1670 Kalakaua Ave. Kalakaua Ave #603 · Urban Honolulu, HI 96826

$275,000

1 bd · 1.0 ba · 588 sqft · Condo public records · 83 Days on market

Built 1968 $468/sqft · 14% below area Est $319k · 14% under $730/mo HOA · 25% 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).

• ARV discount +13.7/15.0
• Cash flow +13.0/30.0
• 1% rule +5.7/10.0
• Appreciation +4.5/10.0
• DSCR +3.9/10.0
• Schools +3.7/10.0
• Rent growth +3.4/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

Clean & spacious One-Bedroom/One-Bath unit with stacked washer/dryer included. Location is a key benefit with a short walk to Palama Market, Don Quijote, eating establishments, and Ala Moana Shopp. Center. Upgraded appliances, custom closet doors, shuttered windows, ceiling fan, and a walk-in shower are added benefits. Separate storage locker on same floor and no parking.

Key facts

• Ceiling fan
• Stacked washer dryer
• Upgraded appliances

Tags

• STACKED WASHER DRYER
• SHORT WALK TO PALAMA MARKET
• UPGRADED APPLIANCES
• CUSTOM CLOSET DOORS
• SHUTTERED WINDOWS
• CEILING FAN

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $275k.

Deal economics

• At list price, monthly cash flow is $-15 ($-175/yr) — negative.
• To cash-flow at today's rent, offer at most $272k (0.9% below list).
• Meets the 1% rule at list price ($3k rent vs $275k).
• Recommended offer: $258k (6.0% below list) — sets the bar for market timing.
• Cap rate 6.2% 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 rising (+3.5%/yr); 161 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); 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• At $2,937/mo this rent would consume 52% of the median local household income ($68k/yr) (locally 2466% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-1.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $3k 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 83 days — a 6% lower offer ($258k) 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 $32k; list at $275k implies a 766% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 25% of rent.
• Climate carrying-cost: moderate flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $258,499 (6.0% 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 83 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
3. Built in 1968 — 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. 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.
9. 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.
10. 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: 1.07% ✓
• Cap rate: 6.23%
• Cash-on-cash: -0.23%
• DSCR: 0.99
• GRM: 7.8

CMA / ARV

• ARV (median comp): $318,596
• List price: $275,000
• Delta: -13.68%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-1.0% appreciation · 3.55% rent growth · sell at horizon

5-year hold

• IRR: -5.9%
• Equity multiple: 0.74×
• Total profit: $-19,751
• Equity at exit: $66,317

10-year hold

• IRR: 1.6%
• Equity multiple: 1.16×
• Total profit: $11,986
• Equity at exit: $69,582

Cash invested: $77,000 (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 96826

• Home prices YoY: -0.4%
• Rents YoY: 3.5%
• Active inventory: 161
• Price-to-rent: 7.8×

Monthly cashflow live

• Estimated rent: $2,937 high
• Mortgage (P&I): −$1,442
• Tax from tax record: −$48 /mo · $578/yr
• Insurance: −$115
• HOA: −$730
• Vacancy / Maint / Mgmt: −$617
• Net cashflow: $-15

