1909 Ala Wai Blvd #504 · Urban Honolulu, HI 96815

$260,000

2 bd · 1.0 ba · 674 sqft · Condo public records · 42 Days on market

Built 1971 $386/sqft · 10% below area Est $288k · 10% under $777/mo HOA · 25% 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
• Cash flow +9.0/30.0
• 1% rule +7.1/10.0
• Appreciation +6.4/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• DSCR +2.5/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Gorgeous and highly upgraded 2 bdrm 1 bath -Fully furnished Turnkey investment rental with bookings. Located in the gateway of Waikiki with Beautiful views of the mountains, canal and city from your lanai. Tastefully remodeled-Custom Cabinets, custom ceramic tile floors, granite counters, stainless steel appliances, flat ceiling. Amenities include BBQ Area, Pool, Meeting Room, Recreation Area, Security Guard and Resident Manager Features central air conditioning, which is separately metered along with electricity unit and common areas monthly= Great investment opportunity or cozy place to call home

Key facts

• Open lanai
• Ala wai canal
• Steps from shopping

Tags

• OPEN LANAI
• ALA WAI CANAL
• MOUNTAIN VIEWS
• STEPS FROM SHOPPING
• STEPS FROM DINING
• STEPS FROM ENTERTAINMENT

Property features AI

Finance

• Other: Zoned X6 - Resort Mixed Use Precinct; Lot associated with property: 30,928 (unit unspecified)
• Financial info: Leasehold tenure with lease payment of $453.14 through 2041-12-31
• HOA & community: Association covers common areas, cable TV, hot water, grounds maintenance, structure maintenance and water; Association provides management; Maintenance expense: $777

Exterior

• Security: Secured elevator; Gated
• Utilities: Water included in association; Hot water included in association; Cable TV included in association
• Home design: Royal Aloha building; Entry on level 5
• Construction: Built in 2016; Double wall construction; Concrete construction
• Exterior features: Gated community; Community barbecue area; Community pool; Trash chute; Condo-hotel community

Interior

• Flooring: Laminate
• Bathrooms: 1 full bathroom
• Interior features: End unit; Laminate flooring; Average condition; Has a view
• Laundry & utility: On-site laundry facilities

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $260k.

Deal economics

• At list price, monthly cash flow is $-328 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $202k (22.3% below list).
• Meets the 1% rule at list price ($3k rent vs $260k).
• Recommended offer: $202k (22.3% below list) — sets the bar for cash-flow.
• Cap rate 5.3% 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 (+6.0%/yr); 814 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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).
• At $3,141/mo this rent would consume 49% of the median local household income ($77k/yr) (locally 2422% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $9k of equity ($2k loan paydown + $7k 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 4, 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 42 days — a 3% lower offer ($252k) is reasonable based on typical stale-listing flexibility.
• 5 sale attempts since 18y ago 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 $174k; 49% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 25% 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 $202,107 (22.3% 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 42 days. Have you received any prior offers? Is the seller open to a 22% 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'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. 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: 1.21% ✓
• Cap rate: 5.34%
• Cash-on-cash: -3.39%
• DSCR: 0.85
• GRM: 6.9

CMA / ARV

• ARV (median comp): $288,141
• List price: $260,000
• Delta: -9.77%
• Verdict: FAIR
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.74% appreciation · 6.0% rent growth · sell at horizon

5-year hold

• IRR: 4.1%
• Equity multiple: 1.24×
• Total profit: $17,363
• Equity at exit: $113,161

10-year hold

• IRR: 9.7%
• Equity multiple: 2.55×
• Total profit: $112,804
• Equity at exit: $171,537

Cash invested: $72,800 (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: 6.9×

Monthly cashflow live

• Estimated rent: $3,141 high
• Mortgage (P&I): −$1,363
• Tax from tax record: −$438 /mo · $5,258/yr
• Insurance: −$108
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$777
• Vacancy / Maint / Mgmt: −$660
• Net cashflow: $-328

