423 Kaiolu St #207 · Urban Honolulu, HI 96815

$85,000

1 bd · 1.0 ba · 420 sqft · Condo public records · 90 Days on market

Built 1968 $202/sqft · 65% below area $328/mo HOA · 13% 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• 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 MLS

* FEE AVAILABLE * Discover your slice of paradise at the Promenade in Waikiki! This "old Hawaiian style" cozy 1-bedroom unit offers a perfect blend of comfort and convenience in the heart of iconic Waikiki neighborhood. Featuring an open floor plan with abundant natural light from extra window, low maintenance fee, and assigned PARKING stall. The Promenade provides easy access to world-famous Waikiki beaches, vibrant dining, shopping, and many entertainment options, making it a prime location for both residents and visitors. Whether you are seeking a comfortable home, a vacation retreat, or a prime investment opportunity, this 1-bedroom gem at the Promenade is the perfect choice for experiencing the best of Waikiki living. Schedule a showing today! This is a leasehold property and the fee is available to purchase, make this a fee simple property.

Key facts

• Open floor plan
• Prime location
• $328 HOA

Tags

• OPEN FLOOR PLAN
• ASSIGNED PARKING STALL
• EASY ACCESS TO BEACHES
• PRIME LOCATION

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $85k.

Deal economics

• At list price, monthly cash flow is $989 ($12k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $85k).
• Recommended offer: $80k (6.0% below list) — sets the bar for market timing.
• Cap rate 22.0% 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.
• 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; 15 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).
• This rent runs 38% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $3k of equity ($588 loan paydown + $2k 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 $24k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 90 days — a 6% lower offer ($80k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 13y 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.

Risks & watch-outs

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

Recommended offer $79,900 (6.0% below list)

Questions for the listing agent

1. It's been on market 90 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1968 — 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: 2.90% ✓
• Cap rate: 21.98%
• Cash-on-cash: 56.03%
• DSCR: 3.49
• GRM: 2.9

CMA / ARV

• ARV (median comp): $242,289
• List price: $85,000
• Delta: -64.92%
• 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: 58.3%
• Equity multiple: 4.36×
• Total profit: $80,022
• Equity at exit: $36,995

10-year hold

• IRR: 59.6%
• Equity multiple: 9.88×
• Total profit: $211,271
• Equity at exit: $56,079

Cash invested: $23,800 (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: 2.9×

Monthly cashflow live

• Estimated rent: $2,468 high
• Mortgage (P&I): −$446
• Tax from tax record: −$30 /mo · $355/yr
• Insurance: −$35
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$328
• Vacancy / Maint / Mgmt: −$518
• Net cashflow: $989

Break-even live

Break-even rent $1,217

Max offer price $85,000

Occupancy floor 55%

Sensitivity live

Price	-10% $1,037	-5% $1,013	+0% $989	+5% $965	+10% $941
Rent	-10% $794	-5% $892	+0% $989	+5% $1,087	+10% $1,184
Rate	-1.0pp $1,032	-0.5pp $1,011	base $989	+0.5pp $967	+1.0pp $945

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: $21,250
• Closing costs: $2,550
• Reserves months: —
• Total cash needed: —

Rent comps 15 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	13d	1	0.22mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.22mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	25d	8	0.39mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	25d	1	0.40mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	25d	1	0.40mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	45d	1	0.49mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	22d	1	0.52mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	25d	1	0.52mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	25d	2	0.60mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	4d	1	0.61mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	25d	1	0.62mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	45d	1	0.71mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	25d	1	0.71mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	4d	3	0.78mi
234 Hua AVE Unit 103 Honolulu, HI	—	1.0	257	$1,550	$6.03	4d	1	1.04mi

HOA detail condo

• Monthly dues: $328 · $3,936/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 29 events

