1650 Piikoi St #403 · Urban Honolulu, HI 96822

$299,000

1 bd · 1.0 ba · 561 sqft · Condo public records · 111 Days on market

Built 1974 $533/sqft · at area comps Est $306k · at est. $688/mo HOA · 24% 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).

• Cash flow +8.6/30.0
• ARV discount +8.6/15.0
• Appreciation +6.4/10.0
• 1% rule +4.4/10.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.4/10.0

Listing remarks MLS

Modern city living in marvelous Makiki! Discover this meticulously remodeled 1-bedroom, 1-bathroom condo at 1650 Piikoi St #403. Featuring 561 SqFt of thoughtfully updated living space, this unit boasts brand new laminate flooring, chic finishes, and a spacious private lanai with an enjoying view. Situated in a secured, pet-friendly building in the heart of Makiki, you are just minutes away from Ala Moana Center, Ward Village, Waikiki, and freeway access. Includes one secured covered parking stall. Don't wait! See your future home today!

Key facts

• Minutes from waikiki
• Private lanai
• $688 HOA

Tags

• METICULOUSLY REMODELED
• PRIVATE LANAI
• SECURED PET FRIENDLY BUILDING
• MINUTES FROM ALA MOANA CENTER
• MINUTES FROM WARD VILLAGE
• MINUTES FROM WAIKIKI

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $-255 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $254k (15.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $281k (6.0% below list).
• Recommended offer: $254k (15.1% below list) — sets the bar for cash-flow.
• Cap rate 5.3% 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 Abraham Lincoln Elementary School (math 47% / reading 57%, grade C-, #46 of 183 statewide, top 29%, 357 students, 57% FRL); Robert Louis Stevenson Middle School (math 30% / reading 57%, grade D, #10 of 42 statewide, top 22%, 576 students, 43% FRL); President Theodore Roosevelt High School (math 41% / reading 73%, grade C, #3 of 43 statewide, top 7%, 1,433 students, 39% FRL).
• Market conditions: Rents rising fast (+5.3%/yr); 180 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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 35% of the median local income ($96k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

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 111 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 7 sale attempts since 26y ago; this cycle's ask has dropped $26k (8%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 24% of rent.

Recommended offer $253,955 (15.1% 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 111 days. Have you received any prior offers? Is the seller open to a 15% concession, seller financing, or rate buy-down credit?
3. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
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. 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?
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: 0.94% ✗
• Cap rate: 5.27%
• Cash-on-cash: -3.65%
• DSCR: 0.84
• GRM: 8.9

CMA / ARV

• ARV (median comp): $306,500
• List price: $299,000
• Delta: -2.45%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.71% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: 4.7%
• Equity multiple: 1.27×
• Total profit: $22,301
• Equity at exit: $129,574

10-year hold

• IRR: 9.3%
• Equity multiple: 2.43×
• Total profit: $119,357
• Equity at exit: $195,984

Cash invested: $83,720 (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 96822

• Home prices YoY: 1.0%
• Rents YoY: 5.3%
• Active inventory: 180
• Price-to-rent: 8.9×

Monthly cashflow live

• Estimated rent: $2,812 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$96 /mo · $1,150/yr
• Insurance: −$125
• HOA: −$688
• Vacancy / Maint / Mgmt: −$591
• Net cashflow: $-255

Break-even live

Break-even rent $3,135

Max offer price $253,955

Occupancy floor —

Sensitivity live

Price	-10% $-86	-5% $-170	+0% $-255	+5% $-340	+10% $-424
Rent	-10% $-477	-5% $-366	+0% $-255	+5% $-144	+10% $-33
Rate	-1.0pp $-104	-0.5pp $-179	base $-255	+0.5pp $-332	+1.0pp $-411