Break-even live

Break-even rent $3,556

Max offer price $202,107

Occupancy floor —

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: $65,000
• Closing costs: $7,800
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	0.15mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	23d	1	0.20mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	11d	1	0.20mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	11d	1	0.24mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	43d	2	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	44d	3	0.25mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	3d	4	0.25mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	23d	1	0.29mi
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	11d	1	0.30mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	1d	1	0.30mi
2045 Kalakaua Ave Honolulu, HI	1.0	1.0	657	$4,200	$6.39	43d	1	0.30mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$3,000	$3.51	23d	2	0.35mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$3,000	$3.76	21d	3	0.35mi
1778 Ala Moana Blvd #3318 Honolulu, HI	1.0	1.0	683	$3,400	$4.98	3d	1	0.38mi
1778 Ala Moana Blvd #1219 Honolulu, HI	1.0	1.0	724	$4,600	$6.35	23d	1	0.38mi
1778 Ala Moana Blvd #801 Honolulu, HI	1.0	1.0	724	$3,400	$4.70	23d	1	0.38mi
1778 Ala Moana Blvd #1307 Honolulu, HI	1.0	1.0	683	$2,900	$4.25	23d	1	0.38mi
1778 Ala Moana Blvd #2606 Honolulu, HI	1.0	1.0	724	$2,895	$4.00	3d	1	0.38mi
1778 Ala Moana Blvd #1317 Honolulu, HI	1.0	1.0	683	$2,775	$4.06	21d	1	0.38mi
1778 Ala Moana Blvd Unit 1541754P Honolulu, HI	1.0	1.0	721	$4,387	$6.08	14d	1	0.39mi
500 University Ave Honolulu, HI	1.0–2.0	1.0–2.5	826	$3,200	$3.87	11d	3	0.39mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	16d	2	0.39mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	15d	1	0.39mi
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	21d	1	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,400	$4.37	10d	1	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,200	$4.17	21d	2	0.43mi
2121 Ala Wai Blvd Honolulu, HI	2.0	1.0–3.0	1006	$4,150	$4.12	3d	2	0.43mi
1777 Ala Moana Blvd Unit 1327715P Honolulu, HI	1.0	1.0	495	$5,590	$11.29	43d	1	0.44mi
555 University Ave Honolulu, HI	1.0	1.0	684	$2,850	$4.17	3d	2	0.44mi
2140 Khi AVE Unit 2006 Honolulu, HI	1.0	1.0	553	$3,400	$6.15	2d	1	0.45mi
2140 Khi AVE Unit 2306 Honolulu, HI	1.0	1.0	553	$2,700	$4.88	16d	1	0.45mi
2140 Khi Ave Honolulu, HI	1.0	1.0	577	$4,500	$7.80	23d	1	0.45mi
2140 Khi Ave. unit Ph 2506 Honolulu, HI	1.0	1.0	678	$3,200	$4.72	14d	1	0.45mi
1765 Ala Moana Blvd #1183 Honolulu, HI	1.0	1.0	440	$3,100	$7.05	3d	1	0.45mi
445 Kaiolu St Honolulu, HI	1.0	1.0	490	$3,400	$6.94	16d	1	0.48mi
430 Lewers St Unit 25E Honolulu, HI	1.0	1.0	673	$2,700	$4.01	23d	1	0.50mi
430 Lewers St Unit 14D Honolulu, HI	1.0	1.0	732	$2,900	$3.96	23d	1	0.50mi
2211 Ala Wai Blvd Honolulu, HI	1.0	1.0	437	$3,100	$7.09	23d	1	0.55mi
2211 Ala Wai Blvd #1108 Honolulu, HI	1.0	1.0	413	$2,600	$6.30	23d	1	0.55mi
909 Coolidge St #301 Honolulu, HI	1.0	1.0	576	$3,950	$6.86	3d	1	0.58mi

HOA detail condo

• Monthly dues: $777 · $9,324/yr
• Likely covers: electricpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 34 events

1. 2026-06-18
   days on market $260,000 Active 42 DOM
2. 2026-06-17
   days on market $260,000 Active 41 DOM
3. 2026-06-16
   days on market $260,000 Active 40 DOM
4. 2026-06-15
   days on market $260,000 Active 39 DOM
5. 2026-06-13
   days on market $260,000 Active 37 DOM
6. 2026-06-13
   days on market $260,000 Active 36 DOM
7. 2026-06-10
   days on market $260,000 Active 34 DOM
8. 2026-06-09
   days on market $260,000 Active 33 DOM
9. 2026-06-08
   days on market $260,000 Active 32 DOM
10. 2026-06-07
    days on market $260,000 Active 31 DOM
11. 2026-06-05
    days on market $260,000 Active 28 DOM
12. 2026-06-03
    days on market $260,000 Active 27 DOM
13. 2026-06-02
    days on market $260,000 Active 26 DOM
14. 2026-06-01
    days on market $260,000 Active 25 DOM
15. 2026-05-31
    days on market $260,000 Active 24 DOM
16. 2026-05-07
    listed $260,000 Active 344-char remark
17. 2024-03-31
    historical
18. 2023-11-01
    listed $285,000 Active
19. 2017-08-09
    soldstatus $174,000 Sold

    Show marketing remark (606 chars)

    Gorgeous and highly upgraded 2 bdrm 1 bath -Fully furnished Turnkey investment rental with bookings. Located in the gateway of Waikiki with Beautiful views of the mountains, canal and city from your lanai. Tastefully remodeled-Custom Cabinets, custom ceramic tile floors, granite counters, stainless steel appliances, flat ceiling. Amenities include BBQ Area, Pool, Meeting Room, Recreation Area, Security Guard and Resident Manager Features central air conditioning, which is separately metered along with electricity unit and common areas monthly= Great investment opportunity or cozy place to call home

