1088 Bishop St #203 · Urban Honolulu, HI 96813

$120,000

1 bd · 1.0 ba · 802 sqft · Condo public records · 301 Days on market

Built 1984 $150/sqft · 72% below area $1594/mo HOA · 53% 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 +14.6/30.0
• 1% rule +10.0/10.0
• ARV discount +7.5/15.0
• Appreciation +4.6/10.0
• DSCR +4.4/10.0
• Schools +3.7/10.0
• Rent growth +2.7/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Executive Centre is located in the heart of downtown at the corner of Bishop Street and South Hotel Street. This is a SPACIOUS 802 sq. ft 1 bd/1bath unit with 10' high ceilings and 1 parking stall in a multi-use zoned building. This unit may be used as a business/office space or to live in it OR work and live. Also a wonderful opportunity to own an investment property to rent short- or long- term or place the unit in Aston's hotel pool. We are located on the 2nd floor in the low rise building. Sorry, our unit does not have a view (NO view)! Electricity is a submeter and owned by the AOAO Executive Centre. Maintenance fee includes common area expenses, including a bulk package for cable and internet/wifi. 24 hour onsite security. Other fees is to replenish the Capital Reserves. FEE is available for $232,510, plus additional $1,500 for the parking stall. Thank you for viewing our listing.

Key facts

• Short term rental
• Long term rental
• Investment property

Tags

• DOWNTOWN LOCATION
• MULTI-USE ZONED BUILDING
• INVESTMENT PROPERTY
• BUSINESS OFFICE SPACE
• SHORT TERM RENTAL
• LONG TERM RENTAL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $120k.

Deal economics

• At list price, monthly cash flow is $28 ($335/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $120k).
• Recommended offer: $106k (12.0% below list) — sets the bar for market timing.
• Cap rate 6.6% 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 flat; 198 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 40% of the median local income ($92k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-0.7%/yr); year-one equity from $830 of loan paydown is wiped out by about $874 of value loss. Plan a longer hold.
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.

Negotiation context

• It's been on market 301 days — a 12% lower offer ($106k) is reasonable based on typical stale-listing flexibility.
• 18 sale attempts since 24y ago; this cycle's ask is 5117% above the opening price — seller raised mid-cycle; expect resistance to lowballs.
• Current owner paid $92k; 30% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 53% of rent.

Recommended offer $105,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 301 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. 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: 2.52% ✓
• Cap rate: 6.57%
• Cash-on-cash: 1.00%
• DSCR: 1.04
• GRM: 3.3

CMA / ARV

• ARV (median comp): $434,012
• List price: $120,000
• Delta: -72.35%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-0.73% appreciation · 0.63% rent growth · sell at horizon

5-year hold

• IRR: -8.3%
• Equity multiple: 0.65×
• Total profit: $-11,829
• Equity at exit: $30,538

10-year hold

• IRR: -7.6%
• Equity multiple: 0.40×
• Total profit: $-20,220
• Equity at exit: $33,426

Cash invested: $33,600 (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 96813

• Home prices YoY: -0.3%
• Rents YoY: 0.6%
• Active inventory: 198
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $3,020 high
• Mortgage (P&I): −$629
• Tax from tax record: −$84 /mo · $1,013/yr
• Insurance: −$50
• HOA: −$1,594
• Vacancy / Maint / Mgmt: −$634
• Net cashflow: $28

Break-even live

Break-even rent $2,984

Max offer price $120,000

Occupancy floor 94%

Sensitivity live

Price	-10% $96	-5% $62	+0% $28	+5% $-6	+10% $-40
Rent	-10% $-211	-5% $-91	+0% $28	+5% $147	+10% $266
Rate	-1.0pp $88	-0.5pp $58	base $28	+0.5pp $-3	+1.0pp $-35

