95-269 Waikalani Dr Unit C505 · Waipio Acres, HI 96789

$435,000

3 bd · 2.0 ba · 1,023 sqft · Condo public records · 27 Days on market

Built 1976 $425/sqft · 16% below area Est $566k · 23% under $1060/mo HOA · 35% 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 +15.0/15.0
• Appreciation +5.7/10.0
• Cash flow +4.0/30.0
• Rent growth +3.9/5.0
• Schools +3.7/10.0
• Livability +3.7/5.0
• Condition / age +2.5/5.0
• 1% rule +2.1/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Move-in ready and spacious 3-bedroom 2-bathroom end unit in a secluded and quiet community. The partial renovation has just been completed and waiting for your finishing touches. The screened-in lanai added an extra living room space or a lounging area. New cabinets and countertop, new stove, vinyl laminate flooring, and also new full-size washer and dryer, not the stacked apartment style. This unit comes with two side-by-side covered parking. Enjoy the lush greeneries and the cool breeze, the building is surrounded by tall trees, and this end unit is located away from the street and parking noise. Easy access to the freeway, Wheeler, Schofield, and close to Leilehua Golf Course. Relax in the picnic and pool area....have a great BBQ weekend!

Key facts

• En suite bathroom
• Party pavilion
• Natural light

Tags

• IN UNIT LAUNDRY
• NATURAL LIGHT
• COVERED PARKING STALLS
• EN SUITE BATHROOM
• SWIMMING POOL
• PARTY PAVILION

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $435k.

Deal economics

• At list price, monthly cash flow is $-1k ($-15k/yr) — negative.
• To cash-flow at today's rent, offer at most $209k (51.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $307k (29.4% below list).
• Recommended offer: $209k (51.9% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 74/100 on livability (#14 in HI, #4,795 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety 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 (+5.5%/yr); 137 active listings in the ZIP; 35 comparable units currently listed for rent nearby; rentals at typical pace (median 17d on market — plan ~3-4 weeks tenant-placement turnaround); high-income renter base; 1,638 units permitted in Honolulu County in 2024 (793 in 5+ unit buildings).

Forward outlook

• In year one you build about $9k of equity ($3k loan paydown + $6k appreciation (1.5% 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 ~$33k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 27 days — a 2% lower offer ($428k) is reasonable based on typical stale-listing flexibility.
• 3 sale attempts since 5y 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: flood insurance adds $68/mo; HOA is 35% of rent.
• Climate carrying-cost: severe flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $209,448 (51.9% 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. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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: 0.71% ✗
• Cap rate: 2.96%
• Cash-on-cash: -11.91%
• DSCR: 0.47
• GRM: 11.8

CMA / ARV

• ARV (median comp): $566,324
• List price: $435,000
• Delta: -20.54%
• Verdict: UNDERPRICED
• Comps: 14 within 1.0 mi

Projected returns pro-forma

1.48% appreciation · 5.55% rent growth · sell at horizon

5-year hold

• IRR: -8.4%
• Equity multiple: 0.55×
• Total profit: $-54,229
• Equity at exit: $159,569

10-year hold

• IRR: -1.2%
• Equity multiple: 0.83×
• Total profit: $-20,318
• Equity at exit: $220,891

Cash invested: $121,800 (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 96789

• Home prices YoY: 0.3%
• Rents YoY: 5.5%
• Active inventory: 137
• Price-to-rent: 11.8×

Monthly cashflow live

• Estimated rent: $3,071 high
• Mortgage (P&I): −$2,281
• Tax from tax record: −$112 /mo · $1,347/yr
• Insurance: −$181
• Flood insurance flood zone: −$68 /mo · $814/yr
• HOA: −$1,060
• Vacancy / Maint / Mgmt: −$645
• Net cashflow: $-1,277

Break-even live

Break-even rent $4,687

Max offer price $209,448

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: $108,750
• Closing costs: $13,050
• Reserves months: —
• Total cash needed: —

