3543 Lower Honoapiilani Rd Unit F403 18A · Napili-Honokowai, HI 96761

$8,000

2 bd · 2.0 ba · 1,127 sqft · Condo public records · 144 Days on market

Built 1977 $7/sqft · 68% below area $276/mo HOA · 6% of rent

---

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 +15.0/30.0
• ARV discount +7.5/15.0
• 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

Oceanfront at Papakea Resort! Papakea Time Interval F403 features two bedrooms plus a loft and two bathrooms and is located at the beautiful Papakea. This unit is located on the fourth floor in the "F" building which is directly ocean front. Enjoy all that Papakea has to offer from August 29, 2026 to September 5, 2026. The adjacent weeks, B404 17A and A308 17B, are also listed for sale. PTIO F403 has a split a/c system that provides cooling of the entire condo. 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 BBQs, two covered clubhouses that are available for entertaining your guests, two large jacuzzis, putting green, and on site security make this vacation destination a highly sought after place. Lush tropical landscaping and Koi fish ponds are trademarks of Papakea. Located just north of the famous Kaanapali Beach, Papakea is close to shopping, beaches, and restaurants. The annual maintenance fees offer ease of payment with a portion billed in January and the balance due in the late summer/early fall. Fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. The lofts in timeshare Units B401, B404, F403 and K403, operated and managed by Kaanapali Keys Time Interest Owners’ Association (“TIOA”), may not be permitted or in compliance with current building codes and may be subject to removal, remediation and/or for use only for storage by the County of Maui or the Association of Apartment Owners of Papakea (“AOAO”). Further investigation is pending by the TIOA and/or AOAO. The interior plumbing project began in June 2024 and the F building has been completed. Buyer to do own diligence and to request further information from the AOAO. The buyer(s) are aware that this condominium complex is in A1 or A2 zoning which may be affected by Maui County's future ordinance to discontinue the allowance of short term rentals. Buyer(s) should do their own due diligence on the future use of this property; Buyer(s) understand that there is no guarantee of future rental income. A short term rental is defined as a domicile rented out for less than 180 days.

Key facts

• On site security
• Split a/c system
• Putting green

Tags

• SPLIT A/C SYSTEM
• TWO COVERED CLUBHOUSES
• TWO LARGE JACUZZIS
• PUTTING GREEN
• ON SITE SECURITY
• LUSH TROPICAL LANDSCAPING

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $8k.

Deal economics

• At list price, monthly cash flow is $2k ($28k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $8k).
• Recommended offer: $7k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads: area grade D — 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; 4 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 906 units permitted in Maui County in 2024 (289 in 5+ unit buildings).
• At $4,263/mo this rent would consume 51% of the median local household income ($101k/yr) (locally 835% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $55 of loan paydown is wiped out by about $240 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 144 days — a 12% lower offer ($7k) is reasonable based on typical stale-listing flexibility.
• 10 sale attempts since 14y ago 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: 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 $7,040 (12.0% below list)

Questions for the listing agent

1. It's been on market 144 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 1977 — 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. 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?
9. 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.
10. 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.
11. 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: 53.29% ✓
• Cap rate: 461.81%
• Cash-on-cash: 1626.86%
• DSCR: 73.39
• GRM: 0.2

CMA / ARV

• ARV (median comp): $25,108
• List price: $8,000
• Delta: -68.14%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: —
• Equity multiple: 69.91×
• Total profit: $154,356
• Equity at exit: $1,193

10-year hold

• IRR: —
• Equity multiple: 156.71×
• Total profit: $348,801
• Equity at exit: $692

Cash invested: $2,240 (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: $4,263 medium
• Mortgage (P&I): −$42
• Tax est. 1.5%: −$10 /mo · $120/yr
• Insurance: −$3
• Flood insurance flood zone: −$669 /mo · $8,028/yr
• HOA: −$276
• Vacancy / Maint / Mgmt: −$895
• Net cashflow: $2,368

