1658 Liholiho St #305 · Urban Honolulu, HI 96822

$399,000

2 bd · 1.0 ba · 825 sqft · Condo public records · 102 Days on market

Built 1970 $484/sqft · at area comps Est $392k · at est. $1067/mo HOA · 32% of rent

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Why this score? — see what drove the F 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 +6.7/15.0
• Appreciation +6.4/10.0
• Cash flow +5.8/30.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• 1% rule +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.2/10.0

Listing remarks MLS

PET friendly building, centrally located and spacious! This 2bedroom/1bath boasts a roomy 825sf with an expansive 308sf covered lanai, wonderful for entertaining and simply extending your living space in a seamless way. A nice cross breeze flows from lanai and throughout the unit. Whether looking for a place to call home-sweet-home or needing an investment property, Kealoha Arms awaits. This is a 32-unit complex which seldom has units for sale. Located in Makiki, the property enjoys excellent convenience. You are near bus lines for easy commuting, close to preschools, elementary/high schools and University of Hawaii. Manoa Shopping Center is a 5-minute drive. Restaurants and weekly Farmers' Markets add to the neighborhood appeal.

Key facts

• Close to schools
• Roomy living space
• Near bus lines

Tags

• EXPANSIVE COVERED LANAI
• ROOMY LIVING SPACE
• NEAR BUS LINES
• CLOSE TO PRESCHOOLS
• CLOSE TO SCHOOLS
• NEAR UNIVERSITY OF HAWAII

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $399k.

Deal economics

• At list price, monthly cash flow is $-869 ($-10k/yr) — negative.
• To cash-flow at today's rent, offer at most $246k (38.5% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $336k (15.8% below list).
• Recommended offer: $246k (38.5% below list) — sets the bar for cash-flow.
• Cap rate 3.9% 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 F — 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 26d 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 42% 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 $14k of equity ($3k loan paydown + $11k 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 3, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 102 days — a 9% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $50k; list at $399k implies a 706% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $66/mo; HOA is 32% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $245,502 (38.5% 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 102 days. Have you received any prior offers? Is the seller open to a 38% 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. 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?
10. 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.
11. 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.
12. 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: 0.84% ✗
• Cap rate: 3.88%
• Cash-on-cash: -8.62%
• DSCR: 0.62
• GRM: 9.9

CMA / ARV

• ARV (median comp): $391,882
• List price: $399,000
• Delta: 1.82%
• 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: -0.7%
• Equity multiple: 0.96×
• Total profit: $-4,731
• Equity at exit: $172,910

10-year hold

• IRR: 4.7%
• Equity multiple: 1.74×
• Total profit: $82,325
• Equity at exit: $261,530

Cash invested: $111,720 (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: 9.9×

Monthly cashflow live

• Estimated rent: $3,360 high
• Mortgage (P&I): −$2,092
• Tax from tax record: −$131 /mo · $1,577/yr
• Insurance: −$166
• Flood insurance flood zone: −$66 /mo · $798/yr
• HOA: −$1,067
• Vacancy / Maint / Mgmt: −$706
• Net cashflow: $-869

Break-even live

Break-even rent $4,460

Max offer price $245,502

Occupancy floor —

Sensitivity live

Price	-10% $-643	-5% $-756	+0% $-869	+5% $-982	+10% $-1,095
Rent	-10% $-1,134	-5% $-1,002	+0% $-869	+5% $-736	+10% $-603
Rate	-1.0pp $-668	-0.5pp $-767	base $-869	+0.5pp $-972	+1.0pp $-1,077

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1717 Mott-Smith Dr Honolulu, HI	1.0	1.0	875	$3,000	$3.43	5d	1	0.01mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	25d	1	0.01mi
1214 Nehoa St Unit A Honolulu, HI	2.0	1.0	912	$3,500	$3.84	45d	1	0.10mi
1617 Keeaumoku St #401 Honolulu, HI	2.0	1.5	773	$3,000	$3.88	19d	1	0.24mi
2022 Leiloke Dr Honolulu, HI	3.0	1.5	868	$3,800	$4.38	45d	1	0.30mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	25d	1	0.31mi
1400 Pensacola St #706 Honolulu, HI	1.0	2.0	836	$2,700	$3.23	21d	1	0.52mi
1314 Kalakaua Ave #1202 Honolulu, HI	2.0	2.0	832	$5,000	$6.01	21d	1	0.63mi
1314 Kalakaua Ave #407 Honolulu, HI	2.0	1.0	772	$4,800	$6.22	45d	1	0.63mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	25d	3	0.63mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	802	$4,900	$6.11	5d	2	0.63mi
1114 Punahou St Unit 9A Honolulu, HI	3.0	2.0	1037	$3,600	$3.47	19d	1	0.65mi
1415 Victoria St Honolulu, HI	2.0	1.0	1000	$3,850	$3.85	45d	1	0.66mi
1221 Victoria St Honolulu, HI	1.0	1.0	813	$3,275	$4.03	25d	2	0.72mi
1221 Victoria St Honolulu, HI	1.0–2.0	1.0–2.0	1207	$3,675	$3.04	13d	2	0.72mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	21d	1	0.75mi
1515 Liona St Unit 4216L Honolulu, HI	2.0	2.0	872	$4,500	$5.16	19d	1	0.78mi
1515 Liona St Unit 4401L Honolulu, HI	2.0	2.0	990	$4,900	$4.95	45d	1	0.78mi
1515 Liona St Unit 4216L Honolulu, HI	2.0	2.0	872	$4,500	$5.16	16d	1	0.78mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	5d	1	0.78mi
1500 Rycroft St Unit 4419R Honolulu, HI	2.0	2.0	1074	$6,000	$5.59	45d	1	0.85mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	25d	1	0.85mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	25d	1	0.85mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	45d	1	0.85mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	25d	1	0.85mi
1500 Rycroft St Unit 4116R Honolulu, HI	2.0	2.0	872	$5,000	$5.73	25d	1	0.85mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	19d	1	0.85mi
1500 Rycroft St Unit 800R Honolulu, HI	2.0	2.0	942	$4,700	$4.99	45d	1	0.85mi
1500 Rycroft St Unit 2519R Honolulu, HI	2.0	2.0	1074	$5,300	$4.93	45d	1	0.85mi
1267 Rycroft St Honolulu, HI	2.0	1.0	816	$2,750	$3.37	25d	1	0.86mi
225 Auwaiolimu St Honolulu, HI	3.0	1.0	710	$3,800	$5.35	19d	1	0.97mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$6,300	$6.86	45d	2	1.00mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$6,300	$6.82	19d	2	1.00mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	4d	2	1.00mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	25d	1	1.03mi
1288 Kapiolani Blvd Unit I3306 Honolulu, HI	2.0	2.0	1105	$4,300	$3.89	19d	1	1.04mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	5d	1	1.04mi
1388 Kapiolani Blvd Honolulu, HI	2.0	2.0	901	$5,500	$6.10	45d	1	1.04mi
1388 Kapiolani Blvd #2201 Honolulu, HI	2.0	2.0	901	$5,800	$6.44	45d	1	1.04mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	25d	1	1.04mi