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: $30,000
• Closing costs: $3,600
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1088 Bishop St #3310 Honolulu, HI	1.0	1.0	650	$2,600	$4.00	24d	1	0.03mi
1132 Bishop St Honolulu, HI	1.0	1.0	486	$3,250	$6.68	4d	1	0.09mi
225 Queen St Unit 17A Honolulu, HI	2.0	2.0	704	$3,300	$4.69	24d	1	0.18mi
225 Queen St Unit 24E Honolulu, HI	2.0	2.0	604	$2,600	$4.30	24d	1	0.18mi
225 Queen St Unit 24B Honolulu, HI	2.0	2.0	707	$3,399	$4.81	45d	1	0.18mi
225 Queen St Unit 21H Honolulu, HI	2.0	2.0	624	$2,700	$4.33	4d	1	0.18mi
225 Queen St Unit 16A Honolulu, HI	2.0	2.0	704	$3,500	$4.97	44d	1	0.18mi
700 Richards St #1403 Honolulu, HI	1.0	1.0	773	$2,900	$3.75	4d	1	0.21mi
700 Richards St #1005 Honolulu, HI	2.0	2.0	1031	$3,950	$3.83	44d	1	0.21mi
700 Richards St #2309 Honolulu, HI	2.0	2.0	1014	$3,800	$3.75	24d	1	0.21mi
1255 Nuuanu Ave Unit KPE3001 Honolulu, HI	2.0	1.0	888	$3,100	$3.49	4d	1	0.24mi
1255 Nuuanu Ave Unit E3203 Honolulu, HI	1.0	1.0	615	$2,800	$4.55	24d	1	0.25mi
1212 Nuuanu Ave Honolulu, HI	1.0–2.0	1.0–2.0	833	$2,895	$3.48	12d	2	0.27mi
1212 Nuuanu Ave Honolulu, HI	1.0–2.0	1.0–2.0	838	$2,950	$3.52	24d	2	0.27mi
60 N Beretania St Honolulu, HI	1.0–2.0	1.0–2.0	895	$2,950	$3.30	4d	3	0.30mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	20d	1	0.50mi
801 South St Unit 3901-A Honolulu, HI	2.0	2.0	816	$3,300	$4.04	4d	1	0.52mi
555 South St Honolulu, HI	2.0	2.0	929	$3,990	$4.29	24d	1	0.52mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	24d	1	0.53mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$2,700	$3.19	4d	1	0.53mi
555 South St Honolulu, HI	1.0–2.0	1.0–2.0	718	$2,750	$3.83	17d	2	0.56mi
615 Keawe St Unit 3008 Honolulu, HI	2.0	2.0	894	$3,700	$4.14	24d	1	0.58mi
801 South St #4524 Honolulu, HI	2.0	1.5	840	$3,500	$4.17	44d	1	0.59mi
1320 Aala St Honolulu, HI	1.0–3.0	1.0–1.5	735	$2,250	$3.06	4d	1	0.63mi
725 Kapiolani Blvd Honolulu, HI	2.0	2.5	1086	$4,100	$3.78	16d	1	0.67mi
1634 Nuuanu Ave #207 Honolulu, HI	2.0	2.0	924	$2,795	$3.02	24d	1	0.68mi
600 Ala Moana Blvd Honolulu, HI	2.0	2.0	879	$4,900	$5.57	24d	2	0.72mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	17d	1	0.73mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$3,500	$3.01	4d	4	0.83mi
988 Halekauwila St #906 Honolulu, HI	2.0	2.0	744	$3,500	$4.70	12d	1	0.88mi
988 Halekauwila St Honolulu, HI	2.0	2.0	738	$3,600	$4.88	16d	1	0.89mi
988 Halekauwila St Unit Ke Kilohana Honolulu, HI	2.0	2.0	739	$3,700	$5.01	11d	1	0.90mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$2,700	$3.42	4d	2	0.93mi
1415 Victoria St Honolulu, HI	2.0	1.0	1000	$3,850	$3.85	44d	1	0.94mi
1221 Victoria St Honolulu, HI	1.0–2.0	1.0–2.0	1207	$3,250	$2.69	12d	2	0.96mi
1221 Victoria St Honolulu, HI	1.0	1.0	813	$3,275	$4.03	24d	2	0.96mi
333 Ward Ave #334 Honolulu, HI	2.0	2.0	1081	$5,600	$5.18	2d	1	0.96mi
333 Ward Ave #1715 Honolulu, HI	1.0	1.0	740	$4,100	$5.54	14d	1	0.96mi
333 Ward Ave Honolulu, HI	1.0	1.0	728	$4,800	$6.59	4d	1	0.96mi
333 Ward Ave #3309 Honolulu, HI	1.0	1.0	565	$3,850	$6.81	3d	1	0.96mi

HOA detail condo

• Monthly dues: $1,594 · $19,128/yr
• Likely covers: electricinternetcablepoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 50 events

