92-9024 Paradise Pkwy

Hawaiian Ocean View, HI 96737

$185,000A-

3 bd · 2.0 ba · 1,600 sqft · Built 2025 · SingleFamily · Active · 28 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,724/mo
• Mortgage (P&I): −$970
• Tax + insurance: −$308
• HOA: −$0
• Vac / Maint / Mgmt: −$572
• Net cashflow: $873/mo
• Annual: $10,481/yr
• Cap rate: 11.96%
• Cash-on-cash: 20.23%
• DSCR: 1.90
• 1% rule: 1.47%
• Cash to close: $51,800

Investor read

• This is a 3-bed/2.0-bath single-family listed at $185k. Condition is rated good.
• At list price, monthly cash flow is $873 ($10k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $185k).
• It's been on market 28 days — a 2% lower offer ($182k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $182k (1.5% below list) — sets the bar for market timing.
• In year one you build about $7k of equity ($1k loan paydown + $6k appreciation (3.0% local appreciation)).
• Location reads 48/100 on livability (#151 in HI) — a working-class tenant base; expect higher turnover. Watch: housing C-, health & safety C-, 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.
• Zoned schools: Naalehu Elementary School (math 8% / reading 22%, grade F, #171 of 183 statewide, top 94%, 422 students, 70% FRL) — zoned schools average 70% FRL vs 39% district-wide (31 pts higher); higher-poverty schools than district average — tighter screening recommended.
• Zoned-school proficiency averages 15% at this address vs 41% district-wide (-26 pts) — the specific schools serving this property underperform the Hawaii Department Of Education average; the district grade overstates school quality for this exact location.
• Market conditions: 272 active listings in the ZIP; 2 comparable units currently listed for rent nearby; 982 units permitted in Hawaii County in 2024 (0 in 5+ unit buildings).
• Hawaii County population projected at +24% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 3 sale attempts; this cycle's ask has dropped $20k (10%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• At projected returns (3.0% appreciation + 3.0% rent growth), your $52k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 6, paydown + projected appreciation supports a ~$36k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.
• Cap rate 12.0% vs local median 5.0% in Hawaiian Ocean View — 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.
• At $2,724/mo this rent would consume 71% of the median local household income ($46k/yr) — very limited rent-growth headroom before tenants either downsize or default.

Questions for listing agent

• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.
• 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.
• 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.