Rent comps 35 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
95-269 Waikalani Dr Unit C906 Mililani, HI	3.0	2.0	1023	$3,000	$2.93	17d	1	0.04mi
95-273 Waikalani Dr Mililani, HI	3.0	2.0	1023	$3,600	$3.52	10d	1	0.09mi
95-257 Waikalani Dr Unit B503 Mililani, HI	2.0	1.0	793	$2,550	$3.22	16d	1	0.11mi
95-270 Waikalani Dr Mililani, HI	3.0	2.0	1289	$2,800	$2.17	23d	1	0.17mi
95-510 Wikao St Mililani, HI	2.0–3.0	1.0–2.0	895	$2,850	$3.18	43d	2	0.36mi
95-927 Ukuwai St #303 Mililani, HI	3.0	2.0	1175	$3,800	$3.23	3d	1	0.41mi
95-976 Ukuwai St #903 Mililani, HI	3.0	2.0	923	$3,250	$3.52	43d	1	0.53mi
95-664 Wikao St Unit L201 Mililani, HI	2.0	2.0	797	$2,800	$3.51	3d	1	0.56mi
95-664 Wikao St Unit L206 Mililani, HI	2.0	2.0	797	$2,700	$3.39	43d	1	0.56mi
95-099 Waikalani Dr Unit A104 Mililani, HI	2.0	1.0	850	$2,500	$2.94	21d	1	0.57mi
95-142 Wailawa Pl Unit B Mililani, HI	3.0	2.0	900	$2,700	$3.00	3d	1	0.59mi
95-149 Wailawa Pl Unit B Mililani, HI	3.0	2.0	900	$2,700	$3.00	3d	1	0.62mi
95-060 Waikalani Dr Unit A202 Mililani, HI	3.0	2.0	1212	$3,200	$2.64	17d	1	0.65mi
95-797 Wikao St Unit B102 Mililani, HI	2.0	2.0	1056	$2,700	$2.56	3d	1	0.69mi
95-919 Wikao St Unit F303 Mililani, HI	2.0	1.0	713	$2,600	$3.65	23d	1	0.69mi
95-2052 Waikalani Pl Unit B106 Mililani, HI	2.0	1.0	799	$2,250	$2.82	3d	1	0.69mi
95-2052 Waikalani Pl Unit B107 Mililani, HI	2.0	1.0	799	$2,450	$3.07	3d	1	0.69mi
95-2048 Waikalani Pl Unit D106 Mililani, HI	2.0	1.0	799	$2,350	$2.94	21d	1	0.69mi
95-1145 Koolani Dr #101 Mililani, HI	2.0	2.0	806	$2,500	$3.10	16d	1	0.73mi
95-930 Wikao St Unit B102 Mililani, HI	2.0	2.0	1056	$2,700	$2.56	3d	1	0.79mi
95-009 Waikalani Dr Unit A104 Mililani, HI	2.0	1.0	855	$2,500	$2.92	21d	1	0.79mi
95-118 Kipapa Dr #412 Mililani, HI	3.0	2.5	1408	$3,000	$2.13	14d	1	0.79mi
95-987 Wikao St Mililani, HI	4.0	2.5	1332	$3,600	$2.70	43d	1	0.84mi
95-1123 Wikao St Mililani, HI	3.0	2.5	1326	$3,450	$2.60	14d	1	0.89mi
95-1056 Ainamakua Dr Unit 108 Mililani, HI	2.0	1.0	855	$2,500	$2.92	43d	1	0.99mi
95-331 Mahapili Ct #164 Mililani, HI	3.0	2.5	1274	$3,750	$2.94	16d	1	1.02mi
95-1140 Makaikai St #17 Mililani, HI	2.0	2.0	730	$2,700	$3.70	43d	1	1.06mi
95-544 Naholoholo St Mililani, HI	4.0	2.0	1156	$3,850	$3.33	3d	1	1.08mi
95-1148 Makaikai St #38 Mililani, HI	2.0	1.0	758	$2,800	$3.69	43d	1	1.08mi
95-349 Kuahelani Ave Unit S2 Mililani, HI	3.0	2.0	1215	$3,000	$2.47	23d	1	1.08mi
95-1147 Makaikai St #74 Mililani, HI	2.0	2.0	762	$2,400	$3.15	44d	1	1.09mi
95-1161 Makaikai St #195 Mililani, HI	3.0	2.0	950	$3,000	$3.16	11d	1	1.12mi
95-1005 Kaapeha St #20 Mililani, HI	2.0	2.0	750	$2,450	$3.27	43d	1	1.15mi
95-1051 Kaapeha St #192 Mililani, HI	2.0	2.0	788	$2,600	$3.30	23d	1	1.16mi
95-648 Hanile St Unit C107 Mililani, HI	2.0	1.0	723	$2,600	$3.60	23d	1	1.22mi

HOA detail condo

• Monthly dues: $1,060 · $12,720/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 26 events

1. 2026-06-18
   days on market $435,000 Active 27 DOM
2. 2026-06-17
   days on market $435,000 Active 26 DOM
3. 2026-06-16
   days on market $435,000 Active 25 DOM
4. 2026-06-15
   days on market $435,000 Active 24 DOM
5. 2026-06-13
   days on market $435,000 Active 22 DOM
6. 2026-06-13
   pricedays on market $435,000 Active 21 DOM
7. 2026-06-10
   days on market $450,000 Active 19 DOM
8. 2026-06-09
   days on market $450,000 Active 18 DOM
9. 2026-06-08
   days on market $450,000 Active 17 DOM
10. 2026-06-07
    days on market $450,000 Active 16 DOM
11. 2026-06-05
    days on market $450,000 Active 13 DOM
12. 2026-06-03
    days on market $450,000 Active 12 DOM
13. 2026-06-02
    days on market $450,000 Active 11 DOM
14. 2026-06-01
    days on market $450,000 Active 10 DOM
15. 2026-05-31
    days on market $450,000 Active 9 DOM
16. 2026-05-20
    historical
17. 2026-02-03
    status Active
18. 2026-01-20
    historical Active Under Contract
19. 2026-01-07
    listed $450,000 Active
20. 2021-12-06
    soldstatus $420,000 Sold 758-char remark

