1540 Magazine Sts Unit C/3 · Urban Honolulu, HI 96822

$490,000

3 bd · 2.0 ba · 836 sqft · Condo public records · 461 Days on market

Built 1986 $586/sqft · 12% above area Est $439k · 12% over $777/mo HOA · 20% of rent

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Why this score? — see what drove the F 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 +7.6/30.0
• Appreciation +6.4/10.0
• Rent growth +3.8/5.0
• Schools +3.7/10.0
• 1% rule +3.0/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +2.3/15.0
• DSCR +1.7/10.0

Listing remarks MLS

1540 Magazine Street Unit C/3 is a condominium in Honolulu, Hawaii, built in 1986. This unit features 3 bedrooms, 2 bathrooms, and offers 836 square feet of living space. It includes in-unit laundry facilities and comes with two assigned parking stalls. Located in a quiet neighborhood, the property provides convenient access to local amenities.

Key facts

• Quiet neighborhood
• $777 HOA
• 2 parking spots

Tags

• IN UNIT LAUNDRY FACILITIES
• TWO ASSIGNED PARKING STALLS
• QUIET NEIGHBORHOOD

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $490k.

Deal economics

• At list price, monthly cash flow is $-586 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $386k (21.1% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $393k (19.8% below list).
• Recommended offer: $386k (21.1% below list) — sets the bar for cash-flow.
• Cap rate 4.9% 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 F — 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 (+5.3%/yr); 177 active listings in the ZIP; 40 comparable units currently listed for rent nearby; rentals at typical pace (median 24d 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).
• At $3,932/mo this rent would consume 49% of the median local household income ($96k/yr) (locally 2139% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• In year one you build about $17k of equity ($3k loan paydown + $13k 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 3, paydown + projected appreciation supports a ~$42k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 461 days — a 12% lower offer ($431k) is reasonable based on typical stale-listing flexibility.
• Current owner paid $120k; list at $490k implies a 308% gain — meaningful room to come down on a strong offer.

Recommended offer $386,403 (21.1% 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 461 days. Have you received any prior offers? Is the seller open to a 21% concession, seller financing, or rate buy-down credit?
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. 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?
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: 0.80% ✗
• Cap rate: 4.86%
• Cash-on-cash: -5.13%
• DSCR: 0.77
• GRM: 10.4

CMA / ARV

• ARV (median comp): $439,297
• List price: $490,000
• Delta: 11.54%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

2.71% appreciation · 5.35% rent growth · sell at horizon

5-year hold

• IRR: 3.1%
• Equity multiple: 1.17×
• Total profit: $23,939
• Equity at exit: $212,346

10-year hold

• IRR: 7.7%
• Equity multiple: 2.19×
• Total profit: $162,797
• Equity at exit: $321,177

Cash invested: $137,200 (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 96822

• Home prices YoY: 1.0%
• Rents YoY: 5.3%
• Active inventory: 177
• Price-to-rent: 10.4×

Monthly cashflow live

• Estimated rent: $3,932 high
• Mortgage (P&I): −$2,570
• Tax from tax record: −$142 /mo · $1,701/yr
• Insurance: −$204
• HOA: −$777
• Vacancy / Maint / Mgmt: −$826
• Net cashflow: $-586

Break-even live

Break-even rent $4,674

Max offer price $386,403

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: $122,500
• Closing costs: $14,700
• Reserves months: —
• Total cash needed: —