1. 2026-06-18
   days on market $120,000 Active 301 DOM
2. 2026-06-17
   days on market $120,000 Active 300 DOM
3. 2026-06-15
   days on market $120,000 Active 298 DOM
4. 2026-06-13
   days on market $120,000 Active 296 DOM
5. 2026-06-13
   days on market $120,000 Active 295 DOM
6. 2026-06-10
   days on market $120,000 Active 293 DOM
7. 2026-06-09
   days on market $120,000 Active 292 DOM
8. 2026-06-08
   days on market $120,000 Active 291 DOM
9. 2026-06-07
   days on market $120,000 Active 290 DOM
10. 2026-06-05
    days on market $120,000 Active 287 DOM
11. 2026-06-03
    days on market $120,000 Active 286 DOM
12. 2026-06-02
    days on market $120,000 Active 285 DOM
13. 2026-06-01
    days on market $120,000 Active 284 DOM
14. 2026-05-31
    days on market $120,000 Active 283 DOM
15. 2026-05-04
    listed $2,300
16. 2026-04-21
    historical $2,300
17. 2026-04-07
    price $2,300
18. 2026-03-21
    listed $2,500
19. 2026-02-24
    historical $2,500
20. 2026-01-24
    listed $2,500
21. 2026-01-14
    historical $2,500
22. 2025-12-16
    listed $2,500
23. 2025-11-20
    historical $2,500
24. 2025-09-20
    listed $2,500
25. 2025-09-08
    price $120,000 903-char remark

    Show marketing remark (903 chars)

    Executive Centre is located in the heart of downtown at the corner of Bishop Street and South Hotel Street. This is a SPACIOUS 802 sq. ft 1 bd/1bath unit with 10' high ceilings and 1 parking stall in a multi-use zoned building. This unit may be used as a business/office space or to live in it OR work and live. Also a wonderful opportunity to own an investment property to rent short- or long- term or place the unit in Aston's hotel pool. We are located on the 2nd floor in the low rise building. Sorry, our unit does not have a view (NO view)! Electricity is a submeter and owned by the AOAO Executive Centre. Maintenance fee includes common area expenses, including a bulk package for cable and internet/wifi. 24 hour onsite security. Other fees is to replenish the Capital Reserves. FEE is available for $232,510, plus additional $1,500 for the parking stall. Thank you for viewing our listing.

26. 2025-08-20
    listed $128,000 Active 903-char remark

    Show marketing remark (903 chars)

    Executive Centre is located in the heart of downtown at the corner of Bishop Street and South Hotel Street. This is a SPACIOUS 802 sq. ft 1 bd/1bath unit with 10' high ceilings and 1 parking stall in a multi-use zoned building. This unit may be used as a business/office space or to live in it OR work and live. Also a wonderful opportunity to own an investment property to rent short- or long- term or place the unit in Aston's hotel pool. We are located on the 2nd floor in the low rise building. Sorry, our unit does not have a view (NO view)! Electricity is a submeter and owned by the AOAO Executive Centre. Maintenance fee includes common area expenses, including a bulk package for cable and internet/wifi. 24 hour onsite security. Other fees is to replenish the Capital Reserves. FEE is available for $232,510, plus additional $1,500 for the parking stall. Thank you for viewing our listing.

27. 2025-07-14
    historical
28. 2025-05-26
    price $129,000
29. 2025-04-07
    listed $145,000 Active
30. 2025-01-20
    historical
31. 2024-10-29
    status Active
32. 2024-10-29
    price $159,000
33. 2024-09-05
    price $174,000
34. 2024-08-20
    listed $199,000 Active
35. 2022-02-09
    soldstatus $92,500 Sold
36. 2021-12-29
    status Pending
37. 2021-12-01
    price $119,000
38. 2021-11-18
    price $129,000
39. 2021-10-22
    price $139,000
40. 2021-10-02
    price $149,000
41. 2021-09-15
    price $159,000
42. 2021-09-01
    listed $170,000 Active
43. 2021-08-31
    historical
44. 2021-08-06
    price $177,777
45. 2021-04-02
    listed $188,777 Active
46. 2021-03-26
    historical
47. 2020-03-26
    listed $188,888 Active
48. 2020-03-22
    historical
49. 2020-03-10
    status Pending
50. 2020-02-26
    price $189,000

ⓘ 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: $1,013 · $84/mo
• Projected year-2 tax: $1,013 · $84/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: $36,237
• − Mortgage interest: −$6,722
• − Property taxes: −$1,013
• − Insurance: −$600
• − Repairs & maintenance: −$2,899
• − Management: −$2,899
• − HOA: −$19,128
• − Depreciation: −$3,491
• Taxable loss: −$514
• Est. tax savings @ 24.0%: +$123
• After-tax cash flow: $459/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): 26,766
• Household income: $91,690
• Rent vs Own: 45.6% rent · 54.4% own
• Severe rent burden: 1338.0