    Show marketing remark (758 chars)

    Move-in ready and spacious 3-bedroom 2-bathroom end unit in a secluded and quiet community. The partial renovation has just been completed and waiting for your finishing touches. The screened-in lanai added an extra living room space or a lounging area. New cabinets and countertop, new stove, vinyl laminate flooring, and also new full-size washer and dryer, not the stacked apartment style. This unit comes with two side-by-side covered parking. Enjoy the lush greeneries and the cool breeze, the building is surrounded by tall trees, and this end unit is located away from the street and parking noise. Easy access to the freeway, Wheeler, Schofield, and close to Leilehua Golf Course. Relax in the picnic and pool area....have a great BBQ weekend!

21. 2021-11-04
    status Pending 758-char remark

    Show marketing remark (758 chars)

    Move-in ready and spacious 3-bedroom 2-bathroom end unit in a secluded and quiet community. The partial renovation has just been completed and waiting for your finishing touches. The screened-in lanai added an extra living room space or a lounging area. New cabinets and countertop, new stove, vinyl laminate flooring, and also new full-size washer and dryer, not the stacked apartment style. This unit comes with two side-by-side covered parking. Enjoy the lush greeneries and the cool breeze, the building is surrounded by tall trees, and this end unit is located away from the street and parking noise. Easy access to the freeway, Wheeler, Schofield, and close to Leilehua Golf Course. Relax in the picnic and pool area....have a great BBQ weekend!

22. 2021-10-11
    listed $415,900 Active 758-char remark

    Show marketing remark (758 chars)

    Move-in ready and spacious 3-bedroom 2-bathroom end unit in a secluded and quiet community. The partial renovation has just been completed and waiting for your finishing touches. The screened-in lanai added an extra living room space or a lounging area. New cabinets and countertop, new stove, vinyl laminate flooring, and also new full-size washer and dryer, not the stacked apartment style. This unit comes with two side-by-side covered parking. Enjoy the lush greeneries and the cool breeze, the building is surrounded by tall trees, and this end unit is located away from the street and parking noise. Easy access to the freeway, Wheeler, Schofield, and close to Leilehua Golf Course. Relax in the picnic and pool area....have a great BBQ weekend!

23. 1983-10-25
    soldstatus $85,500
24. 1983-10-01
    soldstatus $85,500
25. 1978-12-01
    soldstatus $47,900
26. 1978-12-01
    soldstatus $46,500

ⓘ 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: $1,347 · $112/mo
• Projected year-2 tax: $1,347 · $112/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 10/10 Extreme FEMA zone D · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $36,846
• − Mortgage interest: −$24,367
• − Property taxes: −$1,347
• − Insurance: −$2,989
• − Repairs & maintenance: −$2,948
• − Management: −$2,948
• − HOA: −$12,720
• − Depreciation: −$12,655
• Taxable loss: −$23,126
• Est. tax savings @ 24.0%: +$5,550
• After-tax cash flow: $-9,771/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 — Waipio Acres

• Score: 74/100
• State rank: #14
• US rank: #4795

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Waipio Acres, HI
• County: Honolulu County · 963,448 people
• Metro: Urban Honolulu, HI
• Population (ZIP): 54,278
• Household income: $127,066
• Rent vs Own: 22.2% rent · 77.8% own
• Severe rent burden: 920.0

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 0.75)
• Race & ethnicity: Asian 48% Two or more races 30% White 11% Hispanic / Latino 10% Pacific Islander 5% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 3%
• Common ancestry: Russian 3% Lithuanian 1% Romanian 1%
• Foreign-born: 10% · South Korea, China, Canada
• Languages at home: 87% English-only · Other Asian/Pacific 5% Tagalog/Filipino 3% Spanish 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: ▲ 1.48%
• Current HPI: 436.0365
• Rent YoY: ▲ 5.55%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+839.5% since first listed

11 events — show timeline

• 2026-05-20 Listing Removed — HiCentral MLS
• 2026-02-03 Relisted — HiCentral MLS
• 2026-01-20 Contingent — HiCentral MLS
• 2026-01-07 Listed $450,000 HiCentral MLS
• 2021-12-06 Sold (MLS) $420,000 HiCentral MLS
• 2021-11-04 Pending — HiCentral MLS
• 2021-10-11 Listed $415,900 HiCentral MLS
• 1983-10-25 Sold (Public Records) $85,500 Public Records
• 1983-10-01 Sold (Public Records) $85,500 Public Records
• 1978-12-01 Sold (Public Records) $46,500 Public Records
• 1978-12-01 Sold (Public Records) $47,900 Public Records

Property tax history

+8.0%/yr

Latest (2022): $1,347 · +7.2% YoY. Source: county tax records.