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	25d	1	0.11mi
1535 Pensacola St #209 Honolulu, HI	1.0	1.0	493	$2,700	$5.48	3d	1	0.12mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	25d	1	0.21mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	25d	3	0.59mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	21d	1	0.62mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	5d	1	0.68mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	25d	1	0.74mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	25d	1	0.74mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	45d	1	0.74mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	18d	1	0.74mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	21d	1	0.74mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	18d	1	0.74mi
1500 Rycroft St Unit 1509R Honolulu, HI	—	1.0	416	$3,000	$7.21	25d	1	0.74mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	25d	1	0.74mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	25d	1	0.85mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	18d	1	0.86mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$2,900	$2.98	16d	2	0.89mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$3,500	$3.81	45d	2	0.89mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$3,400	$3.68	18d	2	0.89mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	3d	2	0.89mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	5d	1	0.91mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	45d	1	0.91mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	25d	1	0.91mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	12d	1	0.91mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$3,500	$3.60	5d	2	0.96mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$3,500	$3.01	5d	4	0.96mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$2,700	$3.42	5d	2	1.01mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	25d	2	1.02mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	3d	2	1.02mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	23d	1	1.02mi
1133 Waimanu St #405 Honolulu, HI	1.0	1.0	550	$2,700	$4.91	5d	1	1.09mi
1133 Waimanu St #1808 Honolulu, HI	1.0	1.0	556	$2,800	$5.04	13d	1	1.09mi
987 Queen St Honolulu, HI	1.0	1.0	606	$3,975	$6.56	45d	2	1.14mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	18d	9	1.14mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	17d	8	1.14mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	12d	9	1.14mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$2,700	$3.19	5d	1	1.16mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$2,600	$3.26	23d	3	1.19mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$2,700	$3.16	25d	2	1.19mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	21d	1	1.20mi

HOA detail condo

• Monthly dues: $688 · $8,256/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 24 events

1. 2026-05-06
   price $299,000 544-char remark

   Show marketing remark (544 chars)

   Modern city living in marvelous Makiki! Discover this meticulously remodeled 1-bedroom, 1-bathroom condo at 1650 Piikoi St #403. Featuring 561 SqFt of thoughtfully updated living space, this unit boasts brand new laminate flooring, chic finishes, and a spacious private lanai with an enjoying view. Situated in a secured, pet-friendly building in the heart of Makiki, you are just minutes away from Ala Moana Center, Ward Village, Waikiki, and freeway access. Includes one secured covered parking stall. Don't wait! See your future home today!

2. 2026-02-13
   status Active 544-char remark

   Show marketing remark (544 chars)

   Modern city living in marvelous Makiki! Discover this meticulously remodeled 1-bedroom, 1-bathroom condo at 1650 Piikoi St #403. Featuring 561 SqFt of thoughtfully updated living space, this unit boasts brand new laminate flooring, chic finishes, and a spacious private lanai with an enjoying view. Situated in a secured, pet-friendly building in the heart of Makiki, you are just minutes away from Ala Moana Center, Ward Village, Waikiki, and freeway access. Includes one secured covered parking stall. Don't wait! See your future home today!

3. 2026-02-10
   status Pending 544-char remark

   Show marketing remark (544 chars)

   Modern city living in marvelous Makiki! Discover this meticulously remodeled 1-bedroom, 1-bathroom condo at 1650 Piikoi St #403. Featuring 561 SqFt of thoughtfully updated living space, this unit boasts brand new laminate flooring, chic finishes, and a spacious private lanai with an enjoying view. Situated in a secured, pet-friendly building in the heart of Makiki, you are just minutes away from Ala Moana Center, Ward Village, Waikiki, and freeway access. Includes one secured covered parking stall. Don't wait! See your future home today!

4. 2026-01-29
   listed $325,000 Active 544-char remark

   Show marketing remark (544 chars)

   Modern city living in marvelous Makiki! Discover this meticulously remodeled 1-bedroom, 1-bathroom condo at 1650 Piikoi St #403. Featuring 561 SqFt of thoughtfully updated living space, this unit boasts brand new laminate flooring, chic finishes, and a spacious private lanai with an enjoying view. Situated in a secured, pet-friendly building in the heart of Makiki, you are just minutes away from Ala Moana Center, Ward Village, Waikiki, and freeway access. Includes one secured covered parking stall. Don't wait! See your future home today!

