46-78 Emepela Pl Unit K104 · Kaneohe, HI 96744

$165,600

4 bd · 3.0 ba · 1,744 sqft · Condo public records · 219 Days on market

Built 1982 $95/sqft · 76% below area $1345/mo HOA · 33% of rent

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Why this score? — see what drove the B 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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +7.5/15.0
• Rent growth +4.6/5.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Great opportunity to own a unit in Windward Estates. Leasehold Property. Lease until 2033. Buyer to do own due diligence. Lease and lease rent details to be confirmed.

Key facts

• $1,345 HOA
• 2 parking spots
• Community pool

What this means for you Summary

Snapshot

• This is a 4-bed/3.0-bath condo listed at $166k.

Deal economics

• At list price, monthly cash flow is $789 ($9k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $166k).
• Recommended offer: $146k (12.0% below list) — sets the bar for market timing.
• Cap rate 12.0% vs local median 1.6% in Kaneohe — 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 74/100 on livability (#15 in HI, #4,828 nationally) — a middle-class / working-renter tenant base. Strengths: employment A+, health & safety A+, crime A; Watch: amenities F, cost of living F.
• 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 (+8.4%/yr); 121 active listings in the ZIP; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; high-income renter base; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).
• This rent runs 38% of the median local income ($132k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $5k 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.
• At projected returns (-3.0% appreciation + 8.0% rent growth), your $46k cash investment doubles in ~5 years — after that, you're playing with house money.

Negotiation context

• It's been on market 219 days — a 12% lower offer ($146k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 23y ago; this cycle's ask has dropped $94k (36%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $145,728 (12.0% below list)

Questions for the listing agent

1. It's been on market 219 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. Schools are B-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
7. 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.
8. 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.
9. 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: 2.50% ✓
• Cap rate: 12.01%
• Cash-on-cash: 20.42%
• DSCR: 1.91
• GRM: 3.3

CMA / ARV

• ARV (median comp): $690,087
• List price: $165,600
• Delta: -73.92%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 8.0% rent growth · sell at horizon

5-year hold

• IRR: 22.0%
• Equity multiple: 2.00×
• Total profit: $46,153
• Equity at exit: $24,691

10-year hold

• IRR: 34.8%
• Equity multiple: 5.48×
• Total profit: $207,929
• Equity at exit: $14,318

Cash invested: $46,368 (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 96744

• Rents YoY: 8.4%
• Active inventory: 121
• Price-to-rent: 3.3×

Monthly cashflow live

• Estimated rent: $4,134 medium
• Mortgage (P&I): −$868
• Tax from tax record: −$195 /mo · $2,337/yr
• Insurance: −$69
• HOA: −$1,345
• Vacancy / Maint / Mgmt: −$868
• Net cashflow: $789

Break-even live

Break-even rent $3,136

Max offer price $165,600

Occupancy floor 76%

Sensitivity live

Price	-10% $883	-5% $836	+0% $789	+5% $742	+10% $695
Rent	-10% $462	-5% $626	+0% $789	+5% $952	+10% $1,116
Rate	-1.0pp $872	-0.5pp $831	base $789	+0.5pp $746	+1.0pp $703

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: $41,400
• Closing costs: $4,968
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
46-078 Emepela Pl Unit I200 Kaneohe, HI	3.0	2.0	1362	$3,600	$2.64	45d	1	0.03mi
46-318 Haiku Rd #60 Kaneohe, HI	4.0	2.5	2003	$3,950	$1.97	45d	1	0.18mi
46-259 Kahuhipa St Unit 206B Kaneohe, HI	3.0	2.0	1097	$3,500	$3.19	45d	1	0.24mi
45-995 Wailele Rd #80 Kaneohe, HI	3.0	3.0	1122	$6,500	$5.79	45d	1	1.22mi

HOA detail condo

• Monthly dues: $1,345 · $16,140/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 33 events

1. 2026-06-21
   pricedays on market $165,600 Active 219 DOM
2. 2026-06-18
   days on market $180,000 Active 216 DOM
3. 2026-06-17
   days on market $180,000 Active 215 DOM
4. 2026-06-15
   days on market $180,000 Active 213 DOM
5. 2026-06-13
   days on market $180,000 Active 211 DOM
6. 2026-06-13
   days on market $180,000 Active 210 DOM
7. 2026-06-10
   days on market $180,000 Active 208 DOM
8. 2026-06-09
   days on market $180,000 Active 207 DOM
9. 2026-06-08
   days on market $180,000 Active 206 DOM
10. 2026-06-07
    days on market $180,000 Active 205 DOM
11. 2026-06-05
    days on market $180,000 Active 202 DOM
12. 2026-06-03
    days on market $180,000 Active 201 DOM
13. 2026-06-02
    days on market $180,000 Active 200 DOM
14. 2026-06-01
    days on market $180,000 Active 199 DOM
15. 2026-05-31
    days on market $180,000 Active 198 DOM
16. 2026-05-05
    price $180,000 167-char remark

    Show marketing remark (167 chars)

    Great opportunity to own a unit in Windward Estates. Leasehold Property. Lease until 2033. Buyer to do own due diligence. Lease and lease rent details to be confirmed.

