1575 Kamehameiki Rd Unit 1 · Kula, HI 96790

$250,000

1 bd · 1.0 ba · 672 sqft · Condo public records · 206 Days on market

Built 1917 $372/sqft · 76% below area $220/mo HOA · 11% of rent

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Why this score? — see what drove the D+ 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 +11.9/30.0
• Appreciation +10.0/10.0
• ARV discount +7.5/15.0
• Schools +3.7/10.0
• DSCR +3.5/10.0
• Livability +3.5/5.0
• 1% rule +3.3/10.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

ALSO LISTED AS VACANT LAND MLS 407885. You have found the LOWEST PRICED VACANT LAND currently in ALL of UPCOUNTRY or NORTH SHORE Maui! The previous dwelling that was built in 1917 has been removed, although a "Portuguese" oven/ fire place and a shed are still standing. Now is your chance to come build your new home in a park like setting in upper Kula. This roomy lot is 6835 sq ft and UNIT 1 is one of 12 CPR properties in this Rural RU-0.5 Zoned, LEASEHOLD community. Added bonus is it also has access to County Water and HECO Electric! In the area there is avocado, sage, ginger, bromeliads, and more. The Lease Rent is remarkably low at just $50 ANNUALLY (Lease Expires in 2050), while monthly maintenance fees are a reasonable $220 (which includes water, trash pick-up, common area maintenance, reserves, insurance). Contact your favorite Realtor today for more info on Residential Condominium (CPR) and LeaseHold (LH) properties, and then schedule a showing to see the possibilities for your new home. Please do not enter the property without prior permission from the listing agent (who must be present during all walk-throughs).

Key facts

• County water
• Shed
• Park like setting

Tags

• PORTUGUESE OVEN
• SHED
• PARK LIKE SETTING
• COUNTY WATER
• HECO ELECTRIC
• AVOCADO

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $250k.

Deal economics

• At list price, monthly cash flow is $-65 ($-779/yr) — negative.
• To cash-flow at today's rent, offer at most $239k (4.6% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $207k (17.0% below list).
• Recommended offer: $207k (17.0% below list) — sets the bar for 1% rule.

Location & tenants

• Location reads 69/100 on livability (#31 in HI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, schools A-; Watch: health & safety C-, amenities F, cost of living 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: 62 active listings in the ZIP; 906 units permitted in Maui County in 2024 (289 in 5+ unit buildings).

Forward outlook

• In year one you build about $27k of equity ($2k loan paydown + $25k appreciation (10.0% local appreciation)).
• Maui County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $70k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$43k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 206 days — a 12% lower offer ($220k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts 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.

Risks & watch-outs

• Watch-outs: built in 1917 — expect roof / HVAC / electrical / plumbing capex.

Recommended offer $207,389 (17.0% 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 206 days. Have you received any prior offers? Is the seller open to a 17% concession, seller financing, or rate buy-down credit?
3. Built in 1917 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. Schools are A-rated — typically a magnet for longer-tenancy family renters. What's the average tenant stay here, and is there a school-zone premium baked into asking?
9. 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?
10. 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.
11. 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.
12. 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: 0.83% ✗
• Cap rate: 5.98%
• Cash-on-cash: -1.11%
• DSCR: 0.95
• GRM: 10.0

CMA / ARV

• ARV (median comp): $1,030,143
• List price: $250,000
• Delta: -75.73%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 23.5%
• Equity multiple: 2.89×
• Total profit: $132,039
• Equity at exit: $225,220

10-year hold

• IRR: 20.9%
• Equity multiple: 6.60×
• Total profit: $392,116
• Equity at exit: $485,695

Cash invested: $70,000 (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 96790

• Home prices YoY: 2.8%
• Active inventory: 62
• Price-to-rent: 10.0×

Monthly cashflow live

• Estimated rent: $2,074 medium
• Mortgage (P&I): −$1,311
• Tax from tax record: −$68 /mo · $817/yr
• Insurance: −$104
• HOA: −$220
• Vacancy / Maint / Mgmt: −$436
• Net cashflow: $-65

Break-even live

Break-even rent $2,156

Max offer price $238,533

Occupancy floor 98%

Sensitivity live

Price	-10% $77	-5% $6	+0% $-65	+5% $-136	+10% $-206
Rent	-10% $-229	-5% $-147	+0% $-65	+5% $17	+10% $99
Rate	-1.0pp $61	-0.5pp $-1	base $-65	+0.5pp $-130	+1.0pp $-196

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: $62,500
• Closing costs: $7,500
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Likely covers: watertrashelectric
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-18
   days on market $250,000 Active 206 DOM
2. 2026-06-17
   days on market $250,000 Active 205 DOM
3. 2026-06-15
   days on market $250,000 Active 203 DOM
4. 2026-06-13
   days on market $250,000 Active 201 DOM
5. 2026-06-13
   days on market $250,000 Active 200 DOM
6. 2026-06-10
   days on market $250,000 Active 198 DOM
7. 2026-06-09
   days on market $250,000 Active 197 DOM
8. 2026-06-08
   days on market $250,000 Active 196 DOM
9. 2026-06-07
   days on market $250,000 Active 195 DOM
10. 2026-06-05
    days on market $250,000 Active 192 DOM
11. 2026-06-03
    days on market $250,000 Active 191 DOM
12. 2026-06-02
    days on market $250,000 Active 190 DOM
13. 2026-06-01
    days on market $250,000 Active 189 DOM
14. 2026-05-31
    days on market $250,000 Active 188 DOM
15. 2025-11-24
    listed $250,000 Active 1150-char remark

