3543 Lower Honoapiilani Rd Unit B401 13B · Napili-Honokowai, HI 96761

$6,000

1 bd · 1.0 ba · 851 sqft · Condo public records · 393 Days on market

Built 1974 $7/sqft · 42% below area Est $10k · 42% under $220/mo HOA · 7% of rent

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Why this score? — see what drove the C- 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 +15.0/30.0
• ARV discount +15.0/15.0
• 1% rule +5.0/10.0
• DSCR +5.0/10.0
• Schools +3.7/10.0
• Rent growth +3.5/5.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.2/10.0

Listing remarks MLS

Very desirable and sought-after top floor 1 bed 1 bath plus loft Papakea Time Interval unit. It has been upgraded which includes tile flooring, granite kitchen counter tops, split Mitsubishi AC with 3 units. Bath features granite countertops and a walk-in shower. This unit usage in 2026 is from June 27 to July 4 and June 26 to July 3 in 2027. The annual maintenance fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. One of Maui's popular vacation spots, Papakea is well known for the many amenities that are available to owners and visitors that include two separate spacious pool areas with BBQ's, two covered clubhouses that are available for entertaining your guest. two large hot tubs, two putting greens and on-site security make this a vacation destination sought out by many. Lush tropical landscaping and Koi ponds are trademarks at Papakea. Located just north of the famous Kaanapali Beach Resort, Papakea is close to shopping, beaches and restaurants. The lofts may not be permitted or in compliance with current building codes; see "associated documents" for more information. Further investigation is pending by the AOAO. The Papakea AOAO announced that the plumbing project is on hold until at least April 22, 2024. The AOAO will be circulating proposed bylaw changes to the Owners to address the 4th floor apartment loft bathrooms in the project. The AOAO will also be circulating the special assessment resolution to Owners for a vote. Buyer to do own diligence and to request further information from the AOAO.

Key facts

• Split mitsubishi ac
• Tile flooring
• Walk-in shower

Tags

• UPGRADED
• TILE FLOORING
• GRANITE KITCHEN COUNTER TOPS
• SPLIT MITSUBISHI AC
• WALK-IN SHOWER
• TWO COVERED CLUBHOUSES

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $6k.

Deal economics

• At list price, monthly cash flow is $1k ($17k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $6k).
• Recommended offer: $5k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade C — affects rentability + tenant quality, not the cash-flow math above.
• 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 (+4.0%/yr); 637 active listings in the ZIP; 8 comparable units currently listed for rent nearby; rentals at typical pace (median 24d on market — plan ~3-4 weeks tenant-placement turnaround); solid renter incomes; 906 units permitted in Maui County in 2024 (289 in 5+ unit buildings).
• This rent runs 36% of the median local income ($101k/yr) — at the standard rent-burdened threshold; future hikes will face affordability resistance.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $41 of loan paydown is wiped out by about $180 of value loss. Plan a longer hold.
• Maui County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (-3.0% appreciation + 4.0% rent growth), your $2k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 393 days — a 12% lower offer ($5k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 10y ago; this cycle's ask has dropped $2k (29%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: flood insurance adds $669/mo.
• Climate carrying-cost: in FEMA flood zone VE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $5,280 (12.0% below list)

Questions for the listing agent

1. It's been on market 393 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
2. Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
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. 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: 50.35% ✓
• Cap rate: 431.28%
• Cash-on-cash: 1517.79%
• DSCR: 68.53
• GRM: 0.2

CMA / ARV

• ARV (median comp): $10,395
• List price: $6,000
• Delta: -42.28%
• Verdict: UNDERPRICED
• Comps: 2 within 1.0 mi

Projected returns pro-forma

-3.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: —
• Equity multiple: 57.74×
• Total profit: $95,324
• Equity at exit: $895

10-year hold

• IRR: —
• Equity multiple: 130.33×
• Total profit: $217,271
• Equity at exit: $519

Cash invested: $1,680 (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 96761

• Home prices YoY: -1.9%
• Rents YoY: 4.0%
• Active inventory: 637
• Price-to-rent: 0.2×

Monthly cashflow live

• Estimated rent: $3,021 high
• Mortgage (P&I): −$31
• Tax est. 1.5%: −$8 /mo · $90/yr
• Insurance: −$2
• Flood insurance flood zone: −$669 /mo · $8,028/yr
• HOA: −$220
• Vacancy / Maint / Mgmt: −$634
• Net cashflow: $1,456