Break-even live

Break-even rent $1,266

Max offer price $8,000

Occupancy floor 39%

Sensitivity live

Price	-10% $2,373	-5% $2,371	+0% $2,368	+5% $2,365	+10% $2,362
Rent	-10% $2,031	-5% $2,199	+0% $2,368	+5% $2,536	+10% $2,705
Rate	-1.0pp $2,372	-0.5pp $2,370	base $2,368	+0.5pp $2,366	+1.0pp $2,364

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: $2,000
• Closing costs: $240
• Reserves months: —
• Total cash needed: —

Rent comps 4 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3626 Lower Honoapiilani Rd Lahaina, HI	2.0	1.0	620	$3,500	$5.65	2d	16	0.30mi
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
50 Puu Anoano St #1701 Lahaina, HI	2.0	2.0	1500	$5,500	$3.67	4d	1	1.39mi

HOA detail condo

• Monthly dues: $276 · $3,312/yr
• Likely covers: landscapingpoolsecurity
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 48 events

1. 2026-06-21
   days on market $8,000 Active 144 DOM
2. 2026-06-18
   days on market $8,000 Active 141 DOM
3. 2026-06-17
   days on market $8,000 Active 140 DOM
4. 2026-06-16
   days on market $8,000 Active 139 DOM
5. 2026-06-15
   days on market $8,000 Active 138 DOM
6. 2026-06-13
   days on market $8,000 Active 136 DOM
7. 2026-06-13
   days on market $8,000 Active 135 DOM
8. 2026-06-10
   days on market $8,000 Active 133 DOM
9. 2026-06-09
   days on market $8,000 Active 132 DOM
10. 2026-06-08
    days on market $8,000 Active 131 DOM
11. 2026-06-07
    days on market $8,000 Active 130 DOM
12. 2026-06-05
    days on market $8,000 Active 127 DOM
13. 2026-06-03
    days on market $8,000 Active 126 DOM
14. 2026-06-02
    days on market $8,000 Active 125 DOM
15. 2026-06-01
    days on market $8,000 Active 124 DOM
16. 2026-05-31
    days on market $8,000 Active 123 DOM
17. 2026-01-28
    listed $8,000 Active 2286-char remark

    Show marketing remark (2286 chars)

    Oceanfront at Papakea Resort! Papakea Time Interval F403 features two bedrooms plus a loft and two bathrooms and is located at the beautiful Papakea. This unit is located on the fourth floor in the "F" building which is directly ocean front. Enjoy all that Papakea has to offer from August 29, 2026 to September 5, 2026. The adjacent weeks, B404 17A and A308 17B, are also listed for sale. PTIO F403 has a split a/c system that provides cooling of the entire condo. 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 BBQs, two covered clubhouses that are available for entertaining your guests, two large jacuzzis, putting green, and on site security make this vacation destination a highly sought after place. Lush tropical landscaping and Koi fish ponds are trademarks of Papakea. Located just north of the famous Kaanapali Beach, Papakea is close to shopping, beaches, and restaurants. The annual maintenance fees offer ease of payment with a portion billed in January and the balance due in the late summer/early fall. Fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. The lofts in timeshare Units B401, B404, F403 and K403, operated and managed by Kaanapali Keys Time Interest Owners’ Association (“TIOA”), may not be permitted or in compliance with current building codes and may be subject to removal, remediation and/or for use only for storage by the County of Maui or the Association of Apartment Owners of Papakea (“AOAO”). Further investigation is pending by the TIOA and/or AOAO. The interior plumbing project began in June 2024 and the F building has been completed. Buyer to do own diligence and to request further information from the AOAO. The buyer(s) are aware that this condominium complex is in A1 or A2 zoning which may be affected by Maui County's future ordinance to discontinue the allowance of short term rentals. Buyer(s) should do their own due diligence on the future use of this property; Buyer(s) understand that there is no guarantee of future rental income. A short term rental is defined as a domicile rented out for less than 180 days.