Rent comps 40 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
1415 Victoria St Honolulu, HI	2.0	1.0	1000	$3,850	$3.85	44d	1	0.21mi
1568 Pensacola St Honolulu, HI	1.0–2.0	1.0	523	$2,735	$5.23	23d	1	0.22mi
1221 Victoria St Honolulu, HI	1.0–2.0	1.0–2.0	1207	$3,675	$3.04	12d	2	0.33mi
1214 Nehoa St Unit A Honolulu, HI	2.0	1.0	912	$3,500	$3.84	44d	1	0.56mi
1617 Keeaumoku St #401 Honolulu, HI	2.0	1.5	773	$3,000	$3.88	17d	1	0.66mi
225 Auwaiolimu St Honolulu, HI	3.0	1.0	710	$3,800	$5.35	17d	1	0.68mi
888 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–3.0	1162	$10,000	$8.60	3d	4	0.76mi
801 South St #4524 Honolulu, HI	2.0	1.5	840	$3,500	$4.17	44d	1	0.76mi
1267 Rycroft St Honolulu, HI	2.0	1.0	816	$2,750	$3.37	23d	1	0.78mi
1314 Kalakaua Ave #407 Honolulu, HI	2.0	1.0	772	$4,800	$6.22	44d	1	0.80mi
1314 Kalakaua Ave #1202 Honolulu, HI	2.0	2.0	832	$5,000	$6.01	20d	1	0.80mi
2022 Leiloke Dr Honolulu, HI	3.0	1.5	868	$3,800	$4.38	44d	1	0.81mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	802	$4,900	$6.11	3d	2	0.81mi
1314 Kalakaua Ave Honolulu, HI	2.0	1.0–2.0	773	$4,675	$6.04	23d	3	0.81mi
1515 Liona St Unit 4216L Honolulu, HI	2.0	2.0	872	$4,500	$5.16	14d	1	0.81mi
1515 Liona St Unit 4401L Honolulu, HI	2.0	2.0	990	$4,900	$4.95	44d	1	0.81mi
1515 Liona St Unit 4216L Honolulu, HI	2.0	2.0	872	$4,500	$5.16	17d	1	0.81mi
725 Kapiolani Blvd Honolulu, HI	2.0	2.5	1086	$4,100	$3.78	16d	1	0.82mi
801 South St Unit 3901-A Honolulu, HI	2.0	2.0	816	$3,300	$4.04	3d	1	0.83mi
1288 Kapiolani Blvd Unit I3306 Honolulu, HI	2.0	2.0	1105	$4,300	$3.89	17d	1	0.83mi
909 Kapiolani Blvd Honolulu, HI	1.0–2.0	1.0–2.0	790	$3,600	$4.55	3d	2	0.84mi
1288 Kapiolani Blvd #1006 Honolulu, HI	2.0	2.0	1105	$4,000	$3.62	3d	1	0.85mi
1500 Rycroft St Unit 800R Honolulu, HI	2.0	2.0	942	$4,700	$4.99	44d	1	0.85mi
1500 Rycroft St Unit 2519R Honolulu, HI	2.0	2.0	1074	$5,300	$4.93	44d	1	0.85mi
1500 Rycroft St Unit 4116R Honolulu, HI	2.0	2.0	872	$5,000	$5.73	23d	1	0.85mi
1500 Rycroft St Unit 4419R Honolulu, HI	2.0	2.0	1074	$6,000	$5.59	44d	1	0.85mi
1296 Kapiolani Blvd Honolulu, HI	1.0–3.0	1.0–2.0	974	$4,200	$4.31	14d	2	0.85mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	745	$3,400	$4.56	23d	2	0.88mi
1009 Kapiolani Blvd Honolulu, HI	2.0	2.0	730	$3,198	$4.38	1d	2	0.88mi
1114 Punahou St Unit 9A Honolulu, HI	3.0	2.0	1037	$3,600	$3.47	17d	1	0.88mi
600 Queen St Honolulu, HI	1.0–2.0	1.0–2.0	847	$4,100	$4.84	3d	1	0.89mi
1634 Nuuanu Ave #207 Honolulu, HI	2.0	2.0	924	$2,795	$3.02	23d	1	0.93mi
1374 Kapiolani Blvd Unit 1327705P Honolulu, HI	2.0	2.0	796	$5,740	$7.21	2d	1	0.95mi
1388 Kapiolani Blvd Honolulu, HI	2.0	2.0	901	$5,500	$6.10	44d	1	0.96mi
1388 Kapiolani Blvd #1606 Honolulu, HI	2.0	2.0	809	$4,500	$5.56	44d	1	0.96mi
1388 Kapiolani Blvd #1611 Honolulu, HI	2.0	2.0	801	$4,550	$5.68	44d	1	0.96mi
1388 Kapiolani Blvd #2901 Honolulu, HI	2.0	2.0	901	$4,800	$5.33	44d	1	0.96mi
1388 Kapiolani Blvd #4111 Honolulu, HI	2.0	2.0	816	$6,500	$7.97	44d	1	0.96mi
1388 Kapiolani Blvd #2201 Honolulu, HI	2.0	2.0	901	$5,800	$6.44	44d	1	0.96mi
1388 Kapiolani Blvd #1606 Honolulu, HI	2.0	2.0	809	$4,500	$5.56	12d	1	0.96mi

HOA detail condo

• Monthly dues: $777 · $9,324/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 22 events

1. 2026-06-18
   days on market $490,000 Active 461 DOM
2. 2026-06-17
   days on market $490,000 Active 460 DOM
3. 2026-06-15
   days on market $490,000 Active 458 DOM
4. 2026-06-13
   days on market $490,000 Active 456 DOM
5. 2026-06-13
   days on market $490,000 Active 455 DOM
6. 2026-06-10
   days on market $490,000 Active 453 DOM
7. 2026-06-09
   days on market $490,000 Active 452 DOM
8. 2026-06-08
   days on market $490,000 Active 451 DOM
9. 2026-06-07
   days on market $490,000 Active 450 DOM
10. 2026-06-05
    days on market $490,000 Active 447 DOM
11. 2026-06-03
    days on market $490,000 Active 446 DOM
12. 2026-06-02
    days on market $490,000 Active 445 DOM
13. 2026-06-01
    days on market $490,000 Active 444 DOM
14. 2026-05-31
    days on market $490,000 Active 443 DOM
15. 2026-04-18
    price $490,000 346-char remark

    Show marketing remark (346 chars)

    1540 Magazine Street Unit C/3 is a condominium in Honolulu, Hawaii, built in 1986. This unit features 3 bedrooms, 2 bathrooms, and offers 836 square feet of living space. It includes in-unit laundry facilities and comes with two assigned parking stalls. Located in a quiet neighborhood, the property provides convenient access to local amenities.