Break-even live

Break-even rent $1,178

Max offer price $6,000

Occupancy floor 47%

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: $1,500
• Closing costs: $180
• Reserves months: —
• Total cash needed: —

Rent comps 8 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3559 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	562	$2,600	$4.63	23d	1	0.15mi
3626 Lower Honoapiilani Rd Lahaina, HI	2.0	1.0	620	$2,650	$4.27	1d	16	0.30mi
3676 Lower Honoapiilani Rd Unit D102 Lahaina, HI	2.0	1.0	658	$2,700	$4.10	17d	1	0.37mi
3702 Lower Honoapiilani Rd Unit A-33 Lahaina, HI	1.0	1.0	607	$2,700	$4.45	44d	1	0.40mi
3740 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	476	$2,500	$5.25	3d	2	0.50mi
3740 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	476	$2,500	$5.25	3d	2	0.50mi
3788 Lower Honoapiilani Rd Unit C102 Lahaina, HI	2.0	2.0	1122	$3,750	$3.34	44d	1	0.58mi
2348 Aina Mahiai Pl Lahaina, HI	2.0	2.0	1015	$7,500	$7.39	44d	1	1.23mi

HOA detail condo

• Monthly dues: $220 · $2,640/yr
• Likely covers: landscapingpoolsecurity
• ⚠ Special-assessment mentions:

  …to the Owners to address the 4th floor apartment loft bathrooms in the project. The AOAO will also be circulating the special assessment resolution to Owners for a vote. Buyer to do own diligence and to request further information from the AOAO.

Listing history 45 events

1. 2026-06-18
   days on market $6,000 Active 393 DOM
2. 2026-06-17
   days on market $6,000 Active 392 DOM
3. 2026-06-15
   days on market $6,000 Active 390 DOM
4. 2026-06-13
   days on market $6,000 Active 388 DOM
5. 2026-06-13
   days on market $6,000 Active 387 DOM
6. 2026-06-10
   days on market $6,000 Active 385 DOM
7. 2026-06-09
   days on market $6,000 Active 384 DOM
8. 2026-06-08
   days on market $6,000 Active 383 DOM
9. 2026-06-07
   days on market $6,000 Active 382 DOM
10. 2026-06-05
    days on market $6,000 Active 379 DOM
11. 2026-06-03
    days on market $6,000 Active 378 DOM
12. 2026-06-02
    days on market $6,000 Active 377 DOM
13. 2026-06-01
    days on market $6,000 Active 376 DOM
14. 2026-05-31
    days on market $6,000 Active 375 DOM
15. 2026-05-12
    price $6,000 1590-char remark

    Show marketing remark (1590 chars)

    Very desirable and sought-after top floor 1 bed 1 bath plus loft Papakea Time Interval unit. It has been upgraded which includes tile flooring, granite kitchen counter tops, split Mitsubishi AC with 3 units. Bath features granite countertops and a walk-in shower. This unit usage in 2026 is from June 27 to July 4 and June 26 to July 3 in 2027. The annual maintenance fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. One of Maui's popular vacation spots, Papakea is well known for the many amenities that are available to owners and visitors that include two separate spacious pool areas with BBQ's, two covered clubhouses that are available for entertaining your guest. two large hot tubs, two putting greens and on-site security make this a vacation destination sought out by many. Lush tropical landscaping and Koi ponds are trademarks at Papakea. Located just north of the famous Kaanapali Beach Resort, Papakea is close to shopping, beaches and restaurants. The lofts may not be permitted or in compliance with current building codes; see "associated documents" for more information. Further investigation is pending by the AOAO. The Papakea AOAO announced that the plumbing project is on hold until at least April 22, 2024. The AOAO will be circulating proposed bylaw changes to the Owners to address the 4th floor apartment loft bathrooms in the project. The AOAO will also be circulating the special assessment resolution to Owners for a vote. Buyer to do own diligence and to request further information from the AOAO.