HOA detail condo

• Monthly dues: $1,067 · $12,804/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 19 events

1. 2026-06-21
   days on market $399,000 Active 102 DOM
2. 2026-06-18
   days on market $399,000 Active 99 DOM
3. 2026-06-17
   days on market $399,000 Active 98 DOM
4. 2026-06-16
   days on market $399,000 Active 97 DOM
5. 2026-06-15
   days on market $399,000 Active 96 DOM
6. 2026-06-13
   days on market $399,000 Active 94 DOM
7. 2026-06-13
   days on market $399,000 Active 93 DOM
8. 2026-06-10
   days on market $399,000 Active 91 DOM
9. 2026-06-09
   days on market $399,000 Active 90 DOM
10. 2026-06-08
    days on market $399,000 Active 89 DOM
11. 2026-06-07
    days on market $399,000 Active 88 DOM
12. 2026-06-05
    days on market $399,000 Active 85 DOM
13. 2026-06-03
    days on market $399,000 Active 84 DOM
14. 2026-06-02
    days on market $399,000 Active 83 DOM
15. 2026-06-01
    days on market $399,000 Active 82 DOM
16. 2026-05-31
    days on market $399,000 Active 81 DOM
17. 2026-04-16
    price $399,000 739-char remark

    Show marketing remark (739 chars)

    PET friendly building, centrally located and spacious! This 2bedroom/1bath boasts a roomy 825sf with an expansive 308sf covered lanai, wonderful for entertaining and simply extending your living space in a seamless way. A nice cross breeze flows from lanai and throughout the unit. Whether looking for a place to call home-sweet-home or needing an investment property, Kealoha Arms awaits. This is a 32-unit complex which seldom has units for sale. Located in Makiki, the property enjoys excellent convenience. You are near bus lines for easy commuting, close to preschools, elementary/high schools and University of Hawaii. Manoa Shopping Center is a 5-minute drive. Restaurants and weekly Farmers' Markets add to the neighborhood appeal.

18. 2026-03-11
    listed $449,500 Active 739-char remark

    Show marketing remark (739 chars)

    PET friendly building, centrally located and spacious! This 2bedroom/1bath boasts a roomy 825sf with an expansive 308sf covered lanai, wonderful for entertaining and simply extending your living space in a seamless way. A nice cross breeze flows from lanai and throughout the unit. Whether looking for a place to call home-sweet-home or needing an investment property, Kealoha Arms awaits. This is a 32-unit complex which seldom has units for sale. Located in Makiki, the property enjoys excellent convenience. You are near bus lines for easy commuting, close to preschools, elementary/high schools and University of Hawaii. Manoa Shopping Center is a 5-minute drive. Restaurants and weekly Farmers' Markets add to the neighborhood appeal.

19. 1977-04-01
    soldstatus $49,500

ⓘ 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: $1,577 · $131/mo
• Projected year-2 tax: $1,577 · $131/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) · 78% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $40,324
• − Mortgage interest: −$22,350
• − Property taxes: −$1,577
• − Insurance: −$2,792
• − Repairs & maintenance: −$3,226
• − Management: −$3,226
• − HOA: −$12,804
• − Depreciation: −$11,607
• Taxable loss: −$17,260
• Est. tax savings @ 24.0%: +$4,142
• After-tax cash flow: $-6,285/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

+706.1% since first listed

3 events — show timeline

• 2026-04-16 Price Changed $399,000 HiCentral MLS
• 2026-03-11 Listed $449,500 HiCentral MLS
• 1977-04-01 Sold (Public Records) $49,500 Public Records

Property tax history

+2.6%/yr

Latest (2022): $1,577 · +5.5% YoY. Source: county tax records.