18. 2025-10-13
    historical
19. 2025-05-27
    listed $13,000 Active
20. 2023-08-31
    soldstatus $25,000 Sold
21. 2023-08-29
    soldstatus $28,000 Sold
22. 2023-07-14
    historical Pending - Continue to Show
23. 2023-07-13
    historical Pending - Continue to Show
24. 2023-03-02
    listed $32,000 Active
25. 2023-01-12
    listed $32,000 Active
26. 2022-04-12
    historical
27. 2021-08-06
    status Active
28. 2021-06-18
    historical Pending - Continue to Show
29. 2019-08-05
    listed $18,000 Active
30. 2016-06-13
    soldstatus $5,500 Sold
31. 2016-05-14
    historical Pending - Continue to Show
32. 2016-03-18
    price $6,750
33. 2016-02-11
    price $7,800
34. 2015-12-31
    listed $8,250 Active
35. 2015-05-29
    soldstatus $9,600
36. 2015-04-28
    listed $9,600
37. 2015-02-25
    soldstatus $11,000
38. 2015-01-14
    listed $11,000
39. 2012-04-02
    soldstatus $165,866
40. 2012-02-06
    soldstatus $6,000
41. 2012-02-06
    listed $6,000
42. 2011-09-14
    soldstatus $165,863
43. 1997-02-01
    soldstatus $22,000
44. 1988-11-17
    soldstatus $3,950,000
45. 1980-02-01
    soldstatus $325,000
46. 1979-10-01
    soldstatus $30,000
47. 1976-04-01
    soldstatus $325,000
48. 1976-04-01
    soldstatus $101,000

ⓘ 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: $51,161
• − Mortgage interest: −$448
• − Property taxes: −$120
• − Insurance: −$8,068
• − Repairs & maintenance: −$4,093
• − Management: −$4,093
• − HOA: −$3,312
• − Depreciation: −$233
• Taxable income: $30,794
• Est. tax owed @ 24.0%: −$7,391
• After-tax cash flow: $21,023/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

-97.5% since first listed

32 events — show timeline

• 2026-01-28 Listed $8,000 RAM MLS
• 2025-10-13 Listing Removed — RAM MLS
• 2025-05-27 Listed $13,000 RAM MLS
• 2023-08-31 Sold (MLS) $25,000 RAM MLS
• 2023-08-29 Sold (MLS) $28,000 RAM MLS
• 2023-07-14 Contingent — RAM MLS
• 2023-07-13 Contingent — RAM MLS
• 2023-03-02 Listed $32,000 RAM MLS
• 2023-01-12 Listed $32,000 RAM MLS
• 2022-04-12 Listing Removed — RAM MLS
• 2021-08-06 Relisted — RAM MLS
• 2021-06-18 Contingent — RAM MLS
• 2019-08-05 Listed $18,000 RAM MLS
• 2016-06-13 Sold (MLS) $5,500 RAM MLS
• 2016-05-14 Contingent — RAM MLS
• 2016-03-18 Price Changed $6,750 RAM MLS
• 2016-02-11 Price Changed $7,800 RAM MLS
• 2015-12-31 Listed $8,250 RAM MLS
• 2015-05-29 Sold (MLS) $9,600 RAM MLS
• 2015-04-28 Listed $9,600 RAM MLS
• 2015-02-25 Sold (MLS) $11,000 RAM MLS
• 2015-01-14 Listed $11,000 RAM MLS
• 2012-04-02 Sold (Public Records) $165,866 Public Records
• 2012-02-06 Listed $6,000 RAM MLS
• 2012-02-06 Sold (MLS) $6,000 RAM MLS
• 2011-09-14 Sold (Public Records) $165,863 Public Records
• 1997-02-01 Sold (Public Records) $22,000 Public Records
• 1988-11-17 Sold (Public Records) $3,950,000 Public Records
• 1980-02-01 Sold (Public Records) $325,000 Public Records
• 1979-10-01 Sold (Public Records) $30,000 Public Records
• 1976-04-01 Sold (Public Records) $101,000 Public Records
• 1976-04-01 Sold (Public Records) $325,000 Public Records

Property tax history

+6.5%/yr

Latest (2025): $22,423 · -5.6% YoY. Source: county tax records.