16. 2026-01-20
    price $7,500 1590-char remark

    Show marketing remark (1590 chars)

    Very desirable and sought-after top floor 1 bed 1 bath plus loft Papakea Time Interval unit. It has been upgraded which includes tile flooring, granite kitchen counter tops, split Mitsubishi AC with 3 units. Bath features granite countertops and a walk-in shower. This unit usage in 2026 is from June 27 to July 4 and June 26 to July 3 in 2027. The annual maintenance fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. One of Maui's popular vacation spots, Papakea is well known for the many amenities that are available to owners and visitors that include two separate spacious pool areas with BBQ's, two covered clubhouses that are available for entertaining your guest. two large hot tubs, two putting greens and on-site security make this a vacation destination sought out by many. Lush tropical landscaping and Koi ponds are trademarks at Papakea. Located just north of the famous Kaanapali Beach Resort, Papakea is close to shopping, beaches and restaurants. The lofts may not be permitted or in compliance with current building codes; see "associated documents" for more information. Further investigation is pending by the AOAO. The Papakea AOAO announced that the plumbing project is on hold until at least April 22, 2024. The AOAO will be circulating proposed bylaw changes to the Owners to address the 4th floor apartment loft bathrooms in the project. The AOAO will also be circulating the special assessment resolution to Owners for a vote. Buyer to do own diligence and to request further information from the AOAO.

17. 2025-10-25
    historical
18. 2025-06-24
    price $8,000 1590-char remark

    Show marketing remark (1590 chars)

    Very desirable and sought-after top floor 1 bed 1 bath plus loft Papakea Time Interval unit. It has been upgraded which includes tile flooring, granite kitchen counter tops, split Mitsubishi AC with 3 units. Bath features granite countertops and a walk-in shower. This unit usage in 2026 is from June 27 to July 4 and June 26 to July 3 in 2027. The annual maintenance fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. One of Maui's popular vacation spots, Papakea is well known for the many amenities that are available to owners and visitors that include two separate spacious pool areas with BBQ's, two covered clubhouses that are available for entertaining your guest. two large hot tubs, two putting greens and on-site security make this a vacation destination sought out by many. Lush tropical landscaping and Koi ponds are trademarks at Papakea. Located just north of the famous Kaanapali Beach Resort, Papakea is close to shopping, beaches and restaurants. The lofts may not be permitted or in compliance with current building codes; see "associated documents" for more information. Further investigation is pending by the AOAO. The Papakea AOAO announced that the plumbing project is on hold until at least April 22, 2024. The AOAO will be circulating proposed bylaw changes to the Owners to address the 4th floor apartment loft bathrooms in the project. The AOAO will also be circulating the special assessment resolution to Owners for a vote. Buyer to do own diligence and to request further information from the AOAO.

19. 2025-05-21
    listed $8,500 Active 1590-char remark

    Show marketing remark (1590 chars)

    Very desirable and sought-after top floor 1 bed 1 bath plus loft Papakea Time Interval unit. It has been upgraded which includes tile flooring, granite kitchen counter tops, split Mitsubishi AC with 3 units. Bath features granite countertops and a walk-in shower. This unit usage in 2026 is from June 27 to July 4 and June 26 to July 3 in 2027. The annual maintenance fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. One of Maui's popular vacation spots, Papakea is well known for the many amenities that are available to owners and visitors that include two separate spacious pool areas with BBQ's, two covered clubhouses that are available for entertaining your guest. two large hot tubs, two putting greens and on-site security make this a vacation destination sought out by many. Lush tropical landscaping and Koi ponds are trademarks at Papakea. Located just north of the famous Kaanapali Beach Resort, Papakea is close to shopping, beaches and restaurants. The lofts may not be permitted or in compliance with current building codes; see "associated documents" for more information. Further investigation is pending by the AOAO. The Papakea AOAO announced that the plumbing project is on hold until at least April 22, 2024. The AOAO will be circulating proposed bylaw changes to the Owners to address the 4th floor apartment loft bathrooms in the project. The AOAO will also be circulating the special assessment resolution to Owners for a vote. Buyer to do own diligence and to request further information from the AOAO.

20. 2024-11-27
    listed $6,500 Active
21. 2024-02-16
    soldstatus $12,000 Sold
22. 2024-01-14
    historical Pending - Continue to Show
23. 2024-01-12
    listed $10,500 Active
24. 2022-07-20
    soldstatus $5,000 Sold
25. 2022-06-06
    historical Pending - Continue to Show
26. 2022-05-04
    price $5,000
27. 2022-03-07
    listed $7,600 Active
28. 2021-12-21
    soldstatus $6,500 Sold
29. 2021-09-16
    historical Pending - Continue to Show
30. 2021-01-23
    historical
31. 2020-01-27
    listed $15,000 Active
32. 2018-04-29
    historical
33. 2017-03-21
    listed $7,990 Active
34. 2016-12-06
    listed $10,000 Active
35. 2016-12-06
    historical
36. 2016-04-30
    listed $10,000 Active
37. 2012-03-30
    soldstatus $118,866
38. 2011-09-14
    soldstatus $118,899
39. 1999-06-16
    soldstatus $6,500
40. 1989-07-01
    soldstatus $17,480
41. 1989-06-01
    soldstatus $9,900
42. 1988-11-17
    soldstatus $3,950,000
43. 1986-01-01
    soldstatus $125,000
44. 1979-09-01
    soldstatus $185,000
45. 1979-09-01
    soldstatus $85,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Climate risk First Street