1. 2026-06-21
   days on market $85,000 Active 90 DOM
2. 2026-06-18
   days on market $85,000 Active 87 DOM
3. 2026-06-17
   days on market $85,000 Active 86 DOM
4. 2026-06-16
   days on market $85,000 Active 85 DOM
5. 2026-06-15
   days on market $85,000 Active 84 DOM
6. 2026-06-13
   days on market $85,000 Active 82 DOM
7. 2026-06-13
   days on market $85,000 Active 81 DOM
8. 2026-06-10
   days on market $85,000 Active 79 DOM
9. 2026-06-09
   days on market $85,000 Active 78 DOM
10. 2026-06-08
    days on market $85,000 Active 77 DOM
11. 2026-06-07
    days on market $85,000 Active 76 DOM
12. 2026-06-05
    days on market $85,000 Active 73 DOM
13. 2026-06-03
    days on market $85,000 Active 72 DOM
14. 2026-06-02
    days on market $85,000 Active 71 DOM
15. 2026-06-01
    days on market $85,000 Active 70 DOM
16. 2026-05-31
    days on market $85,000 Active 69 DOM
17. 2026-03-23
    listed $85,000 Active 876-char remark

    Show marketing remark (876 chars)

    * FEE AVAILABLE * Discover your slice of paradise at the Promenade in Waikiki! This "old Hawaiian style" cozy 1-bedroom unit offers a perfect blend of comfort and convenience in the heart of iconic Waikiki neighborhood. Featuring an open floor plan with abundant natural light from extra window, low maintenance fee, and assigned PARKING stall. The Promenade provides easy access to world-famous Waikiki beaches, vibrant dining, shopping, and many entertainment options, making it a prime location for both residents and visitors. Whether you are seeking a comfortable home, a vacation retreat, or a prime investment opportunity, this 1-bedroom gem at the Promenade is the perfect choice for experiencing the best of Waikiki living. Schedule a showing today! This is a leasehold property and the fee is available to purchase, make this a fee simple property.

18. 2026-03-09
    historical
19. 2025-04-07
    listed $95,000 Active
20. 2017-12-28
    soldstatus $192,583
21. 2014-08-26
    soldstatus $68,000
22. 2014-08-26
    soldstatus $68,000
23. 2013-12-16
    listed $78,000
24. 1989-10-17
    soldstatus $2,000
25. 1988-05-01
    soldstatus $55,000
26. 1988-05-01
    soldstatus $55,000
27. 1983-03-01
    soldstatus $48,000
28. 1982-12-01
    soldstatus $40,000
29. 1980-08-01
    soldstatus $65,000

ⓘ 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: $355 · $30/mo
• Projected year-2 tax: $355 · $30/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: $29,622
• − Mortgage interest: −$4,761
• − Property taxes: −$355
• − Insurance: −$1,892
• − Repairs & maintenance: −$2,370
• − Management: −$2,370
• − HOA: −$3,936
• − Depreciation: −$2,473
• Taxable income: $11,464
• Est. tax owed @ 24.0%: −$2,751
• After-tax cash flow: $9,117/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

+30.8% since first listed

13 events — show timeline

• 2026-03-23 Listed $85,000 HiCentral MLS
• 2026-03-09 Listing Removed — HiCentral MLS
• 2025-04-07 Listed $95,000 HiCentral MLS
• 2017-12-28 Sold (Public Records) $192,583 Public Records
• 2014-08-26 Sold (Public Records) $68,000 Public Records
• 2014-08-26 Sold (MLS) $68,000 HiCentral MLS
• 2013-12-16 Listed $78,000 HiCentral MLS
• 1989-10-17 Sold (Public Records) $2,000 Public Records
• 1988-05-01 Sold (Public Records) $55,000 Public Records
• 1988-05-01 Sold (Public Records) $55,000 Public Records
• 1983-03-01 Sold (Public Records) $48,000 Public Records
• 1982-12-01 Sold (Public Records) $40,000 Public Records
• 1980-08-01 Sold (Public Records) $65,000 Public Records

Property tax history

-3.8%/yr

Latest (2022): $355 · -14.1% YoY. Source: county tax records.