15-1937 13th Ave · Hawaiian Paradise Park, HI 96749

$509,000

4 bd · 4.0 ba · 1,860 sqft · Other public records · 3 Days on market

Built 2026 1.00 ac lot $274/sqft · 20% below area Est $726k · 30% under

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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 +6.2/30.0
• Appreciation +5.5/10.0
• Schools +3.7/10.0
• Livability +3.1/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• 1% rule +0.7/10.0
• DSCR +0.5/10.0

Listing remarks MLS

The property has already been bulldozed, ripped, leveled, fully fenced, and established with grass, creating an inviting and usable landscape from the moment you arrive. Thoughtfully built rock wall planters throughout the property feature native plants, tropical landscaping, ʻōhiʻa trees, and food-producing varietals, creating a beautiful park-like setting with character and intention woven throughout the land. Meticulously maintained and carefully improved, this acre feels both peaceful and inspiring. This beautifully and thoughtfully cleared acre, located near the end of a quiet dead-end street on 13th Ave in Hawaiian Paradise Park, is only a little more than a mile away from the Big Island Coastline. This lot is ready to go, offering an exceptional opportunity to build your dream home in one of the most desirable neighborhoods in the Puna District. Existing improvements include a well-built carport, water catchment tank (3 y/o), water pump, and pressure tank-giving buyers a valuable head start when planning a future build. With the power source located toward the back of the property it allows for the possibility of building your dream home farther back on the lot. Get the added privacy without the added cost of having to install additional electric poles! Located in a beautiful section of Hawaiian Paradise Park with wonderful neighbors and peaceful surroundings, this property combines privacy, functionality, and natural beauty. Conveniently situated between Keaʻau and Pāhoa and within easy driving distance to Hilo, the property is also close to Puna Kai Shopping Center, Kaleo’s Bar & Grill, Makuu Farmers Market, dining, shopping, and the scenic Puna coastline. Whether you are searching for cleared vacant land in Hawaii, a ready-to-build acre in Hawaiian Paradise Park, or a private, peaceful Big Island property with existing infrastructure, this thoughtfully improved parcel is a rare opportunity to create your dream property in Hawaiʻi.

Key facts

• Custom tile work
• Walk in closet
• Dual vanity sinks

Tags

• CUSTOM DESIGNED MODERN DECOR
• VINYL LIFEPROOF FLOORING
• CUSTOM TILE WORK
• WALK IN SHOWER
• DUAL VANITY SINKS
• WALK IN CLOSET

Property features AI

Finance

• Other: Fee simple land tenure; Lava zone: 3; Zoning: A-1A; Lot dimensions approximately 322 x 135 (length x width); Annual private road maintenance fee applies
• Financial info: Not used as a short-term vacation rental

Exterior

• Parking: Attached garage; 2 garage spaces
• Utilities: Catchment water; Septic tank sewer; Electricity available; Cable available (internet access); Phone available; No solid waste disposal service
• Home design: Single-family property (fee simple); Facing/entry information not provided; New construction
• Construction: Wood frame construction with double wall design; Roofed area recorded in 2016; No unpermitted improvements
• Exterior features: Cleared, grassy lot; Fairly level topography; Private road access

Interior

• Kitchen: Dishwasher; Range; Range hood; Refrigerator; Disposal
• Flooring: Ceramic tile; Vinyl
• Bathrooms: 2 full bathrooms
• Heating & cooling: Electric water heater
• Interior features: New construction; Double wall and wood frame design; Ceramic tile and vinyl flooring

What this means for you Summary

Snapshot

• This is a 4-bed/4.0-bath other listed at $509k.

Deal economics

• At list price, monthly cash flow is $-935 ($-11k/yr) — negative.
• To cash-flow at today's rent, offer at most $344k (32.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $292k (42.6% below list).
• Recommended offer: $292k (42.6% below list) — sets the bar for 1% rule.
• Cap rate 4.1% vs local median 2.8% in Hawaiian Paradise Park — 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 61/100 on livability (#81 in HI) — a middle-class / working-renter tenant base. Strengths: housing A+, employment A; Watch: health & safety C-, schools D-, 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: 189 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 88% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).
• This rent runs 41% of the median local income ($85k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• In year one you build about $8k of equity ($4k loan paydown + $5k appreciation (0.9% local appreciation)).
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 4, paydown + projected appreciation supports a ~$30k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 3 sale attempts 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 $25k; list at $509k implies a 1936% gain — meaningful room to come down on a strong offer.

Recommended offer $292,218 (42.6% 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. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
3. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
4. 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?
5. 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.
6. 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.
7. 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: 0.57% ✗
• Cap rate: 4.09%
• Cash-on-cash: -7.87%
• DSCR: 0.65
• GRM: 14.5

CMA / ARV

• ARV (median comp): $726,088
• List price: $509,000
• Delta: -0.43%
• Verdict: FAIR
• Comps: 2 within 1.0 mi

Projected returns pro-forma

0.93% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: -7.3%
• Equity multiple: 0.64×
• Total profit: $-51,843
• Equity at exit: $171,966

10-year hold

• IRR: -1.7%
• Equity multiple: 0.80×
• Total profit: $-28,817
• Equity at exit: $227,144

Cash invested: $142,520 (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 96749

• Home prices YoY: 0.5%
• Active inventory: 189
• Price-to-rent: 14.5×

Monthly cashflow live

• Estimated rent: $2,922 high
• Mortgage (P&I): −$2,669
• Tax from tax record: −$362 /mo · $4,346/yr
• Insurance: −$212
• HOA: −$0
• Vacancy / Maint / Mgmt: −$614
• Net cashflow: $-935