• 🌊 Flood 9/10 Extreme FEMA zone VE · 99% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $36,249
• − Mortgage interest: −$336
• − Property taxes: −$90
• − Insurance: −$8,058
• − Repairs & maintenance: −$2,900
• − Management: −$2,900
• − HOA: −$2,640
• − Depreciation: −$175
• Taxable income: $19,150
• Est. tax owed @ 24.0%: −$4,596
• After-tax cash flow: $12,875/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 — Napili-Honokowai

No livability data for this city. (Only ~50 U.S. cities are tracked.)

Census & demographics

• Census place: Napili-Honokowai, HI
• County: Maui County · 114,195 people
• Metro: Kahului-Wailuku-Lahaina, HI
• Population (ZIP): 20,952
• Household income: $101,123
• Rent vs Own: 39.2% rent · 60.8% own
• Severe rent burden: 835.0

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 0.78)
• Race & ethnicity: White 35% Asian 29% Two or more races 25% Hispanic / Latino 13% Pacific Islander 6%
• Hispanic origin (detail): Mexican 7%
• Common ancestry: Russian 3% Lithuanian 2% Iranian 1%
• Foreign-born: 25% · Canada, Vietnam, China
• Languages at home: 74% English-only · Other Asian/Pacific 12% Tagalog/Filipino 6% Spanish 5%

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: ▼ -7.68%
• Current HPI: 389.2894
• Rent YoY: ▲ 3.97%
• Metro: Kahului-Wailuku-Lahaina, HI
• State GDP YoY: —
• F500 in state: 0

Price history

-96.8% since first listed

31 events — show timeline

• 2026-05-12 Price Changed $6,000 RAM MLS
• 2026-01-20 Price Changed $7,500 RAM MLS
• 2025-10-25 Listing Removed — RAM MLS
• 2025-06-24 Price Changed $8,000 RAM MLS
• 2025-05-21 Listed $8,500 RAM MLS
• 2024-11-27 Listed $6,500 RAM MLS
• 2024-02-16 Sold (MLS) $12,000 RAM MLS
• 2024-01-14 Contingent — RAM MLS
• 2024-01-12 Listed $10,500 RAM MLS
• 2022-07-20 Sold (MLS) $5,000 RAM MLS
• 2022-06-06 Contingent — RAM MLS
• 2022-05-04 Price Changed $5,000 RAM MLS
• 2022-03-07 Listed $7,600 RAM MLS
• 2021-12-21 Sold (MLS) $6,500 RAM MLS
• 2021-09-16 Contingent — RAM MLS
• 2021-01-23 Listing Removed — RAM MLS
• 2020-01-27 Listed $15,000 RAM MLS
• 2018-04-29 Listing Removed — RAM MLS
• 2017-03-21 Listed $7,990 RAM MLS
• 2016-12-06 Listed $10,000 RAM MLS
• 2016-12-06 Listing Removed — RAM MLS
• 2016-04-30 Listed $10,000 RAM MLS
• 2012-03-30 Sold (Public Records) $118,866 Public Records
• 2011-09-14 Sold (Public Records) $118,899 Public Records
• 1999-06-16 Sold (Public Records) $6,500 Public Records
• 1989-07-01 Sold (Public Records) $17,480 Public Records
• 1989-06-01 Sold (Public Records) $9,900 Public Records
• 1988-11-17 Sold (Public Records) $3,950,000 Public Records
• 1986-01-01 Sold (Public Records) $125,000 Public Records
• 1979-09-01 Sold (Public Records) $85,000 Public Records
• 1979-09-01 Sold (Public Records) $185,000 Public Records

Property tax history

+5.9%/yr

Latest (2025): $14,640 · -10.5% YoY. Source: county tax records.