Months of research, financial modeling, and legal review. Not an impulse — a plan. Here's everything you need to understand it.
Dad,
I've been building this case quietly for months. Not because I wasn't sure about it — but because I wanted to be sure enough that when I showed it to you, you'd see exactly what I see.
The short version: 1835 Franklin is bleeding money. The HOA has hit us with $89,233 in special assessments since 2020, the reserve fund is at 18% funded (industry "distressed" is under 30%), and the board has proposed another $50,000 assessment for 2026. There is no sign it stops there. That's $191,933 in documented crisis costs — and $102,700 more in unfunded reserve liability sitting on the books.
Meanwhile, we're sitting on roughly 13 years of equity in one of the most expensive condo markets in the world — with a §121 exclusion that lets us walk away from the sale completely tax-free (as MFJ). That window is open right now.
Honolulu isn't a consolation prize. Hawaii has lower property tax (0.35% vs. 1.18% in SF), lower state income tax (11% vs. 13.3%), and median single-family home prices around $1.1M on Oahu — meaning our SF equity puts us in a very strong buying position. At $1.5M with 40% down, the 5-year total cost is actually $143,000 less than staying in SF once you count the crisis costs. At our recommended target of $2M at 25% down, it costs $96K more over 5 years — about $1,600/month — and in return we get a family home, $500K in equity at close, and zero HOA exposure forever.
I've built an interactive calculator below and a full slide deck so you can work through every number yourself. I want you to feel as confident in this decision as I do. Use the Input Guide tab to find the exact numbers to enter.
This is not an impulse. This is a plan.
$441,273+ in quantifiable financial burden — documented from the Association's own records, CPA compilations, and reserve studies.
Honolulu is not cheap — but the comparison is better than most people expect, especially once you factor in the HOA exposure.
Purchased in 2013 for $930,000. The §121 exclusion means the entire gain is tax-free as married filing jointly.
Feb 2026 SF condo median $1.225M (+11.87% YoY), closing 4.3% over asking on average.
After 5.5% commission, 2.25% SF transfer tax, 1.25% other costs, and ~$426K mortgage payoff.
13 years as primary residence. Full $500K §121 MFJ exclusion covers the entire $470K gain.
$2M home at 25% down — fits under the 28% lending rule at 27.6% of $450K combined income.
Every assumption is adjustable. Not sure what to enter? Check the — it has the exact figures from the full analysis.
Estimates your tax basis, §121 exclusion eligibility, and monthly carrying costs.
Estimate your net proceeds after all selling costs.
Used to calculate mortgage affordability and post-move reserve position.
Carrying costs for your Oahu home. Recommended: $2,000,000 at 25% down.
Review with your agent, lender, and CPA before making decisions.
Complete steps 1–4 to generate your full summary.
This page pulls every number from the full analysis so you don't have to guess. Work through Steps 1–5 in the calculator using these exact figures.
All scenarios passing the 28% lending rule with ≥$25K surplus above a 6-month emergency reserve. Combined income $450K/yr, $887,532 available cash (MFJ net + Devna contribution). ★ = recommended.
| Price | Down % | Mortgage | P&I / mo | Housing / mo | % Income | Cash After | Surplus | Status |
|---|---|---|---|---|---|---|---|---|
| $1.50M | 40% | $900K | $5,689 | $6,377 | 17.0% | $192K | $135K | ✓ Pass |
| $1.50M | 35% | $975K | $6,162 | $6,850 | 18.3% | $268K | $207K | ✓ Pass |
| $1.50M | 30% | $1.05M | $6,637 | $7,325 | 19.5% | $343K | $279K | ✓ Pass |
| $1.75M | 30% | $1.225M | $7,748 | $8,553 | 22.8% | $260K | $190K | ✓ Pass |
| $1.75M | 25% | $1.3125M | $8,296 | $9,106 | 24.3% | $348K | $274K | ✓ Pass |
| $1.90M | 25% | $1.425M | $9,010 | $9,861 | 26.3% | $306K | $227K | ✓ Pass |
| $2.00M | 25% | $1.50M | $9,481 | $10,364 | 27.6% | $278K | $196K | ★ Recommended |
| $2.00M | 30% | $1.40M | $8,849 | $9,732 | 26.0% | $178K | $100K | ✓ Pass |
| $2.00M | 20% | $1.60M | $10,113 | $10,996 | 29.3% | $378K | $292K | Over 28% |
SF total includes $191,933 in documented HOA crisis costs (SAs paid + pending SA #3 + unfunded reserve liability). Mortgage rates: SF 2.50% (locked 2013), HNL 6.5% (current market).
| Scenario | Housing / mo | 5-yr Housing | + Crisis Costs | 5-yr Living | 5-yr Grand Total | vs. SF |
|---|---|---|---|---|---|---|
| SF — Stay | $5,738 | $344,280 | +$191,933 | $181,500 | $717,713 | — |
| HNL $1.5M / 20% dn | $8,273 | $496,350 | $0 | $192,000 | $688,350 | −$29K |
| HNL $1.5M / 30% dn | $7,325 | $439,470 | $0 | $192,000 | $631,470 | −$86K |
| HNL $1.5M / 40% dn | $6,377 | $382,590 | $0 | $192,000 | $574,590 | −$143K |
| HNL $2.0M / 25% dn ★ | $10,364 | $621,840 | $0 | $192,000 | $813,840 | +$96K |
| HNL $2.0M / 30% dn | $9,732 | $583,920 | $0 | $192,000 | $775,920 | +$58K |
| HNL $2.5M / 20% dn | $13,720 | $823,200 | $0 | $192,000 | $1,015,200 | +$298K |
| Item eliminated | Amount |
|---|---|
| Special assessments already paid (SA #1 + #2) | $39,233 |
| Pending special assessment #3 | $50,000 |
| Unfunded reserve liability per unit | $102,700 |
| Monthly HOA ($2,120/mo, rising 8–10%/yr) over 5 years | $127,200+ |
| Deferred maintenance exposure (pro-rata ~$68K/unit) | ~$68,140 |
| State income tax premium (13.3% vs 11% × 5 years) | ~$23,000 |
| Property tax premium (1.18% vs 0.35% × 5 years) | ~$31,000–$43,000 |
| Total quantifiable burden eliminated | $441,273+ |