    Show marketing remark (1176 chars)

    ALSO LISTED AS RESIDENTIAL (per County Tax Records). MLS 407884. You have found the LOWEST PRICED VACANT LAND currently in ALL of UPCOUNTRY or NORTH SHORE Maui! The previous dwelling that was built in 1917 has been removed, although a "Portuguese" oven/ fire place and a shed are still standing. Now is your chance to come build your new home in a park like setting in upper Kula. This roomy lot is 6835 sq ft and UNIT 1 is one of 12 CPR properties in this Rural RU-0.5 Zoned, LEASEHOLD community. Added bonus is it also has access to County Water and HECO Electric! In the area there is avocado, sage, ginger, bromeliads, and more. The Lease Rent is remarkably low at just $50 ANNUALLY (Lease Expires in 2050), while monthly maintenance fees are a reasonable $220 (which includes water, trash pick-up, common area maintenance, reserves, insurance). Contact your favorite Realtor today for more info on Residential Condominium (CPR) and LeaseHold (LH) properties, and then schedule a showing to see the possibilities for your new home. Please do not enter the property without prior permission from the listing agent (who must be present during all walk-throughs).

16. 2025-11-24
    listed $250,000 Active 1176-char remark

    Show marketing remark (1176 chars)

    ALSO LISTED AS RESIDENTIAL (per County Tax Records). MLS 407884. You have found the LOWEST PRICED VACANT LAND currently in ALL of UPCOUNTRY or NORTH SHORE Maui! The previous dwelling that was built in 1917 has been removed, although a "Portuguese" oven/ fire place and a shed are still standing. Now is your chance to come build your new home in a park like setting in upper Kula. This roomy lot is 6835 sq ft and UNIT 1 is one of 12 CPR properties in this Rural RU-0.5 Zoned, LEASEHOLD community. Added bonus is it also has access to County Water and HECO Electric! In the area there is avocado, sage, ginger, bromeliads, and more. The Lease Rent is remarkably low at just $50 ANNUALLY (Lease Expires in 2050), while monthly maintenance fees are a reasonable $220 (which includes water, trash pick-up, common area maintenance, reserves, insurance). Contact your favorite Realtor today for more info on Residential Condominium (CPR) and LeaseHold (LH) properties, and then schedule a showing to see the possibilities for your new home. Please do not enter the property without prior permission from the listing agent (who must be present during all walk-throughs).

ⓘ 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: $817 · $68/mo
• Projected year-2 tax: $817 · $68/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: $24,887
• − Mortgage interest: −$14,004
• − Property taxes: −$817
• − Insurance: −$1,250
• − Repairs & maintenance: −$1,991
• − Management: −$1,991
• − HOA: −$2,640
• − Depreciation: −$7,273
• Taxable loss: −$5,079
• Est. tax savings @ 24.0%: +$1,219
• After-tax cash flow: $440/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 — Kula

• Score: 69/100
• State rank: #31
• US rank: #8927

Category grades

Amenities F Commute A- Cost of living F Crime A+ Employment A+ Housing B- Health & safety C- User ratings A

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kula, HI
• Population (ZIP): 9,463

Population outlook (Maui County) Hauer SSP2

• Today (2025): 185,013 people
• By 2030: 194,315 · +5.0%
• By 2040: 210,917 · +14.0%
• By 2050: 226,396 · +22.4%
• By 2075: 270,475 · +46.2%
• By 2100: 316,825 · +71.2%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.81)
• Race & ethnicity: White 40% Two or more races 25% Pacific Islander 16% Asian 12% Hispanic / Latino 12%
• Hispanic origin (detail): Mexican 7% Puerto Rican 3%
• Common ancestry: Russian 8% Lithuanian 5% Portuguese 2%
• Foreign-born: 9% · Canada, South Korea
• Languages at home: 88% English-only · Other Asian/Pacific 6% Spanish 3% Tagalog/Filipino 1%

Political lean MEDSL · Maui

• 2024 margin: Strong D (+25.9) · D 61.9% · R 36.0% · Other 2.2%
• 2008→2024 swing: -29.3pp toward R · 2008: 55.2pp · 2024: 25.9pp
• All cycles: 2024: D+25.9 2020: D+35.5 2016: D+38.6 2012: D+50.3 2008: D+55.2

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 11.43%
• Current HPI: 418.0006
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+0.0% since first listed

2 events — show timeline

• 2025-11-24 Listed $250,000 RAM MLS
• 2025-11-24 Listed $250,000 RAM MLS

Property tax history

-1.3%/yr

Latest (2025): $817 · +14.9% YoY. Source: county tax records.