1655 Makaloa St #705 · Urban Honolulu, HI 96814

$259,000

1 bd · 1.0 ba · 484 sqft · Condo public records · 238 Days on market

Built 1970 $535/sqft · 17% below area Est $312k · 17% under $905/mo HOA · 30% of rent ↓ 16% since listing

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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).

• ARV discount +15.0/15.0
• Cash flow +10.9/30.0
• 1% rule +6.5/10.0
• Appreciation +6.0/10.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• DSCR +3.2/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Priced to sell!!! Upgraded in 2018 with luxury vinyl plank flooring & baseboards, painted throughout, dishwasher, kitchen and bathroom lights, 2 ceiling fans. Corner unit - only 1 neighbor. Ideal parking stall, very close to lobby and end stall. Storage locker. 2 washer and dryers on each floor. Great location - close to Ala Moana, Don Quijote, Palama Market, Waikiki, 24 Hour Fitness, numerous restaurants, banks, Walmart, beach, etc. POOL on the 27th floor with cabanas. Kapiolani Manor is fully insured, Buyer to verify.

Key facts

• Ideal parking stall
• Upgraded in 2018
• Corner unit

Tags

• UPGRADED IN 2018
• LUXURY VINYL PLANK FLOORING
• CORNER UNIT
• IDEAL PARKING STALL
• STORAGE LOCKER
• POOL ON THE 27TH FLOOR

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $259k.

Deal economics

• At list price, monthly cash flow is $-178 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $228k (12.1% below list).
• Meets the 1% rule at list price ($3k rent vs $259k).
• Recommended offer: $228k (12.1% below list) — sets the bar for cash-flow.
• Cap rate 5.8% 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.
• Market conditions: Rents rising (+3.1%/yr); 549 active listings in the ZIP; 14 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).
• At $2,980/mo this rent would consume 46% 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.
• 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 238 days — a 12% lower offer ($228k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 8y ago; this cycle's ask has dropped $41k (14%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 30% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $227,575 (12.1% 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 238 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1970 — 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. 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: 1.15% ✓
• Cap rate: 5.78%
• Cash-on-cash: -1.84%
• DSCR: 0.92
• GRM: 7.2

CMA / ARV

• ARV (median comp): $311,655
• List price: $259,000
• Delta: -16.90%
• 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: 1.8%
• Equity multiple: 1.10×
• Total profit: $6,918
• Equity at exit: $101,826

10-year hold

• IRR: 6.0%
• Equity multiple: 1.82×
• Total profit: $59,511
• Equity at exit: $146,378

Cash invested: $72,520 (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: 7.2×

Monthly cashflow live

• Estimated rent: $2,980 high
• Mortgage (P&I): −$1,358
• Tax from tax record: −$94 /mo · $1,132/yr
• Insurance: −$108
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$905
• Vacancy / Maint / Mgmt: −$626
• Net cashflow: $-178

Break-even live

Break-even rent $3,205

Max offer price $227,575

Occupancy floor —

Sensitivity live

Price	-10% $-31	-5% $-105	+0% $-178	+5% $-251	+10% $-325
Rent	-10% $-413	-5% $-296	+0% $-178	+5% $-60	+10% $58
Rate	-1.0pp $-47	-0.5pp $-112	base $-178	+0.5pp $-245	+1.0pp $-313

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: $64,750
• Closing costs: $7,770
• Reserves months: —
• Total cash needed: —

Rent comps 14 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	12d	1	0.72mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.72mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	24d	1	0.96mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	18d	9	1.03mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	17d	8	1.03mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	11d	9	1.03mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	24d	1	1.06mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	24d	2	1.09mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	24d	1	1.34mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	24d	1	1.34mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	24d	8	1.34mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	44d	1	1.43mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	22d	1	1.46mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	24d	1	1.46mi

HOA detail condo

• Monthly dues: $905 · $10,860/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 25 events

1. 2026-06-18
   days on market $259,000 Active 238 DOM
2. 2026-06-17
   days on market $259,000 Active 237 DOM
3. 2026-06-15
   days on market $259,000 Active 235 DOM
4. 2026-06-13
   days on market $259,000 Active 233 DOM
5. 2026-06-13
   pricedays on market $259,000 Active 232 DOM
6. 2026-06-10
   days on market $269,000 Active 230 DOM
7. 2026-06-09
   days on market $269,000 Active 229 DOM
8. 2026-06-08
   days on market $269,000 Active 228 DOM
9. 2026-06-07
   days on market $269,000 Active 227 DOM
10. 2026-06-05
    days on market $269,000 Active 224 DOM
11. 2026-06-03
    days on market $269,000 Active 223 DOM
12. 2026-06-02
    days on market $269,000 Active 222 DOM
13. 2026-06-01
    days on market $269,000 Active 221 DOM
14. 2026-05-31
    days on market $269,000 Active 220 DOM
15. 2026-03-27
    price $269,000 531-char remark

