1821 Lipeepee St #204 · Urban Honolulu, HI 96815

$299,000

1 bd · 1.0 ba · 445 sqft · Condo public records · 109 Days on market

Built 1950 $672/sqft · 26% below area Est $402k · 26% under $650/mo HOA · 24% 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
• Cash flow +8.5/30.0
• Appreciation +6.4/10.0
• 1% rule +4.1/10.0
• Rent growth +4.0/5.0
• Schools +3.7/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• DSCR +2.3/10.0

Listing remarks MLS

Effortless island living! With its streamlined layout and retro Waikiki charm, this 1 bed, 1 bath residence is an ideal canvas ready to be transformed into a stylish pied-à-terre, a full time island home, or your next rental investment. Hawaiiana Gardens features on-site community laundry and bicycle/moped parking. Step outside your front door and you're moments away from Waikiki or Ala Moana shopping, dining outdoor activities, yet return home to a peaceful, mostly residential pocket of the community. Assigned parking stall rented for $200.00 per month. Photos enhanced/virtually staged.

Key facts

• Community laundry
• Streamlined layout
• $650 HOA

Tags

• STREAMLINED LAYOUT
• COMMUNITY LAUNDRY
• BICYCLE MOPED PARKING
• MOMENTS AWAY FROM WAIKIKI
• MOMENTS AWAY FROM ALA MOANA
• PEACEFUL RESIDENTIAL POCKET

🏷️ Possibly a rental listed for sale. The $299,000 price doesn't fit this home's estimated sale value (~$401,876) and the remarks read like a rental — treat the cards below with caution.

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $299k.

Deal economics

• At list price, monthly cash flow is $-691 ($-8k/yr) — negative.
• To cash-flow at today's rent, offer at most $177k (40.8% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $273k (8.6% below list).
• Recommended offer: $177k (40.8% below list) — sets the bar for cash-flow.
• Cap rate 5.2% 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.
• Zoned schools: President Thomas Jefferson Elementary School (math 42% / reading 47%, grade F, #73 of 183 statewide, top 41%, 340 students, 55% FRL); President George Washington Middle School (math 30% / reading 46%, grade F, #17 of 42 statewide, top 39%, 569 students, 61% FRL); Kaimuki High School (math 12% / reading 47%, grade F, #35 of 43 statewide, top 86%, 620 students, 60% FRL) — zoned schools average 59% FRL vs 39% district-wide (20 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Market conditions: Rents rising fast (+6.0%/yr); 813 active listings in the ZIP; 19 comparable units currently listed for rent nearby; rentals at typical pace (median 26d 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).

Forward outlook

• In year one you build about $10k of equity ($2k loan paydown + $8k 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 ~$35k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 109 days — a 9% lower offer ($272k) is reasonable based on typical stale-listing flexibility.
• 9 sale attempts since 13y 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 $260k; 15% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: flood insurance adds $427/mo; HOA is 24% of rent; built in 1950 — expect roof / HVAC / electrical / plumbing capex.
• Climate carrying-cost: in FEMA flood zone AE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $176,880 (40.8% 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 109 days. Have you received any prior offers? Is the seller open to a 41% concession, seller financing, or rate buy-down credit?
3. Built in 1950 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
5. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
6. 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?
7. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
8. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
9. 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?
10. 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.
11. 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.
12. 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: 0.91% ✗
• Cap rate: 5.23%
• Cash-on-cash: -3.79%
• DSCR: 0.83
• GRM: 9.1

CMA / ARV

• ARV (median comp): $401,876
• List price: $299,000
• Delta: -25.60%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -0.6%
• Equity multiple: 0.96×
• Total profit: $-3,035
• Equity at exit: $130,136

10-year hold

• IRR: 5.3%
• Equity multiple: 1.85×
• Total profit: $70,993
• Equity at exit: $197,267

Cash invested: $83,720 (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: 813
• Price-to-rent: 9.1×

Monthly cashflow live

• Estimated rent: $2,734 high
• Mortgage (P&I): −$1,568
• Tax from tax record: −$82 /mo · $987/yr
• Insurance: −$125
• Flood insurance flood zone: −$427 /mo · $5,118/yr
• HOA: −$650
• Vacancy / Maint / Mgmt: −$574
• Net cashflow: $-691

