927 Prospect St #406 · Urban Honolulu, HI 96822

$399,900

2 bd · 2.0 ba · 868 sqft · Condo public records · 118 Days on market

Built 1971 $461/sqft · 10% below area Est $443k · 10% under $984/mo HOA · 30% 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).

• ARV discount +11.9/15.0
• Appreciation +6.4/10.0
• Cash flow +3.8/30.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• 1% rule +3.2/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +0.0/10.0

Listing remarks MLS

Enjoy the convenience of town living in this 2-bedroom, 2-bath corner unit on desirable Punchbowl. Ideally located minutes from Downtown Honolulu, Kakaako, Queen’s and Straub hospitals, UH Manoa, freeway access, and all the dining and shopping of the urban core, this residence places you right where you need to be. Positioned to capture great city and partial ocean views, the unit features a spacious layout and a covered lanai perfect for relaxing and taking in the skyline. Both bedrooms offer en-suite bathrooms, providing comfort, privacy, and flexible living options. As a corner unit, enjoy added privacy and natural light throughout. The building offers an on-site manager and a pool—ideal for unwinding and enjoying a relaxing weekend close to home. While the property could use updating, it presents a great value in a prime location—an excellent opportunity to personalize the space for yourself or secure a smart investment in the heart of Honolulu.

Key facts

• Covered lanai
• On-site manager
• En-suite bathrooms

Tags

• CORNER UNIT
• COVERED LANAI
• EN-SUITE BATHROOMS
• GREAT CITY VIEWS
• PARTIAL OCEAN VIEWS
• ON-SITE MANAGER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $400k.

Deal economics

• At list price, monthly cash flow is $-1k ($-14k/yr) — negative.
• To cash-flow at today's rent, offer at most $232k (42.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $327k (18.2% below list).
• Recommended offer: $232k (42.1% below list) — sets the bar for cash-flow.
• Cap rate 2.8% 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.
• Market conditions: Rents rising fast (+5.3%/yr); 177 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 20d 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 41% 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 118 days — a 9% lower offer ($364k) 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.
• Current owner paid $43k; list at $400k implies a 833% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 30% of rent.

Recommended offer $231,704 (42.1% 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 118 days. Have you received any prior offers? Is the seller open to a 42% concession, seller financing, or rate buy-down credit?
3. Built in 1971 — 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: 0.82% ✗
• Cap rate: 2.80%
• Cash-on-cash: -12.46%
• DSCR: 0.45
• GRM: 10.2

CMA / ARV

• ARV (median comp): $442,819
• List price: $399,900
• Delta: -9.69%
• 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: -3.6%
• Equity multiple: 0.79×
• Total profit: $-23,406
• Equity at exit: $173,300

10-year hold

• IRR: 2.4%
• Equity multiple: 1.37×
• Total profit: $41,891
• Equity at exit: $262,120

Cash invested: $111,972 (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: 177
• Price-to-rent: 10.2×

Monthly cashflow live

• Estimated rent: $3,272 high
• Mortgage (P&I): −$2,097
• Tax est. 1.5%: −$500 /mo · $5,998/yr
• Insurance: −$167
• HOA: −$984
• Vacancy / Maint / Mgmt: −$687
• Net cashflow: $-1,162

Break-even live

Break-even rent $4,744

Max offer price $231,704

Occupancy floor —

Sensitivity live

Price	-10% $-886	-5% $-1,024	+0% $-1,162	+5% $-1,301	+10% $-1,439
Rent	-10% $-1,421	-5% $-1,292	+0% $-1,162	+5% $-1,033	+10% $-904
Rate	-1.0pp $-961	-0.5pp $-1,061	base $-1,162	+0.5pp $-1,266	+1.0pp $-1,371