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 0.74)
• Race & ethnicity: Asian 48% Two or more races 21% White 15% Pacific Islander 9% Hispanic / Latino 7% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Russian 2% Romanian 1% Lithuanian 1%
• Foreign-born: 23% · South Korea, China, Vietnam
• Languages at home: 72% English-only · Other Asian/Pacific 10% Chinese 7% Korean 5%

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: ▼ -0.73%
• Current HPI: 231.8414
• Rent YoY: ▲ 0.63%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

-100.0% since first listed

59 events — show timeline

• 2026-05-04 Listed for Rent $2,300 TURBOTENANT
• 2026-04-21 Rental Removed $2,300 TURBOTENANT
• 2026-04-07 Price Changed $2,300 TURBOTENANT
• 2026-03-21 Listed for Rent $2,500 TURBOTENANT
• 2026-02-24 Rental Removed $2,500 TURBOTENANT
• 2026-01-24 Listed for Rent $2,500 TURBOTENANT
• 2026-01-14 Rental Removed $2,500 TURBOTENANT
• 2025-12-16 Listed for Rent $2,500 TURBOTENANT
• 2025-11-20 Rental Removed $2,500 TURBOTENANT
• 2025-09-20 Listed for Rent $2,500 TURBOTENANT
• 2025-09-08 Price Changed $120,000 HiCentral MLS
• 2025-08-20 Listed $128,000 HiCentral MLS
• 2025-07-14 Listing Removed — HiCentral MLS
• 2025-05-26 Price Changed $129,000 HiCentral MLS
• 2025-04-07 Listed $145,000 HiCentral MLS
• 2025-01-20 Listing Removed — HiCentral MLS
• 2024-10-29 Relisted — HiCentral MLS
• 2024-10-29 Price Changed $159,000 HiCentral MLS
• 2024-09-05 Price Changed $174,000 HiCentral MLS
• 2024-08-20 Listed $199,000 HiCentral MLS
• 2022-02-09 Sold (MLS) $92,500 HiCentral MLS
• 2021-12-29 Pending — HiCentral MLS
• 2021-12-01 Price Changed $119,000 HiCentral MLS
• 2021-11-18 Price Changed $129,000 HiCentral MLS
• 2021-10-22 Price Changed $139,000 HiCentral MLS
• 2021-10-02 Price Changed $149,000 HiCentral MLS
• 2021-09-15 Price Changed $159,000 HiCentral MLS
• 2021-09-01 Listed $170,000 HiCentral MLS
• 2021-08-31 Listing Removed — HiCentral MLS
• 2021-08-06 Price Changed $177,777 HiCentral MLS
• 2021-04-02 Listed $188,777 HiCentral MLS
• 2021-03-26 Listing Removed — HiCentral MLS
• 2020-03-26 Listed $188,888 HiCentral MLS
• 2020-03-22 Listing Removed — HiCentral MLS
• 2020-03-10 Pending — HiCentral MLS
• 2020-02-26 Price Changed $189,000 HiCentral MLS
• 2020-01-07 Listed $199,000 HiCentral MLS
• 2019-12-20 Listing Removed — HiCentral MLS
• 2019-07-02 Price Changed $199,000 HiCentral MLS
• 2019-06-02 Listed $209,000 HiCentral MLS
• 2019-05-31 Listing Removed — HiCentral MLS
• 2019-01-07 Listed $209,000 HiCentral MLS
• 2018-12-31 Listing Removed — HiCentral MLS
• 2018-10-12 Price Changed $219,000 HiCentral MLS
• 2018-08-31 Price Changed $225,000 HiCentral MLS
• 2018-07-16 Listed $229,000 HiCentral MLS
• 2017-06-16 Sold (MLS) $170,000 HiCentral MLS
• 2017-06-05 Pending — HiCentral MLS
• 2017-06-01 Price Changed $185,000 HiCentral MLS
• 2017-05-08 Listed $199,000 HiCentral MLS
• 2014-11-07 Sold (Public Records) $185,359 Public Records
• 2011-05-02 Sold (Public Records) $140,000 Public Records
• 2004-05-18 Sold (Public Records) $400,000 Public Records
• 2003-03-06 Sold (Public Records) $120,000 Public Records
• 2003-03-06 Sold (MLS) $120,000 HiCentral MLS
• 2002-12-22 Listing Removed — HiCentral MLS
• 2002-10-14 Listed $129,500 HiCentral MLS
• 2002-02-28 Sold (Public Records) $88,200 Public Records
• 2000-07-28 Sold (Public Records) $35,000,000 Public Records

Property tax history

+2.0%/yr

Latest (2022): $1,013 · +8.8% YoY. Source: county tax records.