411 Kaiolu St #605 · Urban Honolulu, HI 96815

$115,000

1 bd · 1.0 ba · 479 sqft · Other · 53 Days on market

Built 1959 $560/mo HOA · 22% 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
• Appreciation +6.4/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks

A large clean and bright corner-end unit with great mountain views from the lanai. Great location in Waikiki with 1 parking. This building is Leasehold and the lease expires in 2054(28 years). Located between Kuhio Ave. and Ala Wai Blvd. Easy access to bus routes, and everything Waikiki has to offer, shopping, entertainment restaurants and more. Great walk to beaches. Additional fee of $41.20 covers internet monthly. Pet friendly building.

Key facts

• Walk to beaches
• $560 HOA
• Parking

Tags

• CLEAN AND BRIGHT STUDIO
• EASY ACCESS TO BUS ROUTES
• WALK TO BEACHES
• PET FRIENDLY BUILDING

Property features AI

Finance

• Other: Pets allowed (contact for details)
• Financial info: Monthly lease amount for land: $698.64 (lease expires 2054-07-31); Maintenance expense: $519.21; Association fee 2: $41
• HOA & community: Association fee includes common areas, cable TV, hot water, sewer and water; Monthly maintenance expense listed

Exterior

• Parking: Assigned parking (one space); On-street parking available; Has open parking
• Security: Elevator secured; Key card entry
• Utilities: Hot water included in association; Water and sewer included in association; Cable TV included in association
• Home design: Condo/Apartment in a multi-story building; Entry on the 6th level; Leasehold land tenure; Zoned X2 — Apartment Precinct
• Construction: Double wall construction; Slab foundation; Built as part of 411 Kaiolu Inc
• Exterior features: Secure elevator access; Key card entry; Fenced with wall; Deck/porch and patio; Community pool

Interior

• Flooring: Laminate flooring
• Bathrooms: One full bathroom
• Interior features: End unit with shared walls on one side; Average condition; Has a view
• Laundry & utility: Building laundry facilities available

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath other listed at $115k.

Deal economics

• At list price, monthly cash flow is $556 ($7k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $115k).
• Recommended offer: $112k (3.0% below list) — sets the bar for market timing.
• Cap rate 13.4% 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 B — 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 (+6.0%/yr); 814 active listings in the ZIP; 15 comparable units currently listed for rent nearby; rentals at typical pace (median 25d 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 40% of the median local income ($77k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $4k of equity ($795 loan paydown + $3k appreciation (2.7% local appreciation)).
• Honolulu County population projected at +17% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (2.7% appreciation + 6.0% rent growth), your $32k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 9, paydown + projected appreciation supports a ~$34k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 53 days — a 3% lower offer ($112k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $69k; list at $115k implies a 67% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: flood insurance adds $122/mo; HOA is 22% of rent; built in 1959 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AO (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $111,550 (3.0% below list)

Questions for the listing agent

1. It's been on market 53 days. Have you received any prior offers? Is the seller open to a 3% concession, seller financing, or rate buy-down credit?
2. Built in 1959 — 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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.
7. 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.
8. How much new for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 2.24% ✓
• Cap rate: 13.37%
• Cash-on-cash: 25.29%
• DSCR: 2.13
• GRM: 3.7

CMA / ARV

No comps found within radius.

Projected returns pro-forma

2.74% appreciation · 6.0% rent growth · sell at horizon

5-year hold

• IRR: 30.0%
• Equity multiple: 2.74×
• Total profit: $56,181
• Equity at exit: $50,052

10-year hold

• IRR: 33.1%
• Equity multiple: 6.17×
• Total profit: $166,360
• Equity at exit: $75,872

Cash invested: $32,200 (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 96815

• Home prices YoY: 0.9%
• Rents YoY: 6.0%
• Active inventory: 814
• Price-to-rent: 3.7×

Monthly cashflow live

• Estimated rent: $2,574 high
• Mortgage (P&I): −$603
• Tax est. 1.5%: −$144 /mo · $1,725/yr
• Insurance: −$48
• Flood insurance flood zone: −$122 /mo · $1,468/yr
• HOA: −$560
• Vacancy / Maint / Mgmt: −$540
• Net cashflow: $556