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: $99,975
• Closing costs: $11,997
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1415 Victoria St Honolulu, HI	2.0	1.0	1000	$3,850	$3.85	44d	1	0.17mi
1400 Pensacola St #706 Honolulu, HI	1.0	2.0	836	$2,700	$3.23	20d	1	0.26mi
1221 Victoria St Honolulu, HI	1.0–2.0	1.0–2.0	1207	$3,675	$3.04	12d	2	0.30mi
1221 Victoria St Honolulu, HI	1.0	1.0	813	$3,275	$4.03	24d	2	0.30mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	24d	1	0.35mi
1401 Lusitana St #504 Honolulu, HI	1.0	1.0	527	$2,700	$5.12	24d	1	0.39mi
801 S King St Honolulu, HI	1.0	1.0	671	$2,895	$4.31	17d	1	0.53mi
1717 Mott-Smith Dr #2403 Honolulu, HI	1.0	1.0	644	$2,700	$4.19	24d	1	0.65mi
1717 Mott-Smith Dr Honolulu, HI	1.0	1.0	875	$3,000	$3.43	4d	1	0.65mi
225 Auwaiolimu St Honolulu, HI	3.0	1.0	710	$3,800	$5.35	17d	1	0.65mi
801 South St #4524 Honolulu, HI	2.0	1.5	840	$3,500	$4.17	44d	1	0.65mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$6,750	$5.81	4d	4	0.68mi
1214 Nehoa St Unit A Honolulu, HI	2.0	1.0	912	$3,500	$3.84	44d	1	0.69mi
801 South St Unit 3901-A Honolulu, HI	2.0	2.0	816	$3,300	$4.04	4d	1	0.72mi
725 Kapiolani Blvd Honolulu, HI	2.0	2.5	1086	$4,100	$3.78	16d	1	0.72mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	20d	1	0.74mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$3,600	$4.55	4d	2	0.77mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$4,100	$4.84	4d	1	0.78mi
1617 Keeaumoku St #401 Honolulu, HI	2.0	1.5	773	$3,000	$3.88	17d	1	0.78mi
1515 Nuuanu Ave Honolulu, HI	1.0	1.0	574	$2,600	$4.53	19d	1	0.78mi
1267 Rycroft St Honolulu, HI	2.0	1.0	816	$2,750	$3.37	24d	1	0.81mi
1288 Kapiolani Blvd Unit I3306 Honolulu, HI	2.0	2.0	1105	$4,300	$3.89	17d	1	0.82mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	24d	2	0.83mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	2d	2	0.83mi
1288 Kapiolani Blvd #1006 Honolulu, HI	2.0	2.0	1105	$4,000	$3.62	3d	1	0.84mi
1634 Nuuanu Ave #207 Honolulu, HI	2.0	2.0	924	$2,795	$3.02	24d	1	0.84mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$3,550	$3.64	15d	2	0.85mi
1255 Nuuanu Ave Unit E3203 Honolulu, HI	1.0	1.0	615	$2,800	$4.55	24d	1	0.85mi
1132 Bishop St Honolulu, HI	1.0	1.0	486	$3,250	$6.68	4d	1	0.86mi
1255 Nuuanu Ave Unit KPE3001 Honolulu, HI	2.0	1.0	888	$3,100	$3.49	4d	1	0.86mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	4d	1	0.87mi
1515 Liona St Unit 4216L Honolulu, HI	2.0	2.0	872	$4,500	$5.16	17d	1	0.87mi
1515 Liona St Unit 4216L Honolulu, HI	2.0	2.0	872	$4,500	$5.16	15d	1	0.87mi
1515 Liona St Unit 4401L Honolulu, HI	2.0	2.0	990	$4,900	$4.95	44d	1	0.87mi
615 Keawe St Unit 3008 Honolulu, HI	2.0	2.0	894	$3,700	$4.14	24d	1	0.88mi
1314 Kalakaua Ave #407 Honolulu, HI	2.0	1.0	772	$4,800	$6.22	44d	1	0.89mi
1314 Kalakaua Ave #1202 Honolulu, HI	2.0	2.0	832	$5,000	$6.01	20d	1	0.89mi
1088 Bishop St #3310 Honolulu, HI	1.0	1.0	650	$2,600	$4.00	24d	1	0.89mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	802	$4,900	$6.11	4d	2	0.90mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	24d	3	0.90mi

HOA detail condo

• Monthly dues: $984 · $11,808/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 20 events