Break-even live

Break-even rent $2,955

Max offer price $272,421

Occupancy floor 96%

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: $68,750
• Closing costs: $8,250
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1655 Makaloa St #1510 Honolulu, HI	1.0	1.0	500	$2,600	$5.20	21d	1	0.13mi
1861 Kapiolani Blvd Unit C Honolulu, HI	1.0	1.0	525	$2,700	$5.14	21d	1	0.24mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	798	$2,600	$3.26	21d	3	0.25mi
475 Atkinson Dr Honolulu, HI	1.0–2.0	1.0	855	$2,700	$3.16	23d	2	0.25mi
419A Atkinson Dr #1103 Honolulu, HI	2.0	1.0	664	$2,700	$4.07	15d	1	0.35mi
419A Atkinson Dr Honolulu, HI	2.0	1.0	664	$2,698	$4.06	16d	2	0.35mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	923	$3,400	$3.68	16d	2	0.38mi
629 Keeaumoku St Honolulu, HI	1.0–2.0	1.0–2.0	919	$3,500	$3.81	43d	2	0.38mi
629 Keeaumoku St Honolulu, HI	1.0	1.0	618	$3,350	$5.42	1d	2	0.38mi
1500 Rycroft St Unit 2304 Honolulu, HI	1.0	1.0	569	$3,200	$5.62	23d	1	0.39mi
1500 Rycroft St Unit 3903 Honolulu, HI	1.0	1.0	571	$3,750	$6.57	23d	1	0.39mi
1500 Rycroft St Unit 2607R Honolulu, HI	1.0	1.0	618	$3,500	$5.66	23d	1	0.39mi
1500 Rycroft St Honolulu, HI	1.0	1.0	523	$3,200	$6.12	16d	1	0.39mi
1500 Rycroft St Unit 3005R Honolulu, HI	1.0	1.0	523	$3,200	$6.12	19d	1	0.39mi
1500 Rycroft St Unit 1509R Honolulu, HI	—	1.0	416	$3,000	$7.21	23d	1	0.39mi
1500 Rycroft St Unit 1904 Honolulu, HI	1.0	1.0	564	$3,400	$6.03	16d	1	0.39mi
1500 Rycroft St Unit 2306R Honolulu, HI	1.0	1.0	563	$4,000	$7.10	43d	1	0.39mi
400 Hobron Ln #2712 Honolulu, HI	1.0	1.0	582	$2,700	$4.64	11d	1	0.39mi
1515 Liona St #4407 Honolulu, HI	1.0	1.0	606	$3,750	$6.19	3d	1	0.39mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	23d	3	0.41mi
411 Hobron Ln Unit 1327718P Honolulu, HI	1.0	1.0	538	$3,558	$6.61	11d	1	0.43mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,322	$5.78	3d	4	0.44mi
411 Hobron Ln Honolulu, HI	1.0	1.0	575	$3,475	$6.04	44d	3	0.44mi
411 Hobron Ln Honolulu, HI	1.0	1.0	566	$3,575	$6.31	43d	2	0.44mi
425 Ena Rd Unit 204C Honolulu, HI	1.0	1.0	600	$2,700	$4.50	23d	1	0.47mi
1388 Kapiolani Blvd Unit 3910 Honolulu, HI	1.0	1.0	619	$4,000	$6.46	3d	1	0.49mi
1388 Kapiolani Blvd #4205 Honolulu, HI	1.0	1.0	567	$4,500	$7.94	43d	1	0.50mi
1388 Kapiolani Blvd #2703 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	23d	1	0.50mi
1388 Kapiolani Blvd #2903 Honolulu, HI	1.0	1.0	574	$3,500	$6.10	10d	1	0.50mi
1391 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	971	$3,500	$3.60	3d	2	0.51mi
1778 Ala Moana Blvd Unit 1541754P Honolulu, HI	1.0	1.0	721	$4,387	$6.08	14d	1	0.53mi
1315 Liona St Honolulu, HI	1.0	1.0	606	$3,950	$6.52	19d	1	0.54mi
1778 Ala Moana Blvd #1219 Honolulu, HI	1.0	1.0	724	$4,600	$6.35	23d	1	0.55mi
1778 Ala Moana Blvd #801 Honolulu, HI	1.0	1.0	724	$3,400	$4.70	23d	1	0.55mi
1778 Ala Moana Blvd #1307 Honolulu, HI	1.0	1.0	683	$2,900	$4.25	23d	1	0.55mi
1778 Ala Moana Blvd #2606 Honolulu, HI	1.0	1.0	724	$2,895	$4.00	3d	1	0.55mi
1778 Ala Moana Blvd #1317 Honolulu, HI	1.0	1.0	683	$2,775	$4.06	21d	1	0.55mi
1778 Ala Moana Blvd #3318 Honolulu, HI	1.0	1.0	683	$3,400	$4.98	3d	1	0.55mi
1765 Ala Moana Blvd #1183 Honolulu, HI	1.0	1.0	440	$3,100	$7.05	3d	1	0.56mi
2333 Kapiolani Blvd Unit 1008B Honolulu, HI	2.0	1.0	600	$2,700	$4.50	23d	1	0.60mi

