15-1797 6th Ave · Hawaiian Paradise Park, HI 96749

$400,000

2 bd · 2.0 ba · 1,344 sqft · SingleFamily · 306 Days on market

Built 2023 1.00 ac lot $298/sqft · 20% below area Est $497k · 20% under

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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 +15.0/15.0
• Appreciation +5.5/10.0
• Cash flow +5.2/30.0
• Schools +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.9/10.0
• DSCR +0.0/10.0

Listing remarks MLS

This home is approximately 75% complete. Drywall is mostly roughed in as are the windows. Sceptic system is installed as is a water well. The building permit is open. It has no current finals but can be reassigned for a new owner builder up to 2027. A trench is dug for electric which I believe has already been buried and is ready for the water line. There is a non permitted structure which can supply shelter as the home is finished. A construction loan is possible according to Island Mortgage source.

Key facts

• Building permit open
• Water well
• 1 acre lot

Tags

• SCEPTIC SYSTEM INSTALLED
• WATER WELL
• BUILDING PERMIT OPEN
• TRENCH DUG FOR ELECTRIC

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath single-family listed at $400k.

Deal economics

• At list price, monthly cash flow is $-901 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $270k (32.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $236k (41.0% below list).
• Recommended offer: $236k (41.0% below list) — sets the bar for 1% rule.
• Cap rate 3.6% vs local median 2.8% in Hawaiian Paradise Park — meaningfully above typical; check what's discounted (condition, days-on-market, listing class) to confirm the premium yield is real.

Location & tenants

• Location reads 61/100 on livability (#81 in HI) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A; Watch: health & safety C-, amenities F, commute F.
• 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: Keonepoko Elementary School (math 8% / reading 24%, grade F, #169 of 183 statewide, top 93%, 562 students, 75% FRL); Pahoa High & Intermediate School (math 17% / reading 42%, grade F, #35 of 43 statewide, top 86%, 723 students, 74% FRL) — zoned schools average 75% FRL vs 39% district-wide (36 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 23% at this address vs 41% district-wide (-18 pts) — the specific schools serving this property underperform the Hawaii Department Of Education average; the district grade overstates school quality for this exact location.
• Market conditions: 188 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 75% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).
• This rent runs 33% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $6k of equity ($3k loan paydown + $4k appreciation (0.9% local appreciation)).
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 5, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 306 days — a 12% lower offer ($352k) is reasonable based on typical stale-listing flexibility.

Recommended offer $235,866 (41.0% 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 306 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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?
7. 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.
8. 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.
9. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 0.59% ✗
• Cap rate: 3.59%
• Cash-on-cash: -9.65%
• DSCR: 0.57
• GRM: 14.1

CMA / ARV

• ARV (median comp): $497,285
• List price: $400,000
• Delta: -19.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
15-1932 8th Ave	0.72mi	3/2.5 (+1)	1,375 (+2%)	2mo	$480,000	$349	54

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

0.93% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -9.1%
• Equity multiple: 0.54×
• Total profit: $-51,196
• Equity at exit: $135,140

10-year hold

• IRR: -3.3%
• Equity multiple: 0.60×
• Total profit: $-44,842
• Equity at exit: $178,502

Cash invested: $112,000 (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 96749

• Home prices YoY: 0.5%
• Active inventory: 188
• Price-to-rent: 14.1×

Monthly cashflow live

• Estimated rent: $2,359 medium
• Mortgage (P&I): −$2,098
• Tax est. 1.5%: −$500 /mo · $6,000/yr
• Insurance: −$167
• HOA: −$0
• Vacancy / Maint / Mgmt: −$495
• Net cashflow: $-901

Break-even live

Break-even rent $3,499

Max offer price $269,628

Occupancy floor —

Sensitivity live

Price	-10% $-625	-5% $-763	+0% $-901	+5% $-1,039	+10% $-1,177
Rent	-10% $-1,087	-5% $-994	+0% $-901	+5% $-808	+10% $-715
Rate	-1.0pp $-700	-0.5pp $-799	base $-901	+0.5pp $-1,005	+1.0pp $-1,110

