1535 Pensacola St #304 · Urban Honolulu, HI 96822

$325,000

1 bd · 1.0 ba · 493 sqft · Condo public records · 83 Days on market

Built 1967 $659/sqft · at area comps Est $326k · at est. $693/mo HOA · 29% of rent

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Why this score? — see what drove the F 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 +7.7/15.0
• Appreciation +6.4/10.0
• Cash flow +5.5/30.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +2.4/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Village Maluhia - a one bedroom Makiki condo conveniently close to downtown Honolulu. This condo has a washer dryer in the unit, upgraded flooring, remodeled kitchen, assigned parking, and a lanai. Amenities of the building include a swimming pool, hot tub, sauna, workout room, barbecue area, resident manager. Cable TV and internet are included in the maintenance fee! Yobo Mart, a convenience store is located on the property near the corner of Davenport and Pensacola. A new fire alarm system is being installed throughout the building.

Key facts

• Upgraded flooring
• Remodeled kitchen
• Swimming pool

Tags

• WASHER DRYER IN UNIT
• UPGRADED FLOORING
• REMODELED KITCHEN
• ASSIGNED PARKING
• LANAI
• SWIMMING POOL

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $325k.

Deal economics

• At list price, monthly cash flow is $-688 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $203k (37.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $242k (25.7% below list).
• Recommended offer: $203k (37.4% below list) — sets the bar for cash-flow.
• Cap rate 3.8% 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 F — 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; 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 30% 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 $11k of equity ($2k loan paydown + $9k 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 ~$38k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 83 days — a 6% lower offer ($306k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 15y 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.

Risks & watch-outs

• Watch-outs: HOA is 29% of rent.

Recommended offer $203,391 (37.4% 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 37% concession, seller financing, or rate buy-down credit?
3. Built in 1967 — 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: 0.74% ✗
• Cap rate: 3.75%
• Cash-on-cash: -9.08%
• DSCR: 0.60
• GRM: 11.2

CMA / ARV

• ARV (median comp): $326,369
• List price: $325,000
• Delta: -0.42%
• 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: -0.7%
• Equity multiple: 0.96×
• Total profit: $-3,573
• Equity at exit: $140,842

10-year hold

• IRR: 4.6%
• Equity multiple: 1.71×
• Total profit: $64,830
• Equity at exit: $213,026

Cash invested: $91,000 (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 96822

• Home prices YoY: 1.0%
• Rents YoY: 5.3%
• Active inventory: 177
• Price-to-rent: 11.2×

Monthly cashflow live

• Estimated rent: $2,415 high
• Mortgage (P&I): −$1,704
• Tax from tax record: −$64 /mo · $762/yr
• Insurance: −$135
• HOA: −$693
• Vacancy / Maint / Mgmt: −$507
• Net cashflow: $-688

Break-even live

Break-even rent $3,286

Max offer price $203,391

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: $81,250
• Closing costs: $9,750
• Reserves months: —
• Total cash needed: —

Rent comps 5 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	24d	1	0.07mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	17d	9	1.00mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	16d	8	1.00mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	10d	9	1.00mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	24d	2	1.12mi

HOA detail condo

• Monthly dues: $693 · $8,316/yr
• Likely covers: internetcablepoolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 27 events

1. 2026-06-18
   days on market $325,000 Active 83 DOM
2. 2026-06-17
   days on market $325,000 Active 82 DOM
3. 2026-06-16
   days on market $325,000 Active 81 DOM
4. 2026-06-15
   days on market $325,000 Active 80 DOM
5. 2026-06-13
   days on market $325,000 Active 78 DOM
6. 2026-06-13
   days on market $325,000 Active 77 DOM
7. 2026-06-10
   days on market $325,000 Active 75 DOM
8. 2026-06-09
   days on market $325,000 Active 74 DOM
9. 2026-06-08
   days on market $325,000 Active 73 DOM
10. 2026-06-07
    days on market $325,000 Active 72 DOM
11. 2026-06-05
    days on market $325,000 Active 69 DOM
12. 2026-06-03
    days on market $325,000 Active 68 DOM
13. 2026-06-02
    days on market $325,000 Active 67 DOM
14. 2026-06-01
    days on market $325,000 Active 66 DOM
15. 2026-05-31
    days on market $325,000 Active 65 DOM
16. 2026-03-27
    listed $325,000 Active 540-char remark

    Show marketing remark (540 chars)

    Village Maluhia - a one bedroom Makiki condo conveniently close to downtown Honolulu. This condo has a washer dryer in the unit, upgraded flooring, remodeled kitchen, assigned parking, and a lanai. Amenities of the building include a swimming pool, hot tub, sauna, workout room, barbecue area, resident manager. Cable TV and internet are included in the maintenance fee! Yobo Mart, a convenience store is located on the property near the corner of Davenport and Pensacola. A new fire alarm system is being installed throughout the building.