HOA detail condo

• Monthly dues: $730 · $8,760/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $275,000 Active 83 DOM
2. 2026-06-17
   days on market $275,000 Active 82 DOM
3. 2026-06-16
   days on market $275,000 Active 81 DOM
4. 2026-06-15
   days on market $275,000 Active 80 DOM
5. 2026-06-13
   days on market $275,000 Active 78 DOM
6. 2026-06-13
   days on market $275,000 Active 77 DOM
7. 2026-06-10
   days on market $275,000 Active 75 DOM
8. 2026-06-09
   days on market $275,000 Active 74 DOM
9. 2026-06-08
   days on market $275,000 Active 73 DOM
10. 2026-06-07
    days on market $275,000 Active 72 DOM
11. 2026-06-05
    days on market $275,000 Active 69 DOM
12. 2026-06-03
    days on market $275,000 Active 68 DOM
13. 2026-06-02
    days on market $275,000 Active 67 DOM
14. 2026-06-02
    price $275,000 Active 66 DOM
15. 2026-06-01
    days on market $285,000 Active 66 DOM
16. 2026-05-31
    days on market $285,000 Active 65 DOM
17. 2026-03-27
    listed $285,000 Active 380-char remark

    Show marketing remark (380 chars)

    Clean & spacious One-Bedroom/One-Bath unit with stacked washer/dryer included. Location is a key benefit with a short walk to Palama Market, Don Quijote, eating establishments, and Ala Moana Shopp. Center. Upgraded appliances, custom closet doors, shuttered windows, ceiling fan, and a walk-in shower are added benefits. Separate storage locker on same floor and no parking.

18. 2025-12-19
    historical
19. 2025-10-06
    price $275,000
20. 2025-06-19
    price $295,000
21. 2025-05-12
    listed $305,000 Active
22. 1977-11-01
    soldstatus $31,750

ⓘ 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: $578 · $48/mo
• Projected year-2 tax: $674 · $56/mo
• Expected delta: +$96/yr (+$8/mo · 16.7%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 5/10 Major FEMA zone X (unshaded) · 24% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $35,244
• − Mortgage interest: −$15,404
• − Property taxes: −$578
• − Insurance: −$1,375
• − Repairs & maintenance: −$2,820
• − Management: −$2,820
• − HOA: −$8,760
• − Depreciation: −$8,000
• Taxable loss: −$4,512
• Est. tax savings @ 24.0%: +$1,083
• After-tax cash flow: $908/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): 29,174
• Household income: $68,296
• Rent vs Own: 66.2% rent · 33.8% own
• Severe rent burden: 2466.0

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: Diverse neighborhood (Simpson 0.69)
• Race & ethnicity: Asian 54% Two or more races 18% White 13% Pacific Islander 10% Hispanic / Latino 6% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 2%
• Common ancestry: Russian 1% Lithuanian 1% Serbian 1%
• Foreign-born: 30% · Vietnam, China, South Korea
• Languages at home: 63% English-only · Other Asian/Pacific 13% Chinese 6% Vietnamese 6%

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: ▼ -1.00%
• Current HPI: 272.9183
• Rent YoY: ▲ 3.55%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+797.6% since first listed

6 events — show timeline

• 2026-03-27 Listed $285,000 HiCentral MLS
• 2025-12-19 Listing Removed — HiCentral MLS
• 2025-10-06 Price Changed $275,000 HiCentral MLS
• 2025-06-19 Price Changed $295,000 HiCentral MLS
• 2025-05-12 Listed $305,000 HiCentral MLS
• 1977-11-01 Sold (Public Records) $31,750 Public Records

Property tax history

+4.4%/yr

Latest (2022): $578 · +8.7% YoY. Source: county tax records.