1. 2026-06-18
   days on market $399,900 Active 118 DOM
2. 2026-06-17
   days on market $399,900 Active 117 DOM
3. 2026-06-16
   days on market $399,900 Active 116 DOM
4. 2026-06-15
   days on market $399,900 Active 115 DOM
5. 2026-06-13
   days on market $399,900 Active 113 DOM
6. 2026-06-13
   days on market $399,900 Active 112 DOM
7. 2026-06-10
   days on market $399,900 Active 110 DOM
8. 2026-06-09
   days on market $399,900 Active 109 DOM
9. 2026-06-08
   days on market $399,900 Active 108 DOM
10. 2026-06-07
    days on market $399,900 Active 107 DOM
11. 2026-06-05
    days on market $399,900 Active 104 DOM
12. 2026-06-03
    days on market $399,900 Active 103 DOM
13. 2026-06-02
    days on market $399,900 Active 102 DOM
14. 2026-06-01
    days on market $399,900 Active 101 DOM
15. 2026-05-31
    days on market $399,900 Active 100 DOM
16. 2026-05-04
    status Active 981-char remark

    Show marketing remark (981 chars)

    Enjoy the convenience of town living in this 2-bedroom, 2-bath corner unit on desirable Punchbowl. Ideally located minutes from Downtown Honolulu, Kakaako, Queen’s and Straub hospitals, UH Manoa, freeway access, and all the dining and shopping of the urban core, this residence places you right where you need to be. Positioned to capture great city and partial ocean views, the unit features a spacious layout and a covered lanai perfect for relaxing and taking in the skyline. Both bedrooms offer en-suite bathrooms, providing comfort, privacy, and flexible living options. As a corner unit, enjoy added privacy and natural light throughout. The building offers an on-site manager and a pool—ideal for unwinding and enjoying a relaxing weekend close to home. While the property could use updating, it presents a great value in a prime location—an excellent opportunity to personalize the space for yourself or secure a smart investment in the heart of Honolulu.

17. 2026-04-14
    historical Active Under Contract 981-char remark

    Show marketing remark (981 chars)

    Enjoy the convenience of town living in this 2-bedroom, 2-bath corner unit on desirable Punchbowl. Ideally located minutes from Downtown Honolulu, Kakaako, Queen’s and Straub hospitals, UH Manoa, freeway access, and all the dining and shopping of the urban core, this residence places you right where you need to be. Positioned to capture great city and partial ocean views, the unit features a spacious layout and a covered lanai perfect for relaxing and taking in the skyline. Both bedrooms offer en-suite bathrooms, providing comfort, privacy, and flexible living options. As a corner unit, enjoy added privacy and natural light throughout. The building offers an on-site manager and a pool—ideal for unwinding and enjoying a relaxing weekend close to home. While the property could use updating, it presents a great value in a prime location—an excellent opportunity to personalize the space for yourself or secure a smart investment in the heart of Honolulu.

18. 2026-02-20
    listed $399,900 Active 981-char remark

    Show marketing remark (981 chars)

    Enjoy the convenience of town living in this 2-bedroom, 2-bath corner unit on desirable Punchbowl. Ideally located minutes from Downtown Honolulu, Kakaako, Queen’s and Straub hospitals, UH Manoa, freeway access, and all the dining and shopping of the urban core, this residence places you right where you need to be. Positioned to capture great city and partial ocean views, the unit features a spacious layout and a covered lanai perfect for relaxing and taking in the skyline. Both bedrooms offer en-suite bathrooms, providing comfort, privacy, and flexible living options. As a corner unit, enjoy added privacy and natural light throughout. The building offers an on-site manager and a pool—ideal for unwinding and enjoying a relaxing weekend close to home. While the property could use updating, it presents a great value in a prime location—an excellent opportunity to personalize the space for yourself or secure a smart investment in the heart of Honolulu.

19. 2003-07-11
    soldstatus $42,850
20. 1973-05-01
    soldstatus $48,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

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: $39,270
• − Mortgage interest: −$22,401
• − Property taxes: −$5,998
• − Insurance: −$2,000
• − Repairs & maintenance: −$3,142
• − Management: −$3,142
• − HOA: −$11,808
• − Depreciation: −$11,633
• Taxable loss: −$20,854
• Est. tax savings @ 24.0%: +$5,005
• After-tax cash flow: $-8,944/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

+733.1% since first listed

5 events — show timeline

• 2026-05-04 Relisted — HiCentral MLS
• 2026-04-14 Contingent — HiCentral MLS
• 2026-02-20 Listed $399,900 HiCentral MLS
• 2003-07-11 Sold (Public Records) $42,850 Public Records
• 1973-05-01 Sold (Public Records) $48,000 Public Records

Property tax history

+4.0%/yr

Latest (2022): $773 · +34.8% YoY. Source: county tax records.