2240 Kuhio Ave #2004 · Urban Honolulu, HI 96815

$140,000

1 bd · 1.0 ba · 445 sqft · Condo public records · 282 Days on market

Built 1976 $315/sqft · 67% below area $874/mo HOA · 38% of rent

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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).

• Cash flow +15.2/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +6.4/10.0
• DSCR +4.6/10.0
• 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

Modern island living awaits in this upgraded 1-bedroom, 1-bath leasehold residence at the Royal Kuhio. The unit features upgraded kitchen and bathroom with views of the mountain and ala wai canal. Nestled centrally in Waikiki, you’ll be in close proximity from shopping, dining, International marketplace, beaches, stores and daily conveniences. The Royal Kuhio offers an array of amenities to enjoy—relax by the newly renovated pool, host friends at the BBQ area, or recharge in the fitness center and sauna. With 30-day minimum rentals permitted, this property is a fantastic option for investors, second-home owners, or anyone looking to experience the best of Waikiki.

Key facts

• Upgraded bathroom
• Upgraded kitchen
• Newly renovated pool

Tags

• UPGRADED KITCHEN
• UPGRADED BATHROOM
• VIEWS OF THE MOUNTAIN
• VIEWS OF ALA WAI CANAL
• CENTRAL LOCATION IN WAIKIKI
• NEWLY RENOVATED POOL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $140k.

Deal economics

• At list price, monthly cash flow is $-75 ($-897/yr) — negative.
• To cash-flow at today's rent, offer at most $127k (9.4% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• Recommended offer: $123k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.7% 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 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 fast (+6.0%/yr); 814 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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 36% 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 $5k of equity ($968 loan paydown + $4k 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 $39k cash investment doubles in ~6 years — after that, you're playing with house money.
• By year 7, 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 282 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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; HOA is 38% of rent.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $123,200 (12.0% 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 282 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 1976 — 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: 1.64% ✓
• Cap rate: 6.70%
• Cash-on-cash: 1.45%
• DSCR: 1.06
• GRM: 5.1

CMA / ARV

• ARV (median comp): $419,206
• List price: $140,000
• Delta: -66.60%
• 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: 7.8%
• Equity multiple: 1.46×
• Total profit: $17,936
• Equity at exit: $60,933

10-year hold

• IRR: 13.5%
• Equity multiple: 3.19×
• Total profit: $85,696
• Equity at exit: $92,366

Cash invested: $39,200 (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: 814
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $2,293 high
• Mortgage (P&I): −$734
• Tax from tax record: −$98 /mo · $1,172/yr
• Insurance: −$58
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$874
• Vacancy / Maint / Mgmt: −$482
• Net cashflow: $-75

Break-even live

Break-even rent $2,388

Max offer price $126,792

Occupancy floor 98%

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: $35,000
• Closing costs: $4,200
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	23d	8	0.30mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	23d	1	0.30mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	23d	1	0.30mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	11d	1	0.32mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	2d	1	0.32mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	43d	1	0.40mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	21d	1	0.43mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	23d	1	0.43mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	23d	2	0.51mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	3d	1	0.51mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	23d	1	0.53mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	43d	1	0.62mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	3d	3	0.69mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	23d	1	0.75mi
234 Hua AVE Unit 103 Honolulu, HI	—	1.0	257	$1,550	$6.03	3d	1	0.94mi

HOA detail condo

• Monthly dues: $874 · $10,488/yr
• Likely covers: poolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 23 events

1. 2026-06-18
   days on market $140,000 Active 282 DOM
2. 2026-06-17
   days on market $140,000 Active 281 DOM
3. 2026-06-15
   days on market $140,000 Active 279 DOM
4. 2026-06-13
   days on market $140,000 Active 277 DOM
5. 2026-06-13
   days on market $140,000 Active 276 DOM
6. 2026-06-10
   days on market $140,000 Active 274 DOM
7. 2026-06-09
   days on market $140,000 Active 273 DOM
8. 2026-06-08
   days on market $140,000 Active 272 DOM
9. 2026-06-07
   days on market $140,000 Active 271 DOM
10. 2026-06-05
    days on market $140,000 Active 268 DOM
11. 2026-06-03
    days on market $140,000 Active 267 DOM
12. 2026-06-02
    days on market $140,000 Active 266 DOM
13. 2026-06-01
    days on market $140,000 Active 265 DOM
14. 2026-05-31
    days on market $140,000 Active 264 DOM
15. 2026-02-13
    status Active 684-char remark