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: $100,000
• Closing costs: $12,000
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15-964 Paradise Ala Kai Dr Keaau, HI	2.0	2.0	1766	$2,000	$1.13	45d	1	0.78mi
15-1817 14th Ave Keaau, HI	3.0	2.0	1372	$2,600	$1.90	45d	1	1.12mi
15-2047 9th St Keaau, HI	3.0	2.0	1593	$2,900	$1.82	5d	1	1.27mi
15-1539 9th St Keaau, HI	3.0	2.0	1248	$2,450	$1.96	45d	1	1.31mi

Listing history 16 events

1. 2026-06-21
   days on market $400,000 Active 306 DOM
2. 2026-06-18
   days on market $400,000 Active 303 DOM
3. 2026-06-17
   days on market $400,000 Active 302 DOM
4. 2026-06-15
   days on market $400,000 Active 300 DOM
5. 2026-06-13
   days on market $400,000 Active 298 DOM
6. 2026-06-13
   days on market $400,000 Active 297 DOM
7. 2026-06-10
   days on market $400,000 Active 295 DOM
8. 2026-06-09
   days on market $400,000 Active 294 DOM
9. 2026-06-08
   days on market $400,000 Active 293 DOM
10. 2026-06-07
    days on market $400,000 Active 292 DOM
11. 2026-06-05
    days on market $400,000 Active 289 DOM
12. 2026-06-03
    days on market $400,000 Active 288 DOM
13. 2026-06-02
    days on market $400,000 Active 287 DOM
14. 2026-06-01
    days on market $400,000 Active 286 DOM
15. 2026-05-31
    days on market $400,000 Active 285 DOM
16. 2025-08-19
    listed $400,000 Active 505-char remark

    Show marketing remark (505 chars)

    This home is approximately 75% complete. Drywall is mostly roughed in as are the windows. Sceptic system is installed as is a water well. The building permit is open. It has no current finals but can be reassigned for a new owner builder up to 2027. A trench is dug for electric which I believe has already been buried and is ready for the water line. There is a non permitted structure which can supply shelter as the home is finished. A construction loan is possible according to Island Mortgage source.

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $28,304
• − Mortgage interest: −$22,406
• − Property taxes: −$6,000
• − Insurance: −$2,000
• − Repairs & maintenance: −$2,264
• − Management: −$2,264
• − Depreciation: −$11,636
• Taxable loss: −$18,267
• Est. tax savings @ 24.0%: +$4,384
• After-tax cash flow: $-6,427/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 — Hawaiian Paradise Park

• Score: 61/100
• State rank: #81
• US rank: #18406

Category grades

Amenities F Commute F Cost of living F Crime C Employment A Housing A+ Health & safety C- User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hawaiian Paradise Park, HI
• County: Hawaii County · 119,311 people
• Metro: Hilo, HI
• Population (ZIP): 19,132
• Household income: $85,399
• Rent vs Own: 24.5% rent · 75.5% own
• Severe rent burden: 290.0

Population outlook (Hawaii County) Hauer SSP2

• Today (2025): 220,733 people
• By 2030: 232,156 · +5.2%
• By 2040: 252,486 · +14.4%
• By 2050: 272,703 · +23.5%
• By 2075: 332,113 · +50.5%
• By 2100: 398,342 · +80.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.87)
• Race & ethnicity: Two or more races 33% White 24% Asian 22% Pacific Islander 14% Hispanic / Latino 13% Black 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Russian 9% Lithuanian 3% Italian 2%
• Foreign-born: 14% · Vietnam, Canada
• Languages at home: 73% English-only · Other Asian/Pacific 15% Vietnamese 2% Spanish 2%

Political lean MEDSL · Hawaii

• 2024 margin: Strong D (+28.3) · D 63.0% · R 34.7% · Other 2.3%
• 2008→2024 swing: -25.4pp toward R · 2008: 53.7pp · 2024: 28.3pp
• All cycles: 2024: D+28.3 2020: D+36.2 2016: D+36.6 2012: D+51.3 2008: D+53.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.93%
• Current HPI: 183.9836
• Rent YoY: —
• Metro: Hilo, HI
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2025-08-19 Listed $400,000 HI Information Service