Break-even live

Break-even rent $4,106

Max offer price $343,838

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: $127,250
• Closing costs: $15,270
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
15-1539 9th St Keaau, HI	3.0	2.0	1248	$2,450	$1.96	44d	1	0.72mi
15-1510 14th Ave Unit A Keaau, HI	3.0	2.0	1337	$2,900	$2.17	44d	1	0.74mi
15-1551 Lokelani Ave Keaau, HI	3.0	2.0	1332	$2,500	$1.88	44d	1	0.76mi
15-1817 14th Ave Keaau, HI	3.0	2.0	1372	$2,600	$1.90	44d	1	0.78mi
15-1755 21st Ave Unit A Keaau, HI	3.0	2.0	1850	$2,800	$1.51	24d	1	1.19mi
15-1398 13th Ave Unit D2 Keaau, HI	3.0	2.0	1350	$2,500	$1.85	44d	1	1.24mi
15-1398 13th Ave Unit C1 Keaau, HI	5.0	4.0	1350	$3,800	$2.81	44d	1	1.24mi
151300 Railroad Ave Keaau, HI	3.0	2.0	1401	$3,000	$2.14	44d	1	1.29mi

Listing history 19 events

1. 2026-06-18
   days on market $509,000 Active 3 DOM
2. 2026-06-17
   days on market $509,000 Active 2 DOM
3. 2026-06-15
   remarks 695-char remark
4. 2026-06-15
   pricedays on marketlisting id $509,000 Active 1 DOM
5. 2026-06-15
   days on market $723,000 Active 31 DOM
6. 2026-06-13
   days on market $723,000 Active 29 DOM
7. 2026-06-13
   days on market $723,000 Active 28 DOM
8. 2026-06-10
   days on market $723,000 Active 26 DOM
9. 2026-06-09
   days on market $723,000 Active 25 DOM
10. 2026-06-08
    days on market $723,000 Active 24 DOM
11. 2026-06-07
    days on market $723,000 Active 23 DOM
12. 2026-06-05
    days on market $723,000 Active 20 DOM
13. 2026-06-03
    days on market $723,000 Active 19 DOM
14. 2026-06-02
    days on market $723,000 Active 18 DOM
15. 2026-06-01
    days on market $723,000 Active 17 DOM
16. 2026-05-31
    days on market $723,000 Active 16 DOM
17. 2026-05-15
    listed $723,000 Active 371-char remark

    Show marketing remark (371 chars)

    Don't pass up on this beauty! Brand new 4 bedroom, 3 bath home. Fourth bedroom is part of a spacious "mother-in-law" suite separated from the main house by the enclosed garage. Thoughtful planning and beautiful touches throughout this home. Must see to appreciate. This part of 13th. Ave. is a dead end street and it is rather quiet where this house is located.

18. 1993-07-20
    soldstatus $25,000
19. 1992-10-08
    soldstatus $25,000

ⓘ 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: $4,346 · $362/mo
• Projected year-2 tax: $4,346 · $362/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 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $35,066
• − Mortgage interest: −$28,512
• − Property taxes: −$4,346
• − Insurance: −$2,545
• − Repairs & maintenance: −$2,805
• − Management: −$2,805
• − Depreciation: −$14,807
• Taxable loss: −$20,754
• Est. tax savings @ 24.0%: +$4,981
• After-tax cash flow: $-6,238/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 — Hawaiian Paradise Park

• Score: 61/100
• State rank: #81
• US rank: #18406

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Hawaiian Paradise Park, HI
• County: Hawaii County · 119,311 people
• Metro: Hilo, HI
• Population (ZIP): 19,132
• Household income: $85,399
• Rent vs Own: 24.5% rent · 75.5% own
• Severe rent burden: 290.0

Population outlook (Hawaii County) Hauer SSP2

• Today (2025): 220,733 people
• By 2030: 232,156 · +5.2%
• By 2040: 252,486 · +14.4%
• By 2050: 272,703 · +23.5%
• By 2075: 332,113 · +50.5%
• By 2100: 398,342 · +80.5%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.87)
• Race & ethnicity: Two or more races 33% White 24% Asian 22% Pacific Islander 14% Hispanic / Latino 13% Black 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Russian 9% Lithuanian 3% Italian 2%
• Foreign-born: 14% · Vietnam, Canada
• Languages at home: 73% English-only · Other Asian/Pacific 15% Vietnamese 2% Spanish 2%

Political lean MEDSL · Hawaii

• 2024 margin: Strong D (+28.3) · D 63.0% · R 34.7% · Other 2.3%
• 2008→2024 swing: -25.4pp toward R · 2008: 53.7pp · 2024: 28.3pp
• All cycles: 2024: D+28.3 2020: D+36.2 2016: D+36.6 2012: D+51.3 2008: D+53.7

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 0.93%
• Current HPI: 183.9836
• Rent YoY: —
• Metro: Hilo, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+1936.0% since first listed

5 events — show timeline

• 2026-06-15 Listed $509,000 HI Information Service
• 2026-05-29 Listed $175,000 HI Information Service
• 2026-05-15 Listed $723,000 HI Information Service
• 1993-07-20 Sold (Public Records) $25,000 Public Records
• 1992-10-08 Sold (Public Records) $25,000 Public Records

Property tax history

+6.1%/yr

Latest (2025): $4,346 · +8.5% YoY. Source: county tax records.