5. 2025-11-05
   historical
6. 2025-07-24
   price $325,000
7. 2025-06-13
   listed $369,000 Active
8. 2012-09-05
   historical
9. 2011-10-04
   listed $273,000
10. 2011-09-07
    historical
11. 2011-03-15
    listed $295,000
12. 2006-09-29
    soldstatus $283,000
13. 2006-09-29
    soldstatus $283,000
14. 2006-06-05
    listed $288,000
15. 2005-02-09
    soldstatus $190,000
16. 2001-04-27
    soldstatus $108,000
17. 2001-04-27
    soldstatus $108,000
18. 2001-03-15
    historical
19. 2000-09-16
    listed $115,000
20. 1994-03-24
    soldstatus $190,000
21. 1993-11-24
    soldstatus $30,000
22. 1993-10-05
    soldstatus $990,000
23. 1988-05-01
    soldstatus $36,750
24. 1982-06-01
    soldstatus $76,000

ⓘ 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: $1,150 · $96/mo
• Projected year-2 tax: $1,150 · $96/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $33,743
• − Mortgage interest: −$16,749
• − Property taxes: −$1,150
• − Insurance: −$1,495
• − Repairs & maintenance: −$2,699
• − Management: −$2,699
• − HOA: −$8,256
• − Depreciation: −$8,698
• Taxable loss: −$8,004
• Est. tax savings @ 24.0%: +$1,921
• After-tax cash flow: $-1,139/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): 43,747
• Household income: $95,947
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 2139.0

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 0.72)
• Race & ethnicity: Asian 48% White 21% Two or more races 20% Pacific Islander 7% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Russian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 20% · South Korea, China, Vietnam
• Languages at home: 73% English-only · Other Asian/Pacific 11% Chinese 4% 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: ▲ 2.71%
• Current HPI: 273.9456
• Rent YoY: ▲ 5.35%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+293.4% since first listed

24 events — show timeline

• 2026-05-06 Price Changed $299,000 HiCentral MLS
• 2026-02-13 Relisted — HiCentral MLS
• 2026-02-10 Pending — HiCentral MLS
• 2026-01-29 Listed $325,000 HiCentral MLS
• 2025-11-05 Listing Removed — HiCentral MLS
• 2025-07-24 Price Changed $325,000 HiCentral MLS
• 2025-06-13 Listed $369,000 HiCentral MLS
• 2012-09-05 Listing Removed — HiCentral MLS
• 2011-10-04 Listed $273,000 HiCentral MLS
• 2011-09-07 Listing Removed — HiCentral MLS
• 2011-03-15 Listed $295,000 HiCentral MLS
• 2006-09-29 Sold (Public Records) $283,000 Public Records
• 2006-09-29 Sold (MLS) $283,000 HiCentral MLS
• 2006-06-05 Listed $288,000 HiCentral MLS
• 2005-02-09 Sold (Public Records) $190,000 Public Records
• 2001-04-27 Sold (Public Records) $108,000 Public Records
• 2001-04-27 Sold (MLS) $108,000 HiCentral MLS
• 2001-03-15 Listing Removed — HiCentral MLS
• 2000-09-16 Listed $115,000 HiCentral MLS
• 1994-03-24 Sold (Public Records) $190,000 Public Records
• 1993-11-24 Sold (Public Records) $30,000 Public Records
• 1993-10-05 Sold (Public Records) $990,000 Public Records
• 1988-05-01 Sold (Public Records) $36,750 Public Records
• 1982-06-01 Sold (Public Records) $76,000 Public Records

Property tax history

+2.0%/yr

Latest (2022): $1,150 · +3.3% YoY. Source: county tax records.