    Show marketing remark (531 chars)

    Priced to sell!!! Upgraded in 2018 with luxury vinyl plank flooring & baseboards, painted throughout, dishwasher, kitchen and bathroom lights, 2 ceiling fans. Corner unit - only 1 neighbor. Ideal parking stall, very close to lobby and end stall. Storage locker. 2 washer and dryers on each floor. Great location - close to Ala Moana, Don Quijote, Palama Market, Waikiki, 24 Hour Fitness, numerous restaurants, banks, Walmart, beach, etc. POOL on the 27th floor with cabanas. Kapiolani Manor is fully insured, Buyer to verify.

16. 2026-02-25
    price $279,000 531-char remark

    Show marketing remark (531 chars)

    Priced to sell!!! Upgraded in 2018 with luxury vinyl plank flooring & baseboards, painted throughout, dishwasher, kitchen and bathroom lights, 2 ceiling fans. Corner unit - only 1 neighbor. Ideal parking stall, very close to lobby and end stall. Storage locker. 2 washer and dryers on each floor. Great location - close to Ala Moana, Don Quijote, Palama Market, Waikiki, 24 Hour Fitness, numerous restaurants, banks, Walmart, beach, etc. POOL on the 27th floor with cabanas. Kapiolani Manor is fully insured, Buyer to verify.

17. 2025-11-06
    price $289,900 531-char remark

    Show marketing remark (531 chars)

    Priced to sell!!! Upgraded in 2018 with luxury vinyl plank flooring & baseboards, painted throughout, dishwasher, kitchen and bathroom lights, 2 ceiling fans. Corner unit - only 1 neighbor. Ideal parking stall, very close to lobby and end stall. Storage locker. 2 washer and dryers on each floor. Great location - close to Ala Moana, Don Quijote, Palama Market, Waikiki, 24 Hour Fitness, numerous restaurants, banks, Walmart, beach, etc. POOL on the 27th floor with cabanas. Kapiolani Manor is fully insured, Buyer to verify.

18. 2025-10-23
    listed $299,900 Active 531-char remark

    Show marketing remark (531 chars)

    Priced to sell!!! Upgraded in 2018 with luxury vinyl plank flooring & baseboards, painted throughout, dishwasher, kitchen and bathroom lights, 2 ceiling fans. Corner unit - only 1 neighbor. Ideal parking stall, very close to lobby and end stall. Storage locker. 2 washer and dryers on each floor. Great location - close to Ala Moana, Don Quijote, Palama Market, Waikiki, 24 Hour Fitness, numerous restaurants, banks, Walmart, beach, etc. POOL on the 27th floor with cabanas. Kapiolani Manor is fully insured, Buyer to verify.

19. 2025-09-24
    historical
20. 2025-07-20
    price $320,000
21. 2025-05-19
    listed $330,000 Active
22. 2018-07-18
    soldstatus $311,000 Sold
23. 2018-07-18
    soldstatus $311,000
24. 2018-06-06
    price $314,900
25. 2018-05-16
    listed $319,900 Active

ⓘ 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: $1,132 · $94/mo
• Projected year-2 tax: $1,132 · $94/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 X (unshaded) · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $35,757
• − Mortgage interest: −$14,508
• − Property taxes: −$1,132
• − Insurance: −$2,092
• − Repairs & maintenance: −$2,861
• − Management: −$2,861
• − HOA: −$10,860
• − Depreciation: −$7,535
• Taxable loss: −$6,091
• Est. tax savings @ 24.0%: +$1,462
• After-tax cash flow: $-673/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

-15.9% since first listed

11 events — show timeline

• 2026-03-27 Price Changed $269,000 HiCentral MLS
• 2026-02-25 Price Changed $279,000 HiCentral MLS
• 2025-11-06 Price Changed $289,900 HiCentral MLS
• 2025-10-23 Listed $299,900 HiCentral MLS
• 2025-09-24 Listing Removed — HiCentral MLS
• 2025-07-20 Price Changed $320,000 HiCentral MLS
• 2025-05-19 Listed $330,000 HiCentral MLS
• 2018-07-18 Sold (Public Records) $311,000 Public Records
• 2018-07-18 Sold (MLS) $311,000 HiCentral MLS
• 2018-06-06 Price Changed $314,900 HiCentral MLS
• 2018-05-16 Listed $319,900 HiCentral MLS

Property tax history

+3.0%/yr

Latest (2022): $1,132 · +8.2% YoY. Source: county tax records.