16. 2025-11-11
    price $550,000 346-char remark

    Show marketing remark (346 chars)

    1540 Magazine Street Unit C/3 is a condominium in Honolulu, Hawaii, built in 1986. This unit features 3 bedrooms, 2 bathrooms, and offers 836 square feet of living space. It includes in-unit laundry facilities and comes with two assigned parking stalls. Located in a quiet neighborhood, the property provides convenient access to local amenities.

17. 2025-09-02
    price $634,000 346-char remark

    Show marketing remark (346 chars)

    1540 Magazine Street Unit C/3 is a condominium in Honolulu, Hawaii, built in 1986. This unit features 3 bedrooms, 2 bathrooms, and offers 836 square feet of living space. It includes in-unit laundry facilities and comes with two assigned parking stalls. Located in a quiet neighborhood, the property provides convenient access to local amenities.

18. 2025-08-06
    price $644,000 346-char remark

    Show marketing remark (346 chars)

    1540 Magazine Street Unit C/3 is a condominium in Honolulu, Hawaii, built in 1986. This unit features 3 bedrooms, 2 bathrooms, and offers 836 square feet of living space. It includes in-unit laundry facilities and comes with two assigned parking stalls. Located in a quiet neighborhood, the property provides convenient access to local amenities.

19. 2025-06-14
    price $659,000 346-char remark

    Show marketing remark (346 chars)

    1540 Magazine Street Unit C/3 is a condominium in Honolulu, Hawaii, built in 1986. This unit features 3 bedrooms, 2 bathrooms, and offers 836 square feet of living space. It includes in-unit laundry facilities and comes with two assigned parking stalls. Located in a quiet neighborhood, the property provides convenient access to local amenities.

20. 2025-04-26
    price $669,000 346-char remark

    Show marketing remark (346 chars)

    1540 Magazine Street Unit C/3 is a condominium in Honolulu, Hawaii, built in 1986. This unit features 3 bedrooms, 2 bathrooms, and offers 836 square feet of living space. It includes in-unit laundry facilities and comes with two assigned parking stalls. Located in a quiet neighborhood, the property provides convenient access to local amenities.

21. 2025-03-14
    listed $675,000 Active 346-char remark

    Show marketing remark (346 chars)

    1540 Magazine Street Unit C/3 is a condominium in Honolulu, Hawaii, built in 1986. This unit features 3 bedrooms, 2 bathrooms, and offers 836 square feet of living space. It includes in-unit laundry facilities and comes with two assigned parking stalls. Located in a quiet neighborhood, the property provides convenient access to local amenities.

22. 1986-12-01
    soldstatus $120,000

ⓘ 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: $1,701 · $142/mo
• Projected year-2 tax: $1,701 · $142/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: $47,182
• − Mortgage interest: −$27,448
• − Property taxes: −$1,701
• − Insurance: −$2,450
• − Repairs & maintenance: −$3,775
• − Management: −$3,775
• − HOA: −$9,324
• − Depreciation: −$14,255
• Taxable loss: −$15,545
• Est. tax savings @ 24.0%: +$3,731
• After-tax cash flow: $-3,306/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): 43,747
• Household income: $95,947
• Rent vs Own: 46.3% rent · 53.7% own
• Severe rent burden: 2139.0

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 0.72)
• Race & ethnicity: Asian 48% White 21% Two or more races 20% Pacific Islander 7% Hispanic / Latino 5% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 1%
• Common ancestry: Russian 2% Lithuanian 1% Romanian 1%
• Foreign-born: 20% · South Korea, China, Vietnam
• Languages at home: 73% English-only · Other Asian/Pacific 11% Chinese 4% 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: ▲ 2.71%
• Current HPI: 273.9456
• Rent YoY: ▲ 5.35%
• Metro: Urban Honolulu, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+308.3% since first listed

8 events — show timeline

• 2026-04-18 Price Changed $490,000 HiCentral MLS
• 2025-11-11 Price Changed $550,000 HiCentral MLS
• 2025-09-02 Price Changed $634,000 HiCentral MLS
• 2025-08-06 Price Changed $644,000 HiCentral MLS
• 2025-06-14 Price Changed $659,000 HiCentral MLS
• 2025-04-26 Price Changed $669,000 HiCentral MLS
• 2025-03-14 Listed $675,000 HiCentral MLS
• 1986-12-01 Sold (Public Records) $120,000 Public Records

Property tax history

+1.3%/yr

Latest (2022): $1,701 · +13.1% YoY. Source: county tax records.