1188 Bishop St #3212 · Urban Honolulu, HI 96813

$70,888

1 bd · 1.0 ba · 400 sqft · Condo · 4 Days on market

Built 1981 $531/mo HOA · 16% 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).

• Cash flow +15.0/30.0
• ARV discount +7.5/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Appreciation +4.6/10.0
• 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 style office located in downtown Honolulu, primary building Century Square. High 32 floor, Ocean, City and Mountain View. 400 SF divided into two offices. Kitchenet with refrigerator, full bathroom with shower. one unassigned parking space, maintenance include water, hot water, sewer and janitorial service. 24 house secured access. Commercial use only, not for residential. Vacant, ready to move in.

Key facts

• Garage parking space
• Full bathroom
• Secured entry

Tags

• FULL BATHROOM
• SECURED ENTRY
• GARAGE PARKING SPACE
• BREATHTAKING OCEAN VIEWS
• BREATHTAKING MOUNTAIN VIEWS
• PRIME DOWNTOWN LOCATION

Property features AI

Finance

• Other: Zoned BMX-4 Central Business Mix
• Financial info: Monthly lease amount $319 through 2044-02-29; Maintenance fee $531.89
• HOA & community: Association covers common areas, HVAC, hot water, sewer and water; Monthly maintenance fee applies

Exterior

• Parking: Covered garage parking; Secured, key-card entry to parking; One assigned/unassigned parking space
• Security: Closed circuit cameras; Secured elevator; Key card entry; Fire sprinkler system; Security guard
• Utilities: Central air conditioning (cooling); Water and sewer included in association (see HOA); Power available
• Home design: One-story building; Century Square building; Entry level 32; Property is in excellent condition and has been updated/remodeled
• Construction: Concrete construction; Built or effectively updated in 2023
• Exterior features: Has a view; Leasehold land tenure; Conference/meeting room in the community

Interior

• Flooring: Laminate flooring
• Bathrooms: One full bathroom
• Heating & cooling: Central air conditioning
• Interior features: Unfurnished; End unit with common wall only on one side; Handicap accessible; Full bathroom on the main level; Storage space

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $71k.

Deal economics

• At list price, monthly cash flow is $2k ($19k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $71k).
• Cap rate 32.6% 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 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 flat; 201 active listings in the ZIP; 5 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 43% 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 $490 of loan paydown is wiped out by about $516 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 (-0.7% appreciation + 0.6% rent growth), your $20k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• Only 4 days on market — expect competitive offers; lowballing is unlikely to land.
• 4 sale attempts since 26y 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 $40k; list at $71k implies a 77% gain — meaningful room to come down on a strong offer.

Recommended offer $70,888

Questions for the listing agent

1. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
2. 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?
3. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
4. 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?
5. 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.
6. 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.
7. 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: 4.60% ✓
• Cap rate: 32.58%
• Cash-on-cash: 93.89%
• DSCR: 5.18
• GRM: 1.8

CMA / ARV

No comps found within radius.

Projected returns pro-forma

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

5-year hold

• IRR: 92.8%
• Equity multiple: 5.39×
• Total profit: $87,232
• Equity at exit: $18,040

10-year hold

• IRR: 93.8%
• Equity multiple: 10.16×
• Total profit: $181,835
• Equity at exit: $19,746

Cash invested: $19,849 (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: 201
• Price-to-rent: 1.8×

Monthly cashflow live

• Estimated rent: $3,258 high
• Mortgage (P&I): −$372
• Tax est. 1.5%: −$89 /mo · $1,063/yr
• Insurance: −$30
• HOA: −$531
• Vacancy / Maint / Mgmt: −$684
• Net cashflow: $1,553

Break-even live

Break-even rent $1,292

Max offer price $70,888

Occupancy floor 47%

Sensitivity live

Price	-10% $1,602	-5% $1,577	+0% $1,553	+5% $1,529	+10% $1,504
Rent	-10% $1,296	-5% $1,424	+0% $1,553	+5% $1,682	+10% $1,810
Rate	-1.0pp $1,589	-0.5pp $1,571	base $1,553	+0.5pp $1,535	+1.0pp $1,516

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: $17,722
• Closing costs: $2,127
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	18d	9	1.09mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	17d	8	1.09mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	11d	9	1.09mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	25d	1	1.15mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	25d	2	1.15mi

HOA detail condo

• Monthly dues: $531 · $6,372/yr
• Likely covers: watersewerparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 3 events

1. 2026-06-21
   days on market $70,888 Active 4 DOM
2. 2026-06-18
   remarks 687-char remark
3. 2026-06-18
   listed $70,888 Active 1 DOM

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

Taxation est. · year 1

• Rental income: $39,097
• − Mortgage interest: −$3,971
• − Property taxes: −$1,063
• − Insurance: −$354
• − Repairs & maintenance: −$3,128
• − Management: −$3,128
• − HOA: −$6,372
• − Depreciation: −$2,062
• Taxable income: $19,019
• Est. tax owed @ 24.0%: −$4,565
• After-tax cash flow: $14,071/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

+41.8% since first listed

10 events — show timeline

• 2026-06-17 Listed $70,888 HiCentral MLS
• 2021-12-22 Sold (MLS) $40,000 HiCentral MLS
• 2021-11-05 Pending — HiCentral MLS
• 2021-09-09 Listed $49,500 HiCentral MLS
• 2015-10-30 Listing Removed — HiCentral MLS
• 2015-06-25 Price Changed $76,000 HiCentral MLS
• 2015-03-13 Listed $85,000 HiCentral MLS
• 2000-11-22 Sold (MLS) $43,000 HiCentral MLS
• 2000-10-15 Listing Removed — HiCentral MLS
• 2000-03-09 Listed $50,000 HiCentral MLS