87-123 Helelua St Unit G205 · Nanakuli, HI 96792

$60,000

2 bd · 1.0 ba · 666 sqft · Condo public records · 73 Days on market

Built 1975 $90/sqft · 65% below area $859/mo HOA · 45% of rent

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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

* * * OCEAN VIEW! * * * Affordable opportunity on the Leeward Coast! This LEASEHOLD condo (lease expires 2034) offers a practical layout with two parking stalls and convenient second-floor access. Interior updates include vinyl flooring and improvements to both the kitchen and bath, making it move-in ready or a solid option to personalize over time. Located in Nanakuli, you'll appreciate the close proximity to beaches, schools, bus lines, and everyday shopping. An excellent choice for buyers seeking an entry point into homeownership or an investment with potential.

Key facts

• Vinyl flooring
• Kitchen improvements
• Bath improvements

Tags

• LEASEHOLD CONDO
• TWO PARKING STALLS
• VINYL FLOORING
• KITCHEN IMPROVEMENTS
• BATH IMPROVEMENTS
• CLOSE PROXIMITY TO BEACHES

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 $273 ($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: $56k (6.0% 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 ~6 years — after that, you're playing with house money.

Negotiation context

• It's been on market 73 days — a 6% lower offer ($56k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 14y 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.

Recommended offer $56,400 (6.0% below list)

Questions for the listing agent

1. It's been on market 73 days. Have you received any prior offers? Is the seller open to a 6% 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: 11.75%
• Cash-on-cash: 19.50%
• DSCR: 1.87
• 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: 13.1%
• Equity multiple: 1.53×
• Total profit: $8,935
• Equity at exit: $8,946

10-year hold

• IRR: 23.0%
• Equity multiple: 3.11×
• Total profit: $35,394
• 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: $1,918 medium
• Mortgage (P&I): −$315
• Tax from tax record: −$44 /mo · $527/yr
• Insurance: −$25
• HOA: −$859
• Vacancy / Maint / Mgmt: −$403
• Net cashflow: $273

Break-even live

Break-even rent $1,573

Max offer price $60,000

Occupancy floor 81%

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	19d	1	0.06mi
87-126 Helelua St Unit D204 Waianae, HI	2.0	1.0	666	$1,600	$2.40	43d	1	0.06mi
87-131 Helelua St Unit J206 Waianae, HI	2.0	1.0	666	$1,800	$2.70	21d	1	0.07mi

HOA detail condo

• Monthly dues: $859 · $10,308/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 42 events

1. 2026-06-18
   days on market $60,000 Active 73 DOM
2. 2026-06-17
   days on market $60,000 Active 72 DOM
3. 2026-06-16
   days on market $60,000 Active 71 DOM
4. 2026-06-15
   days on market $60,000 Active 70 DOM
5. 2026-06-13
   days on market $60,000 Active 68 DOM
6. 2026-06-13
   days on market $60,000 Active 67 DOM
7. 2026-06-10
   days on market $60,000 Active 65 DOM
8. 2026-06-09
   days on market $60,000 Active 64 DOM
9. 2026-06-08
   days on market $60,000 Active 63 DOM
10. 2026-06-07
    days on market $60,000 Active 62 DOM
11. 2026-06-05
    days on market $60,000 Active 59 DOM
12. 2026-06-03
    days on market $60,000 Active 58 DOM
13. 2026-06-02
    days on market $60,000 Active 57 DOM
14. 2026-06-01
    days on market $60,000 Active 56 DOM
15. 2026-05-31
    days on market $60,000 Active 55 DOM
16. 2026-05-07
    status Active 576-char remark

    Show marketing remark (576 chars)

    * * * OCEAN VIEW! * * * Affordable opportunity on the Leeward Coast! This LEASEHOLD condo (lease expires 2034) offers a practical layout with two parking stalls and convenient second-floor access. Interior updates include vinyl flooring and improvements to both the kitchen and bath, making it move-in ready or a solid option to personalize over time. Located in Nanakuli, you'll appreciate the close proximity to beaches, schools, bus lines, and everyday shopping. An excellent choice for buyers seeking an entry point into homeownership or an investment with potential.

