Hawaii County presents a yield-versus-liquidity tension. Zillow’s 2026-06 county reading reports a $576,247 median home value, $2,828 median monthly asking rent and 5.89% gross yield before costs. This calls for lease and cost verification; rapid-resale underwriting warrants caution. Realtor.com’s 2026-06 MLS evidence shows median listing price down 9.30% year over year, active listings up 11.19%, and 17.17% with reductions. These are asking-market supply and concession signals, not closed sales or proof of buyer demand.
Zillow home value rose 0.50% year over year while its asking rent rose 16.64%, supporting the reported gross-yield arithmetic but not net income. FHFA’s 2025 repeat-transaction HPI rose 6.11%; it indicates positive index direction at a separate vintage, but is not a home value and cannot be combined with Zillow’s change. The effective property-tax rate is 0.28%, though assessments and other expenses are not published. HUD’s two-bedroom FMR is a payment standard, not market rent, and cannot replace the asking-rent measure.
Demand evidence is mixed. Tax-return migration reports a net inflow of 411 households; average AGI was $85,353 for movers in versus $62,639 for movers out. That profile requires renter-income and tenure checks, not a demand conclusion. Investor purchase mortgages were 20.32% of purchases: meaningful non-owner participation, but no evidence that homes became rentals. QCEW covered workplace employment rose 0.10%; it is neither resident employment nor an unemployment or forecast series. Trade, transportation, and utilities was the largest disclosed private supersector, not the whole economy.
Inland flood is the dominant hazard, and modeled climate loss equals 0.90% of building value annually; this is a county model, not a parcel loss estimate. Missing flood zone, elevation, construction, insurance availability, premiums, deductible, vacancy, operating costs, debt service, lease comps and closed-sale evidence prevents underwriting net yield, cash flow, hazard-adjusted value and exit liquidity. Check parcel flood and insurance terms, executed rents, tax assessment, expense history and comparable sales.