11-3288 Mokuna St

Royal Hawaiian Estates, HI 96785

$339,000D-

3 bd · 2.0 ba · 1,208 sqft · Built 2025 · SingleFamily · Active · 65 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,164/mo
• Mortgage (P&I): −$1,778
• Tax + insurance: −$565
• HOA: −$0
• Vac / Maint / Mgmt: −$455
• Net cashflow: $-633/mo
• Annual: $-7,594/yr
• Cap rate: 4.05%
• Cash-on-cash: -8.00%
• DSCR: 0.64
• 1% rule: 0.64%
• Cash to close: $94,920

Investor read

• This is a 3-bed/2.0-bath single-family listed at $339k.
• At list price, monthly cash flow is $-633 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $247k (27.0% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $216k (36.2% below list).
• It's been on market 65 days — a 6% lower offer ($319k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $216k (36.2% below list) — sets the bar for 1% rule.
• In year one you build about $5k of equity ($2k loan paydown + $2k appreciation (0.7% local appreciation)).
• 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: Mountain View Elementary School (math 9% / reading 16%, grade F, #175 of 183 statewide, top 96%, 493 students, 78% FRL); Keaau Middle School (math 11% / reading 31%, grade F, #37 of 42 statewide, top 88%, 749 students, 76% FRL); Keaau High School (math 17% / reading 47%, grade F, #34 of 43 statewide, top 79%, 1,046 students, 73% FRL) — zoned schools average 76% FRL vs 39% district-wide (37 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 22% at this address vs 41% district-wide (-19 pts) — the specific schools serving this property underperform the Hawaii Department Of Education average; the district grade overstates school quality for this exact location.
• Market conditions: 159 active listings in the ZIP; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 2 sale attempts; this cycle's ask has dropped $40k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• By year 7, paydown + projected appreciation supports a ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Questions for listing agent

• 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?
• It's been on market 65 days. Have you received any prior offers? Is the seller open to a 36% concession, seller financing, or rate buy-down credit?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.