17. 2026-04-28
    historical Active Under Contract 576-char remark

    Show marketing remark (576 chars)

    * * * OCEAN VIEW! * * * Affordable opportunity on the Leeward Coast! This LEASEHOLD condo (lease expires 2034) offers a practical layout with two parking stalls and convenient second-floor access. Interior updates include vinyl flooring and improvements to both the kitchen and bath, making it move-in ready or a solid option to personalize over time. Located in Nanakuli, you'll appreciate the close proximity to beaches, schools, bus lines, and everyday shopping. An excellent choice for buyers seeking an entry point into homeownership or an investment with potential.

18. 2026-04-06
    listed $60,000 Active 576-char remark

    Show marketing remark (576 chars)

    * * * OCEAN VIEW! * * * Affordable opportunity on the Leeward Coast! This LEASEHOLD condo (lease expires 2034) offers a practical layout with two parking stalls and convenient second-floor access. Interior updates include vinyl flooring and improvements to both the kitchen and bath, making it move-in ready or a solid option to personalize over time. Located in Nanakuli, you'll appreciate the close proximity to beaches, schools, bus lines, and everyday shopping. An excellent choice for buyers seeking an entry point into homeownership or an investment with potential.

19. 2025-03-29
    historical $1,800
20. 2025-03-28
    listed $1,800
21. 2025-03-28
    historical $1,800
22. 2025-03-18
    listed $1,800
23. 2025-03-18
    historical $1,800
24. 2025-03-18
    listed $1,800
25. 2025-03-14
    soldstatus $50,000 Closed 875-char remark

    Show marketing remark (875 chars)

    Discover an exceptional opportunity with this budget-friendly LEASEHOLD condo, set to expire in 2034. Nestled on the easily accessible second floor, this 2-bedroom, 1-bath residence comes complete with 2 parking stalls and a thoughtfully designed floor plan that maximizes space and comfort. Recent enhancements include stylish vinyl flooring, interior paint, and comprehensive upgrades to the kitchen and bathroom, complete with modern appliances—making it truly move-in ready for your convenience. Located in the picturesque Kahe Kai residential condo complex, this home is situated in the vibrant coastal community of Nanakuli. Enjoy the proximity to stunning beaches, schools, convenient bus lines, and a shopping center. Embrace the rich cultural events and breathtaking views of the Waianae mountain range, making this not just a home, but a lifestyle to cherish.

26. 2025-02-23
    historical Active Under Contract 875-char remark

    Show marketing remark (875 chars)

    Discover an exceptional opportunity with this budget-friendly LEASEHOLD condo, set to expire in 2034. Nestled on the easily accessible second floor, this 2-bedroom, 1-bath residence comes complete with 2 parking stalls and a thoughtfully designed floor plan that maximizes space and comfort. Recent enhancements include stylish vinyl flooring, interior paint, and comprehensive upgrades to the kitchen and bathroom, complete with modern appliances—making it truly move-in ready for your convenience. Located in the picturesque Kahe Kai residential condo complex, this home is situated in the vibrant coastal community of Nanakuli. Enjoy the proximity to stunning beaches, schools, convenient bus lines, and a shopping center. Embrace the rich cultural events and breathtaking views of the Waianae mountain range, making this not just a home, but a lifestyle to cherish.

27. 2025-02-21
    status Active 875-char remark

    Show marketing remark (875 chars)

    Discover an exceptional opportunity with this budget-friendly LEASEHOLD condo, set to expire in 2034. Nestled on the easily accessible second floor, this 2-bedroom, 1-bath residence comes complete with 2 parking stalls and a thoughtfully designed floor plan that maximizes space and comfort. Recent enhancements include stylish vinyl flooring, interior paint, and comprehensive upgrades to the kitchen and bathroom, complete with modern appliances—making it truly move-in ready for your convenience. Located in the picturesque Kahe Kai residential condo complex, this home is situated in the vibrant coastal community of Nanakuli. Enjoy the proximity to stunning beaches, schools, convenient bus lines, and a shopping center. Embrace the rich cultural events and breathtaking views of the Waianae mountain range, making this not just a home, but a lifestyle to cherish.

28. 2025-01-31
    historical Active Under Contract 875-char remark

    Show marketing remark (875 chars)

    Discover an exceptional opportunity with this budget-friendly LEASEHOLD condo, set to expire in 2034. Nestled on the easily accessible second floor, this 2-bedroom, 1-bath residence comes complete with 2 parking stalls and a thoughtfully designed floor plan that maximizes space and comfort. Recent enhancements include stylish vinyl flooring, interior paint, and comprehensive upgrades to the kitchen and bathroom, complete with modern appliances—making it truly move-in ready for your convenience. Located in the picturesque Kahe Kai residential condo complex, this home is situated in the vibrant coastal community of Nanakuli. Enjoy the proximity to stunning beaches, schools, convenient bus lines, and a shopping center. Embrace the rich cultural events and breathtaking views of the Waianae mountain range, making this not just a home, but a lifestyle to cherish.

