69 /mo · $822/yr
• Insurance: −$112
• HOA: −$510
• Vacancy / Maint / Mgmt: −$707
• Net cashflow: $552

Break-even live

Break-even rent $2,667

Max offer price $270,000

Occupancy floor 79%

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 7 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	16d	9	0.49mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	15d	8	0.49mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	10d	9	0.49mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	23d	2	0.60mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	23d	1	0.68mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	11d	1	1.38mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	1d	1	1.38mi

HOA detail condo

• Monthly dues: $510 · $6,120/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 30 events

1. 2026-06-18
   days on market $270,000 Active 35 DOM
2. 2026-06-17
   days on market $270,000 Active 34 DOM
3. 2026-06-16
   days on market $270,000 Active 33 DOM
4. 2026-06-15
   days on market $270,000 Active 32 DOM
5. 2026-06-13
   days on market $270,000 Active 30 DOM
6. 2026-06-13
   days on market $270,000 Active 29 DOM
7. 2026-06-10
   days on market $270,000 Active 27 DOM
8. 2026-06-09
   days on market $270,000 Active 26 DOM
9. 2026-06-08
   days on market $270,000 Active 25 DOM
10. 2026-06-07
    days on market $270,000 Active 24 DOM
11. 2026-06-05
    days on market $270,000 Active 21 DOM
12. 2026-06-03
    days on market $270,000 Active 20 DOM
13. 2026-06-02
    days on market $270,000 Active 19 DOM
14. 2026-06-01
    days on market $270,000 Active 18 DOM
15. 2026-05-31
    days on market $270,000 Active 17 DOM
16. 2026-05-14
    listed $270,000 Active 566-char remark
17. 2024-06-28
    historical $1,300
18. 2024-06-13
    listed $1,300
19. 2024-05-01
    historical $1,300
20. 2024-04-12
    listed $1,300
21. 2023-12-01
    historical $1,300
22. 2023-11-06
    listed $1,300
23. 2022-12-01
    historical
24. 2005-03-24
    soldstatus $148,000
25. 2004-11-21
    historical
26. 2004-05-21
    listed $155,000
27. 2003-09-16
    soldstatus $27,343
28. 1989-10-16
    soldstatus $80,000
29. 1989-10-10
    soldstatus $80,000
30. 1979-11-01
    soldstatus $46,000

ⓘ 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: $822 · $69/mo
• Projected year-2 tax: $822 · $69/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 X (unshaded) · 73% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $40,388
• − Mortgage interest: −$15,124
• − Property taxes: −$822
• − Insurance: −$1,350
• − Repairs & maintenance: −$3,231
• − Management: −$3,231
• − HOA: −$6,120
• − Depreciation: −$7,855
• Taxable income: $2,655
• Est. tax owed @ 24.0%: −$637
• After-tax cash flow: $5,986/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): 24,689
• Household income: $77,768
• Rent vs Own: 49.9% rent · 50.1% own
• Severe rent burden: 1641.0

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 0.58)
• Race & ethnicity: Asian 64% Two or more races 14% White 13% Pacific Islander 6% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 2%
• Common ancestry: Russian 1% Lithuanian 1% Italian 1%
• Foreign-born: 35% · China, South Korea, Vietnam
• Languages at home: 58% English-only · Other Asian/Pacific 15% Chinese 10% Korean 9%

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: ▲ 1.98%
• Current HPI: 376.4197
• Rent YoY: ▲ 3.10%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+487.0% since first listed

15 events — show timeline

• 2026-05-14 Listed $270,000 HiCentral MLS
• 2024-06-28 Rental Removed $1,300 APPFOLIO
• 2024-06-13 Listed for Rent $1,300 APPFOLIO
• 2024-05-01 Rental Removed $1,300 APPFOLIO
• 2024-04-12 Listed for Rent $1,300 APPFOLIO
• 2023-12-01 Rental Removed $1,300 APPFOLIO
• 2023-11-06 Listed for Rent $1,300 APPFOLIO
• 2022-12-01 Rental Removed — APPFOLIO
• 2005-03-24 Sold (Public Records) $148,000 Public Records
• 2004-11-21 Listing Removed — HiCentral MLS
• 2004-05-21 Listed $155,000 HiCentral MLS
• 2003-09-16 Sold (Public Records) $27,343 Public Records
• 1989-10-16 Sold (Public Records) $80,000 Public Records
• 1989-10-10 Sold (Public Records) $80,000 Public Records
• 1979-11-01 Sold (Public Records) $46,000 Public Records

Property tax history

+1.0%/yr

Latest (2022): $822 · -1.3% YoY. Source: county tax records.