Break-even live

Break-even rent $1,870

Max offer price $115,000

Occupancy floor 73%

Sensitivity live

Price	-10% $636	-5% $596	+0% $556	+5% $516	+10% $477
Rent	-10% $353	-5% $455	+0% $556	+5% $658	+10% $760
Rate	-1.0pp $614	-0.5pp $585	base $556	+0.5pp $526	+1.0pp $496

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: $28,750
• Closing costs: $3,450
• Reserves months: —
• Total cash needed: —

Rent comps 15 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
440 Olohana St Unit 1327703P Honolulu, HI	1.0	1.0	355	$4,055	$11.42	13d	1	0.19mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.19mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	24d	8	0.44mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	24d	1	0.45mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	24d	1	0.45mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	45d	1	0.54mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	22d	1	0.57mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	24d	1	0.57mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	24d	2	0.66mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	4d	1	0.66mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	24d	1	0.67mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	24d	1	0.74mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	45d	1	0.76mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	4d	3	0.82mi
234 Hua AVE Unit 103 Honolulu, HI	—	1.0	257	$1,550	$6.03	4d	1	1.08mi

HOA detail

• Monthly dues: $560 · $6,720/yr
• Likely covers: internet

Listing history 21 events

1. 2026-06-21
   days on market $115,000 Active 53 DOM
2. 2026-06-18
   days on market $115,000 Active 50 DOM
3. 2026-06-17
   days on market $115,000 Active 49 DOM
4. 2026-06-16
   days on market $115,000 Active 48 DOM
5. 2026-06-15
   days on market $115,000 Active 47 DOM
6. 2026-06-13
   days on market $115,000 Active 45 DOM
7. 2026-06-13
   pricedays on market $115,000 Active 44 DOM
8. 2026-06-10
   days on market $125,000 Active 42 DOM
9. 2026-06-09
   days on market $125,000 Active 41 DOM
10. 2026-06-08
    days on market $125,000 Active 40 DOM
11. 2026-06-07
    days on market $125,000 Active 39 DOM
12. 2026-06-05
    days on market $125,000 Active 36 DOM
13. 2026-06-03
    days on market $125,000 Active 35 DOM
14. 2026-06-02
    days on market $125,000 Active 34 DOM
15. 2026-06-01
    days on market $125,000 Active 33 DOM
16. 2026-05-31
    days on market $125,000 Active 32 DOM
17. 2026-04-29
    listed $125,000 Active 443-char remark
18. 2005-07-26
    soldstatus $69,000
19. 1998-12-22
    soldstatus $1,605,600
20. 1998-04-09
    soldstatus $745,500
21. 1997-09-09
    soldstatus $648,900

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

Climate risk First Street

• 🌊 Flood 6/10 Major FEMA zone AO · 71% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $30,885
• − Mortgage interest: −$6,442
• − Property taxes: −$1,725
• − Insurance: −$2,042
• − Repairs & maintenance: −$2,471
• − Management: −$2,471
• − HOA: −$6,720
• − Depreciation: −$3,345
• Taxable income: $5,668
• Est. tax owed @ 24.0%: −$1,360
• After-tax cash flow: $5,314/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): 27,530
• Household income: $77,096
• Rent vs Own: 55.1% rent · 44.9% own
• Severe rent burden: 2422.0

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 0.71)
• Race & ethnicity: Asian 41% White 35% Two or more races 16% Hispanic / Latino 6% Pacific Islander 4% Black 2%
• Hispanic origin (detail): Mexican 3% Puerto Rican 1%
• Common ancestry: Romanian 2% Lithuanian 2% Slovak 2%
• Foreign-born: 30% · China, South Korea, Canada
• Languages at home: 66% English-only · Other Asian/Pacific 15% Chinese 5% 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: ▲ 2.74%
• Current HPI: 291.9404
• Rent YoY: ▲ 6.00%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

-82.3% since first listed

6 events — show timeline

• 2026-06-12 Price Changed $115,000 HiCentral MLS
• 2026-04-29 Listed $125,000 HiCentral MLS
• 2005-07-26 Sold (Public Records) $69,000 Public Records
• 1998-12-22 Sold (Public Records) $1,605,600 Public Records
• 1998-04-09 Sold (Public Records) $745,500 Public Records
• 1997-09-09 Sold (Public Records) $648,900 Public Records