Break-even live

Break-even rent $3,609

Max offer price $176,880

Occupancy floor —

Sensitivity live

Price	-10% $-522	-5% $-607	+0% $-691	+5% $-776	+10% $-861
Rent	-10% $-907	-5% $-799	+0% $-691	+5% $-583	+10% $-475
Rate	-1.0pp $-541	-0.5pp $-615	base $-691	+0.5pp $-769	+1.0pp $-848

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: $74,750
• Closing costs: $8,970
• Reserves months: —
• Total cash needed: —

Rent comps 19 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	0.47mi
440 Olohana St Unit 1327711P Honolulu, HI	1.0	1.0	355	$3,741	$10.54	3d	1	0.47mi
902 University Ave Unit C Honolulu, HI	2.0	1.0	415	$2,318	$5.58	25d	1	0.95mi
232 Kaiulani Ave Honolulu, HI	3.0	1.0	656	$3,088	$4.71	25d	8	1.06mi
242 Kaiulani Ave Honolulu, HI	—	1.0	253	$1,250	$4.94	25d	1	1.07mi
242 Kaʻiulani Ave Unit 4 Honolulu, HI	—	1.0	253	$1,200	$4.74	25d	1	1.07mi
2442 Tusitala St Apt 103 Honolulu, HI	—	1.0	300	$1,900	$6.33	45d	1	1.16mi
249 Kapili St Unit 1 Honolulu, HI	—	1.0	290	$1,350	$4.66	23d	1	1.19mi
249 Kapili St #101 Honolulu, HI	—	1.0	225	$1,500	$6.67	25d	1	1.19mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$3,925	$7.08	18d	9	1.22mi
987 Queen St Honolulu, HI	1.0	1.0	453	$3,800	$8.39	12d	9	1.22mi
987 Queen St Honolulu, HI	2.0	1.0–2.0	554	$4,000	$7.22	17d	8	1.22mi
1000 Auahi St Honolulu, HI	2.0	1.0–2.0	629	$4,425	$7.03	25d	2	1.26mi
2509 Ala Wai Blvd Honolulu, HI	—	1.0	215	$1,725	$8.02	25d	2	1.28mi
2509 Ala Wai Blvd #503 Honolulu, HI	—	1.0	215	$1,750	$8.14	5d	1	1.28mi
234 Ohua Ave #217 Honolulu, HI	—	1.0	257	$1,550	$6.03	25d	1	1.29mi
300 Wai Nani Way Unit 1808 Honolulu, HI	—	1.0	321	$1,700	$5.30	45d	1	1.38mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,280	$4.36	25d	1	1.41mi
2572 Lemon Rd Honolulu, HI	1.0	1.0	398	$2,597	$6.53	5d	3	1.42mi

HOA detail condo

• Monthly dues: $650 · $7,800/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 43 events

1. 2026-06-21
   days on market $299,000 Active 109 DOM
2. 2026-06-18
   days on market $299,000 Active 106 DOM
3. 2026-06-17
   days on market $299,000 Active 105 DOM
4. 2026-06-16
   days on market $299,000 Active 104 DOM
5. 2026-06-15
   days on market $299,000 Active 103 DOM
6. 2026-06-13
   days on market $299,000 Active 101 DOM
7. 2026-06-13
   days on market $299,000 Active 100 DOM
8. 2026-06-10
   days on market $299,000 Active 98 DOM
9. 2026-06-09
   days on market $299,000 Active 97 DOM
10. 2026-06-08
    days on market $299,000 Active 96 DOM
11. 2026-06-07
    days on market $299,000 Active 95 DOM
12. 2026-06-05
    days on market $299,000 Active 92 DOM
13. 2026-06-03
    statusdays on market $299,000 Active 91 DOM
14. 2026-06-02
    days on market $299,000 Active Under Contract 90 DOM
15. 2026-06-01
    days on market $299,000 Active Under Contract 89 DOM
16. 2026-05-31
    days on market $299,000 Active Under Contract 88 DOM
17. 2026-03-04
    listed $299,000 Active 601-char remark

    Show marketing remark (601 chars)

    Effortless island living! With its streamlined layout and retro Waikiki charm, this 1 bed, 1 bath residence is an ideal canvas ready to be transformed into a stylish pied-à-terre, a full time island home, or your next rental investment. Hawaiiana Gardens features on-site community laundry and bicycle/moped parking. Step outside your front door and you're moments away from Waikiki or Ala Moana shopping, dining outdoor activities, yet return home to a peaceful, mostly residential pocket of the community. Assigned parking stall rented for $200.00 per month. Photos enhanced/virtually staged.