17. 2026-04-20
    price $200,000 167-char remark

    Show marketing remark (167 chars)

    Great opportunity to own a unit in Windward Estates. Leasehold Property. Lease until 2033. Buyer to do own due diligence. Lease and lease rent details to be confirmed.

18. 2026-03-06
    price $217,000 167-char remark

    Show marketing remark (167 chars)

    Great opportunity to own a unit in Windward Estates. Leasehold Property. Lease until 2033. Buyer to do own due diligence. Lease and lease rent details to be confirmed.

19. 2026-02-04
    price $234,906 167-char remark

    Show marketing remark (167 chars)

    Great opportunity to own a unit in Windward Estates. Leasehold Property. Lease until 2033. Buyer to do own due diligence. Lease and lease rent details to be confirmed.

20. 2025-12-17
    price $249,900 167-char remark

    Show marketing remark (167 chars)

    Great opportunity to own a unit in Windward Estates. Leasehold Property. Lease until 2033. Buyer to do own due diligence. Lease and lease rent details to be confirmed.

21. 2025-11-12
    listed $260,000 Active 167-char remark

    Show marketing remark (167 chars)

    Great opportunity to own a unit in Windward Estates. Leasehold Property. Lease until 2033. Buyer to do own due diligence. Lease and lease rent details to be confirmed.

22. 2022-04-18
    soldstatus $315,000
23. 2006-08-28
    historical
24. 2006-06-22
    listed $409,500
25. 2005-12-09
    soldstatus $382,500
26. 2005-12-09
    soldstatus $375,000
27. 2005-10-01
    listed $395,000
28. 2003-09-23
    soldstatus $186,000
29. 2003-06-05
    historical
30. 2003-06-01
    listed $179,000
31. 1993-09-03
    soldstatus $498,150
32. 1982-10-29
    soldstatus $162,000
33. 1981-07-01
    soldstatus $145,000

ⓘ 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: $2,337 · $195/mo
• Projected year-2 tax: $2,337 · $195/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: $49,613
• − Mortgage interest: −$9,276
• − Property taxes: −$2,337
• − Insurance: −$828
• − Repairs & maintenance: −$3,969
• − Management: −$3,969
• − HOA: −$16,140
• − Depreciation: −$4,817
• Taxable income: $8,277
• Est. tax owed @ 24.0%: −$1,986
• After-tax cash flow: $7,482/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 — Kaneohe

• Score: 74/100
• State rank: #15
• US rank: #4828

Category grades

Amenities F Commute C+ Cost of living F Crime A Employment A+ Housing C+ Health & safety A+ User ratings B+

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kaneohe, HI
• County: Honolulu County · 963,448 people
• City population: 57,620
• Metro: Urban Honolulu, HI
• Population (ZIP): 57,620
• Household income: $131,653
• Rent vs Own: 22.6% rent · 77.4% own
• Severe rent burden: 789.0

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 0.83)
• Race & ethnicity: Asian 35% Two or more races 35% White 17% Hispanic / Latino 11% Pacific Islander 9%
• Hispanic origin (detail): Mexican 3% Puerto Rican 5%
• Common ancestry: Russian 3% Slovak 1% Lithuanian 1%
• Foreign-born: 7% · Canada, China, Vietnam
• Languages at home: 88% English-only · Other Asian/Pacific 7% Spanish 1% Tagalog/Filipino 1%

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: ▼ -677.95%
• Current HPI: 376.8834
• Rent YoY: ▲ 8.45%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+24.1% since first listed

18 events — show timeline

• 2026-05-05 Price Changed $180,000 HiCentral MLS
• 2026-04-20 Price Changed $200,000 HiCentral MLS
• 2026-03-06 Price Changed $217,000 HiCentral MLS
• 2026-02-04 Price Changed $234,906 HiCentral MLS
• 2025-12-17 Price Changed $249,900 HiCentral MLS
• 2025-11-12 Listed $260,000 HiCentral MLS
• 2022-04-18 Sold (Public Records) $315,000 Public Records
• 2006-08-28 Listing Removed — HiCentral MLS
• 2006-06-22 Listed $409,500 HiCentral MLS
• 2005-12-09 Sold (Public Records) $375,000 Public Records
• 2005-12-09 Sold (MLS) $382,500 HiCentral MLS
• 2005-10-01 Listed $395,000 HiCentral MLS
• 2003-09-23 Sold (MLS) $186,000 HiCentral MLS
• 2003-06-05 Listing Removed — HiCentral MLS
• 2003-06-01 Listed $179,000 HiCentral MLS
• 1993-09-03 Sold (Public Records) $498,150 Public Records
• 1982-10-29 Sold (Public Records) $162,000 Public Records
• 1981-07-01 Sold (Public Records) $145,000 Public Records

Property tax history

+3.2%/yr

Latest (2022): $2,337 · +5.9% YoY. Source: county tax records.