17. 2020-11-23
    soldstatus $295,000 Sold 489-char remark

    Show marketing remark (489 chars)

    Big Reduction for Quick Sale! renovated in less than a year. Lots of storage in the unit. Extra cabinets in the kitchen for your all dishes and food. 1 bedroom, 1 bath, 1 regular size parking space and washer/dryer in the unit. New flooring, New kitchen, New Shower and New painting on 2020. Enjoy the amenities of the Village Maluhia including Pool, hot tub, sauna, exercise room(currently closed due to Covid-19) and BBQ area. Good opportunity for a first time home buyer or a investor.

18. 2020-08-31
    price $305,000 489-char remark

    Show marketing remark (489 chars)

    Big Reduction for Quick Sale! renovated in less than a year. Lots of storage in the unit. Extra cabinets in the kitchen for your all dishes and food. 1 bedroom, 1 bath, 1 regular size parking space and washer/dryer in the unit. New flooring, New kitchen, New Shower and New painting on 2020. Enjoy the amenities of the Village Maluhia including Pool, hot tub, sauna, exercise room(currently closed due to Covid-19) and BBQ area. Good opportunity for a first time home buyer or a investor.

19. 2020-07-13
    listed $320,000 Active 489-char remark

    Show marketing remark (489 chars)

    Big Reduction for Quick Sale! renovated in less than a year. Lots of storage in the unit. Extra cabinets in the kitchen for your all dishes and food. 1 bedroom, 1 bath, 1 regular size parking space and washer/dryer in the unit. New flooring, New kitchen, New Shower and New painting on 2020. Enjoy the amenities of the Village Maluhia including Pool, hot tub, sauna, exercise room(currently closed due to Covid-19) and BBQ area. Good opportunity for a first time home buyer or a investor.

20. 2011-10-31
    soldstatus $220,000
21. 2011-10-31
    soldstatus $220,000
22. 2011-09-29
    listed $229,000
23. 2010-09-30
    soldstatus $34,747
24. 1986-07-10
    soldstatus $58,000
25. 1986-07-01
    soldstatus $58,000
26. 1979-12-01
    soldstatus $66,000
27. 1979-11-01
    soldstatus $6,400

ⓘ 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: $762 · $64/mo
• Projected year-2 tax: $836 · $70/mo
• Expected delta: +$74/yr (+$6/mo · 9.7%)

ⓘ 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: $28,980
• − Mortgage interest: −$18,205
• − Property taxes: −$762
• − Insurance: −$1,625
• − Repairs & maintenance: −$2,318
• − Management: −$2,318
• − HOA: −$8,316
• − Depreciation: −$9,455
• Taxable loss: −$14,019
• Est. tax savings @ 24.0%: +$3,365
• After-tax cash flow: $-4,896/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

+4978.1% since first listed

12 events — show timeline

• 2026-03-27 Listed $325,000 HiCentral MLS
• 2020-11-23 Sold (MLS) $295,000 HiCentral MLS
• 2020-08-31 Price Changed $305,000 HiCentral MLS
• 2020-07-13 Listed $320,000 HiCentral MLS
• 2011-10-31 Sold (Public Records) $220,000 Public Records
• 2011-10-31 Sold (MLS) $220,000 HiCentral MLS
• 2011-09-29 Listed $229,000 HiCentral MLS
• 2010-09-30 Sold (Public Records) $34,747 Public Records
• 1986-07-10 Sold (Public Records) $58,000 Public Records
• 1986-07-01 Sold (Public Records) $58,000 Public Records
• 1979-12-01 Sold (Public Records) $66,000 Public Records
• 1979-11-01 Sold (Public Records) $6,400 Public Records

Property tax history

-0.3%/yr

Latest (2022): $762 · -24.6% YoY. Source: county tax records.