18. 2026-02-28
    historical
19. 2025-11-27
    listed $299,000 Active
20. 2025-10-20
    historical
21. 2025-06-14
    historical $1,950
22. 2025-06-06
    price $1,950
23. 2025-05-11
    price $305,000
24. 2025-05-01
    historical $2,100
25. 2025-05-01
    listed $2,100
26. 2025-04-12
    listed $2,100
27. 2025-04-04
    price $310,000
28. 2025-02-22
    price $320,000
29. 2025-01-31
    listed $325,000 Active
30. 2020-02-03
    soldstatus $260,000 Sold
31. 2020-01-11
    status Pending
32. 2019-11-19
    price $270,000
33. 2019-09-01
    price $289,000
34. 2019-06-17
    listed $294,000 Active
35. 2019-06-17
    historical
36. 2018-11-15
    price $294,000
37. 2018-10-10
    listed $299,000 Active
38. 2015-06-16
    soldstatus $265,000 Sold
39. 2015-06-16
    soldstatus $265,000
40. 2015-03-06
    listed $265,000 Active
41. 2013-09-30
    soldstatus $245,000
42. 2013-09-30
    soldstatus $245,000
43. 2013-06-28
    listed $250,000

ⓘ 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: $987 · $82/mo
• Projected year-2 tax: $987 · $82/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 8/10 Severe FEMA zone AE · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $32,811
• − Mortgage interest: −$16,749
• − Property taxes: −$987
• − Insurance: −$6,614
• − Repairs & maintenance: −$2,625
• − Management: −$2,625
• − HOA: −$7,800
• − Depreciation: −$8,698
• Taxable loss: −$13,286
• Est. tax savings @ 24.0%: +$3,189
• After-tax cash flow: $-5,107/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

+19.6% since first listed

27 events — show timeline

• 2026-03-04 Listed $299,000 HiCentral MLS
• 2026-02-28 Listing Removed — HiCentral MLS
• 2025-11-27 Listed $299,000 HiCentral MLS
• 2025-10-20 Listing Removed — HiCentral MLS
• 2025-06-14 Rental Removed $1,950 TENANTTURNER2
• 2025-06-06 Price Changed $1,950 TENANTTURNER2
• 2025-05-11 Price Changed $305,000 HiCentral MLS
• 2025-05-01 Rental Removed $2,100 APPFOLIO
• 2025-05-01 Listed for Rent $2,100 TENANTTURNER2
• 2025-04-12 Listed for Rent $2,100 APPFOLIO
• 2025-04-04 Price Changed $310,000 HiCentral MLS
• 2025-02-22 Price Changed $320,000 HiCentral MLS
• 2025-01-31 Listed $325,000 HiCentral MLS
• 2020-02-03 Sold (MLS) $260,000 HiCentral MLS
• 2020-01-11 Pending — HiCentral MLS
• 2019-11-19 Price Changed $270,000 HiCentral MLS
• 2019-09-01 Price Changed $289,000 HiCentral MLS
• 2019-06-17 Listing Removed — HiCentral MLS
• 2019-06-17 Listed $294,000 HiCentral MLS
• 2018-11-15 Price Changed $294,000 HiCentral MLS
• 2018-10-10 Listed $299,000 HiCentral MLS
• 2015-06-16 Sold (Public Records) $265,000 Public Records
• 2015-06-16 Sold (MLS) $265,000 HiCentral MLS
• 2015-03-06 Listed $265,000 HiCentral MLS
• 2013-09-30 Sold (Public Records) $245,000 Public Records
• 2013-09-30 Sold (MLS) $245,000 HiCentral MLS
• 2013-06-28 Listed $250,000 HiCentral MLS

Property tax history

+5.9%/yr

Latest (2022): $987 · +6.6% YoY. Source: county tax records.