87-122 Helelua St Unit C201 · Nanakuli, HI 96792

$60,000

2 bd · 1.0 ba · 666 sqft · Condo · 139 Days on market

Built 1975 $90/sqft · 65% below area $857/mo HOA · 45% of rent ↓ 25% since listing

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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
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Livability +2.8/5.0
• Condition / age +2.5/5.0
• Appreciation +0.0/10.0

Listing remarks MLS

Corner unit two-bedroom, one-bath apartment located in the Kahe Kai complex. This unit features two assigned tandem parking stalls (A-94 & A-95). Conveniently situated near sandy beaches, parks, restaurants, and shopping areas, offering easy access to everyday amenities and outdoor recreation. Leasehold tenure with approximately 7 years remaining on the lease. Fee purchase is not available at this time. An excellent opportunity for those seeking to live in Nanakuli area or explore rental potential within the community.

Key facts

• Outdoor recreation
• Corner unit
• $857 HOA

Tags

• CORNER UNIT
• ASSIGNED TANDEM PARKING
• OUTDOOR RECREATION

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $60k.

Deal economics

• At list price, monthly cash flow is $244 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($2k rent vs $60k).
• Recommended offer: $53k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 56/100 on livability (#126 in HI) — a working-class tenant base; expect higher turnover. Strengths: housing A+, employment A; Watch: health & safety C-, schools F, amenities 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 (+3.4%/yr); 250 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals at typical pace (median 21d 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

• Local home prices are declining (-3.0%/yr); year-one equity from $415 of loan paydown is wiped out by about $2k 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 (-3.0% appreciation + 3.4% rent growth), your $17k cash investment doubles in ~7 years — after that, you're playing with house money.

Negotiation context

• It's been on market 139 days — a 12% lower offer ($53k) is reasonable based on typical stale-listing flexibility.
• 12 sale attempts since 16y 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 $50k; 20% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 45% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $52,800 (12.0% below list)

Questions for the listing agent

1. It's been on market 139 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. 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?
5. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. Schools are F-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
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: 3.20% ✓
• Cap rate: 11.18%
• Cash-on-cash: 17.44%
• DSCR: 1.78
• GRM: 2.6

CMA / ARV

• ARV (median comp): $172,107
• List price: $60,000
• Delta: -65.14%
• Verdict: UNDERPRICED
• Comps: 15 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.38% rent growth · sell at horizon

5-year hold

• IRR: 10.5%
• Equity multiple: 1.42×
• Total profit: $7,124
• Equity at exit: $8,946

10-year hold

• IRR: 20.8%
• Equity multiple: 2.88×
• Total profit: $31,535
• Equity at exit: $5,188

Cash invested: $16,800 (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 96792

• Home prices YoY: -18.8%
• Rents YoY: 3.4%
• Active inventory: 250
• Price-to-rent: 2.6×

Monthly cashflow live

• Estimated rent: $1,919 medium
• Mortgage (P&I): −$315
• Tax est. 1.5%: −$75 /mo · $900/yr
• Insurance: −$25
• HOA: −$857
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $244

Break-even live

Break-even rent $1,610

Max offer price $60,000

Occupancy floor 82%

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: $15,000
• Closing costs: $1,800
• Reserves months: —
• Total cash needed: —

Rent comps 3 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
87-119 Helelua St Unit F202 Waianae, HI	2.0	1.0	666	$2,050	$3.08	20d	1	0.03mi
87-126 Helelua St Unit D204 Waianae, HI	2.0	1.0	666	$1,600	$2.40	43d	1	0.03mi
87-131 Helelua St Unit J206 Waianae, HI	2.0	1.0	666	$1,800	$2.70	21d	1	0.11mi

HOA detail condo

• Monthly dues: $857 · $10,284/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 40 events

1. 2026-06-18
   days on market $60,000 Active 139 DOM
2. 2026-06-17
   days on market $60,000 Active 138 DOM
3. 2026-06-16
   days on market $60,000 Active 137 DOM
4. 2026-06-15
   days on market $60,000 Active 136 DOM
5. 2026-06-13
   days on market $60,000 Active 134 DOM
6. 2026-06-13
   days on market $60,000 Active 133 DOM
7. 2026-06-10
   days on market $60,000 Active 131 DOM
8. 2026-06-09
   days on market $60,000 Active 130 DOM
9. 2026-06-08
   days on market $60,000 Active 129 DOM
10. 2026-06-07
    days on market $60,000 Active 128 DOM
11. 2026-06-05
    days on market $60,000 Active 125 DOM
12. 2026-06-03
    days on market $60,000 Active 124 DOM
13. 2026-06-02
    days on market $60,000 Active 123 DOM
14. 2026-06-01
    days on market $60,000 Active 122 DOM
15. 2026-05-31
    days on market $60,000 Active 121 DOM
16. 2026-01-30
    listed $60,000 Active 530-char remark

    Show marketing remark (530 chars)

    Corner unit two-bedroom, one-bath apartment located in the Kahe Kai complex. This unit features two assigned tandem parking stalls (A-94 & A-95). Conveniently situated near sandy beaches, parks, restaurants, and shopping areas, offering easy access to everyday amenities and outdoor recreation. Leasehold tenure with approximately 7 years remaining on the lease. Fee purchase is not available at this time. An excellent opportunity for those seeking to live in Nanakuli area or explore rental potential within the community.