20. 2017-08-09
    soldstatus $174,000

    Show marketing remark (606 chars)

    Gorgeous and highly upgraded 2 bdrm 1 bath -Fully furnished Turnkey investment rental with bookings. Located in the gateway of Waikiki with Beautiful views of the mountains, canal and city from your lanai. Tastefully remodeled-Custom Cabinets, custom ceramic tile floors, granite counters, stainless steel appliances, flat ceiling. Amenities include BBQ Area, Pool, Meeting Room, Recreation Area, Security Guard and Resident Manager Features central air conditioning, which is separately metered along with electricity unit and common areas monthly= Great investment opportunity or cozy place to call home

21. 2017-06-25
    status Pending

    Show marketing remark (606 chars)

    Gorgeous and highly upgraded 2 bdrm 1 bath -Fully furnished Turnkey investment rental with bookings. Located in the gateway of Waikiki with Beautiful views of the mountains, canal and city from your lanai. Tastefully remodeled-Custom Cabinets, custom ceramic tile floors, granite counters, stainless steel appliances, flat ceiling. Amenities include BBQ Area, Pool, Meeting Room, Recreation Area, Security Guard and Resident Manager Features central air conditioning, which is separately metered along with electricity unit and common areas monthly= Great investment opportunity or cozy place to call home

22. 2017-05-20
    listed $179,000 Active

    Show marketing remark (606 chars)

    Gorgeous and highly upgraded 2 bdrm 1 bath -Fully furnished Turnkey investment rental with bookings. Located in the gateway of Waikiki with Beautiful views of the mountains, canal and city from your lanai. Tastefully remodeled-Custom Cabinets, custom ceramic tile floors, granite counters, stainless steel appliances, flat ceiling. Amenities include BBQ Area, Pool, Meeting Room, Recreation Area, Security Guard and Resident Manager Features central air conditioning, which is separately metered along with electricity unit and common areas monthly= Great investment opportunity or cozy place to call home

23. 2014-07-14
    soldstatus $185,000
24. 2014-07-14
    soldstatus $185,000
25. 2014-03-21
    listed $185,000
26. 2008-05-16
    historical
27. 2008-01-08
    listed $250,000
28. 2005-01-10
    soldstatus $195,000
29. 1999-07-23
    soldstatus $80,000
30. 1994-07-15
    soldstatus $145,000
31. 1985-02-01
    soldstatus $58,000
32. 1979-11-01
    soldstatus $89,500
33. 1979-08-01
    soldstatus $79,000
34. 1979-07-01
    soldstatus $79,000

ⓘ 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: $5,258 · $438/mo
• Projected year-2 tax: $5,258 · $438/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: $37,694
• − Mortgage interest: −$14,564
• − Property taxes: −$5,258
• − Insurance: −$2,768
• − Repairs & maintenance: −$3,016
• − Management: −$3,016
• − HOA: −$9,324
• − Depreciation: −$7,564
• Taxable loss: −$7,814
• Est. tax savings @ 24.0%: +$1,875
• After-tax cash flow: $-2,057/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

+229.1% since first listed

19 events — show timeline

• 2026-05-07 Listed $260,000 HiCentral MLS
• 2024-03-31 Listing Removed — HiCentral MLS
• 2023-11-01 Listed $285,000 HiCentral MLS
• 2017-08-09 Sold (Public Records) $174,000 Public Records
• 2017-08-09 Sold (MLS) $174,000 HiCentral MLS
• 2017-06-25 Pending — HiCentral MLS
• 2017-05-20 Listed $179,000 HiCentral MLS
• 2014-07-14 Sold (Public Records) $185,000 Public Records
• 2014-07-14 Sold (MLS) $185,000 HiCentral MLS
• 2014-03-21 Listed $185,000 HiCentral MLS
• 2008-05-16 Listing Removed — HiCentral MLS
• 2008-01-08 Listed $250,000 HiCentral MLS
• 2005-01-10 Sold (Public Records) $195,000 Public Records
• 1999-07-23 Sold (Public Records) $80,000 Public Records
• 1994-07-15 Sold (Public Records) $145,000 Public Records
• 1985-02-01 Sold (Public Records) $58,000 Public Records
• 1979-11-01 Sold (Public Records) $89,500 Public Records
• 1979-08-01 Sold (Public Records) $79,000 Public Records
• 1979-07-01 Sold (Public Records) $79,000 Public Records

Property tax history

+20.3%/yr

Latest (2022): $5,258 · +7.4% YoY. Source: county tax records.