    Show marketing remark (684 chars)

    Modern island living awaits in this upgraded 1-bedroom, 1-bath leasehold residence at the Royal Kuhio. The unit features upgraded kitchen and bathroom with views of the mountain and ala wai canal. Nestled centrally in Waikiki, you’ll be in close proximity from shopping, dining, International marketplace, beaches, stores and daily conveniences. The Royal Kuhio offers an array of amenities to enjoy—relax by the newly renovated pool, host friends at the BBQ area, or recharge in the fitness center and sauna. With 30-day minimum rentals permitted, this property is a fantastic option for investors, second-home owners, or anyone looking to experience the best of Waikiki.

16. 2026-01-26
    historical Active Under Contract 684-char remark

    Show marketing remark (684 chars)

    Modern island living awaits in this upgraded 1-bedroom, 1-bath leasehold residence at the Royal Kuhio. The unit features upgraded kitchen and bathroom with views of the mountain and ala wai canal. Nestled centrally in Waikiki, you’ll be in close proximity from shopping, dining, International marketplace, beaches, stores and daily conveniences. The Royal Kuhio offers an array of amenities to enjoy—relax by the newly renovated pool, host friends at the BBQ area, or recharge in the fitness center and sauna. With 30-day minimum rentals permitted, this property is a fantastic option for investors, second-home owners, or anyone looking to experience the best of Waikiki.

17. 2025-09-09
    listed $140,000 Active 684-char remark

    Show marketing remark (684 chars)

    Modern island living awaits in this upgraded 1-bedroom, 1-bath leasehold residence at the Royal Kuhio. The unit features upgraded kitchen and bathroom with views of the mountain and ala wai canal. Nestled centrally in Waikiki, you’ll be in close proximity from shopping, dining, International marketplace, beaches, stores and daily conveniences. The Royal Kuhio offers an array of amenities to enjoy—relax by the newly renovated pool, host friends at the BBQ area, or recharge in the fitness center and sauna. With 30-day minimum rentals permitted, this property is a fantastic option for investors, second-home owners, or anyone looking to experience the best of Waikiki.

18. 2004-12-22
    soldstatus $210,000
19. 2002-08-30
    soldstatus $122,500
20. 2000-09-29
    soldstatus $97,000
21. 1991-02-01
    soldstatus $110,000
22. 1987-10-01
    soldstatus $103,700
23. 1987-04-01
    soldstatus $93,000

ⓘ 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: $1,172 · $98/mo
• Projected year-2 tax: $1,172 · $98/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: $27,519
• − Mortgage interest: −$7,842
• − Property taxes: −$1,172
• − Insurance: −$2,168
• − Repairs & maintenance: −$2,202
• − Management: −$2,202
• − HOA: −$10,488
• − Depreciation: −$4,073
• Taxable loss: −$2,626
• Est. tax savings @ 24.0%: +$630
• After-tax cash flow: $-267/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

+50.5% since first listed

9 events — show timeline

• 2026-02-13 Relisted — HiCentral MLS
• 2026-01-26 Contingent — HiCentral MLS
• 2025-09-09 Listed $140,000 HiCentral MLS
• 2004-12-22 Sold (Public Records) $210,000 Public Records
• 2002-08-30 Sold (Public Records) $122,500 Public Records
• 2000-09-29 Sold (Public Records) $97,000 Public Records
• 1991-02-01 Sold (Public Records) $110,000 Public Records
• 1987-10-01 Sold (Public Records) $103,700 Public Records
• 1987-04-01 Sold (Public Records) $93,000 Public Records

Property tax history

+2.2%/yr

Latest (2022): $1,172 · -5.8% YoY. Source: county tax records.