17. 2025-04-06
    historical
18. 2024-05-23
    historical $1,900
19. 2024-05-06
    listed $1,900
20. 2024-04-07
    listed $89,888 Active
21. 2024-04-06
    historical $1,900
22. 2024-03-26
    listed $1,900
23. 2023-08-21
    soldstatus $50,000 Sold
24. 2023-06-12
    listed $60,000 Active
25. 2023-05-01
    historical
26. 2023-04-01
    status Active
27. 2023-04-01
    price $59,000
28. 2023-03-28
    historical
29. 2023-01-30
    listed $65,000 Active
30. 2016-06-20
    soldstatus $62,000 Sold
31. 2016-06-03
    status Active Under Contract
32. 2016-06-01
    status Pending
33. 2016-04-21
    price $69,500
34. 2016-02-18
    listed $79,500 Active
35. 2014-11-09
    historical
36. 2014-03-17
    listed $80,000
37. 2010-11-08
    historical
38. 2010-10-18
    listed $79,500
39. 2010-10-16
    historical
40. 2010-04-15
    listed $79,500

ⓘ 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 D · 74% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $23,026
• − Mortgage interest: −$3,361
• − Property taxes: −$900
• − Insurance: −$300
• − Repairs & maintenance: −$1,842
• − Management: −$1,842
• − HOA: −$10,284
• − Depreciation: −$1,745
• Taxable income: $2,751
• Est. tax owed @ 24.0%: −$660
• After-tax cash flow: $2,270/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 — Nanakuli

• Score: 56/100
• State rank: #126
• US rank: #23014

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Nanakuli, HI
• County: Honolulu County · 963,448 people
• Metro: Urban Honolulu, HI
• Population (ZIP): 49,618
• Household income: $87,509
• Rent vs Own: 36.0% rent · 64.0% own
• Severe rent burden: 1706.0

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 0.96)
• Race & ethnicity: Pacific Islander 42% Two or more races 32% Hispanic / Latino 13% Asian 10% White 10% Black 3%
• Hispanic origin (detail): Mexican 3% Puerto Rican 6%
• Common ancestry: Russian 6% Romanian 1%
• Foreign-born: 9% · Canada
• Languages at home: 82% English-only · Other Asian/Pacific 13% Tagalog/Filipino 2% 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: ▼ -110.72%
• Current HPI: 477.9187
• Rent YoY: ▲ 3.38%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

-24.5% since first listed

25 events — show timeline

• 2026-01-30 Listed $60,000 HiCentral MLS
• 2025-04-06 Listing Removed — HiCentral MLS
• 2024-05-23 Rental Removed $1,900 HICMLS
• 2024-05-06 Listed for Rent $1,900 HICMLS
• 2024-04-07 Listed $89,888 HiCentral MLS
• 2024-04-06 Rental Removed $1,900 APPFOLIO
• 2024-03-26 Listed for Rent $1,900 APPFOLIO
• 2023-08-21 Sold (MLS) $50,000 HiCentral MLS
• 2023-06-12 Listed $60,000 HiCentral MLS
• 2023-05-01 Listing Removed — HiCentral MLS
• 2023-04-01 Relisted — HiCentral MLS
• 2023-04-01 Price Changed $59,000 HiCentral MLS
• 2023-03-28 Listing Removed — HiCentral MLS
• 2023-01-30 Listed $65,000 HiCentral MLS
• 2016-06-20 Sold (MLS) $62,000 HiCentral MLS
• 2016-06-03 Relisted — HiCentral MLS
• 2016-06-01 Pending — HiCentral MLS
• 2016-04-21 Price Changed $69,500 HiCentral MLS
• 2016-02-18 Listed $79,500 HiCentral MLS
• 2014-11-09 Listing Removed — HiCentral MLS
• 2014-03-17 Listed $80,000 HiCentral MLS
• 2010-11-08 Listing Removed — HiCentral MLS
• 2010-10-18 Listed $79,500 HiCentral MLS
• 2010-10-16 Listing Removed — HiCentral MLS
• 2010-04-15 Listed $79,500 HiCentral MLS