29. 2025-01-27
    listed $49,999 Active 875-char remark

    Show marketing remark (875 chars)

    Discover an exceptional opportunity with this budget-friendly LEASEHOLD condo, set to expire in 2034. Nestled on the easily accessible second floor, this 2-bedroom, 1-bath residence comes complete with 2 parking stalls and a thoughtfully designed floor plan that maximizes space and comfort. Recent enhancements include stylish vinyl flooring, interior paint, and comprehensive upgrades to the kitchen and bathroom, complete with modern appliances—making it truly move-in ready for your convenience. Located in the picturesque Kahe Kai residential condo complex, this home is situated in the vibrant coastal community of Nanakuli. Enjoy the proximity to stunning beaches, schools, convenient bus lines, and a shopping center. Embrace the rich cultural events and breathtaking views of the Waianae mountain range, making this not just a home, but a lifestyle to cherish.

30. 2022-12-19
    historical
31. 2022-12-13
    price $69,999
32. 2022-11-26
    status Active
33. 2022-11-21
    listed $79,999 Active
34. 2017-09-20
    soldstatus $50,000
35. 2015-10-29
    soldstatus $50,000
36. 2012-10-16
    soldstatus $35,000
37. 2012-10-16
    soldstatus $35,000
38. 2012-10-11
    soldstatus $40,064
39. 2012-04-26
    listed $45,000
40. 1993-01-29
    soldstatus $1,000
41. 1983-11-01
    soldstatus $53,200
42. 1980-08-01
    soldstatus $53,000

ⓘ 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: $527 · $44/mo
• Projected year-2 tax: $527 · $44/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 3/10 Moderate FEMA zone D · 9% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $23,020
• − Mortgage interest: −$3,361
• − Property taxes: −$527
• − Insurance: −$300
• − Repairs & maintenance: −$1,842
• − Management: −$1,842
• − HOA: −$10,308
• − Depreciation: −$1,745
• Taxable income: $3,096
• Est. tax owed @ 24.0%: −$743
• After-tax cash flow: $2,532/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

+13.2% since first listed

27 events — show timeline

• 2026-05-07 Relisted — HiCentral MLS
• 2026-04-28 Contingent — HiCentral MLS
• 2026-04-06 Listed $60,000 HiCentral MLS
• 2025-03-29 Rental Removed $1,800 HICMLS
• 2025-03-28 Listed for Rent $1,800 HICMLS
• 2025-03-28 Rental Removed $1,800 APPFOLIO
• 2025-03-18 Listed for Rent $1,800 APPFOLIO
• 2025-03-18 Rental Removed $1,800 HICMLS
• 2025-03-18 Listed for Rent $1,800 HICMLS
• 2025-03-14 Sold (MLS) $50,000 HiCentral MLS
• 2025-02-23 Contingent — HiCentral MLS
• 2025-02-21 Relisted — HiCentral MLS
• 2025-01-31 Contingent — HiCentral MLS
• 2025-01-27 Listed $49,999 HiCentral MLS
• 2022-12-19 Listing Removed — HiCentral MLS
• 2022-12-13 Price Changed $69,999 HiCentral MLS
• 2022-11-26 Relisted — HiCentral MLS
• 2022-11-21 Listed $79,999 HiCentral MLS
• 2017-09-20 Sold (Public Records) $50,000 Public Records
• 2015-10-29 Sold (Public Records) $50,000 Public Records
• 2012-10-16 Sold (Public Records) $35,000 Public Records
• 2012-10-16 Sold (MLS) $35,000 HiCentral MLS
• 2012-10-11 Sold (Public Records) $40,064 Public Records
• 2012-04-26 Listed $45,000 HiCentral MLS
• 1993-01-29 Sold (Public Records) $1,000 Public Records
• 1983-11-01 Sold (Public Records) $53,200 Public Records
• 1980-08-01 Sold (Public Records) $53,000 Public Records

Property tax history

+5.8%/yr

Latest (2022): $527 · +18.1% YoY. Source: county tax records.