ZIP CODE 96797 // URBAN HONOLULU, HI // DATA AS OF 2026-09-30
Waipahu, HI (96797) Rental Property Cap Rate & Cash Flow Report
Located in Honolulu County (Waipahu, HI), Zip Code 96797 ranks #330 of 500 within this selected sample (34th percentile) with a Zillow ZHVI typical home-value index of $868,547 (+3.5% YoY) and a ZORI observed market rent of $2,892/mo (+6.1% YoY). Requires at least 64.3% down payment at 6.5% interest to reach $0/mo break-even cash flow. This model combines different housing populations; it is not an observed average property return. Costs assume state-average tax, 0.5% annual insurance, 13% reserves and no HOA or management. Figures below follow your edits; this headline describes the original benchmark.
Net Monthly Cash Flow
-$2,433/mo
Annual: -$29,198/yr
Modeled Cap Rate
2.71%
NOI: $23,504/yr
Cash-on-Cash Return
-14.62%
Cash Needed: $199,766
1% Rule Ratio
0.33%
Gross Yield: 4.00%
Break-Even Rent
$5,689/mo
State Tax: 0.27%/yr
INTERACTIVE PRO-FORMA STATEMENT (ZIP 96797 BENCHMARK)
Edit any value
Purchase Price (ZHVI proxy)
Monthly Gross Rent (ZORI proxy)
Down Payment (%)
Interest Rate (30Y Fixed %)
Annual Property Tax (HI Avg 0.27%)
Annual Home Insurance ($)
Monthly HOA Fee ($)
Monthly Debt Service (P&I)
-$4,392/mo
Monthly Operating Expenses (Tax + Ins + 13% Reserves)
-$933/mo
HISTORICAL ZHVI PRICE VS. ZORI RENT TRAJECTORY (96797)
| Year | ZHVI Value | ZORI Rent | Gross Yield |
|---|---|---|---|
| 2021 | $748,708 | $2,212/mo | 3.55% |
| 2022 | $863,030 | $2,300/mo | 3.20% |
| 2023 | $842,662 | $2,456/mo | 3.50% |
| 2024 | $854,376 | $2,534/mo | 3.56% |
| 2025 | $839,216 | $2,726/mo | 3.90% |
| 2026 | $868,547 | $2,892/mo | 4.00% |
COMPARABLE U.S. RENTAL MARKETS
| Zip / City | Price | Rent | Cap Rate | Cash Flow |
|---|---|---|---|---|
| 96706 Ewa Beach, HI | $827,206 | $3,528/mo | 3.68% | -$1,644/mo |
| 77845 College Station, TX | $360,534 | $1,613/mo | 2.70% | -$1,012/mo |
| 75098 Wylie, TX | $417,750 | $1,874/mo | 2.71% | -$1,168/mo |
| 10457 New York, NY | $540,839 | $2,390/mo | 2.71% | -$1,512/mo |
| 80634 Greeley, CO | $440,487 | $1,563/mo | 2.71% | -$1,231/mo |
| 85032 Phoenix, AZ | $449,147 | $1,597/mo | 2.69% | -$1,264/mo |