3543 Lower Honoapiilani Rd Unit B309 1B-2A · Napili-Honokowai, HI 96761

$20,000

1 bd · 1.0 ba · 597 sqft · Timeshare · 161 Days on market

Built 1977 12 ac lot $34/sqft · 92% above area $310/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 +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

Whale watching from your Papakea time interval! Papakea B309 features one bedroom and one bathroom and is located on the third floor at the beautiful Papakea. Enjoy all that Papakea has to offer from January 9, 2027 to January 23, 2027. PTIO B309 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; see "associated documents" for more information. Further investigation is pending by the TIOA and/or AOAO. The interior plumbing project began in June 2024 and the work for B309 was 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. One of the sellers holds an active real estate license in Washington.

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 1-bed/1.0-bath timeshare listed at $20k.

Deal economics

• At list price, monthly cash flow is $1k ($13k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($3k rent vs $20k).
• Recommended offer: $18k (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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 17d 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 33% 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 $138 of loan paydown is wiped out by about $600 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 $6k cash investment doubles in ~1 year — after that, you're playing with house money.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($18k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 9y 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.
• Current owner paid $12k; list at $20k implies a 60% gain — meaningful room to come down on a strong offer.

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 $17,600 (12.0% below list)

Questions for the listing agent

1. It's been on market 161 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. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
6. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
7. 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?
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 for-sale + rental construction is in the pipeline within 1–3 miles? Heavy new supply typically softens prices + rents 12–24 months out; constrained supply supports both.

Investment metrics

• 1% rule: 13.97% ✓
• Cap rate: 111.85%
• Cash-on-cash: 376.99%
• DSCR: 17.77
• GRM: 0.6

CMA / ARV

• ARV (median comp): $10,395
• List price: $20,000
• Delta: 92.40%
• Verdict: OVERPRICED
• 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: 13.43×
• Total profit: $69,596
• Equity at exit: $2,982

10-year hold

• IRR: —
• Equity multiple: 30.31×
• Total profit: $164,158
• Equity at exit: $1,729

Cash invested: $5,600 (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: 0.6×

Monthly cashflow live

• Estimated rent: $2,794 high
• Mortgage (P&I): −$105
• Tax est. 1.5%: −$25 /mo · $300/yr
• Insurance: −$8
• Flood insurance flood zone: −$669 /mo · $8,028/yr
• HOA: −$310
• Vacancy / Maint / Mgmt: −$587
• Net cashflow: $1,090

Break-even live

Break-even rent $1,414

Max offer price $20,000

Occupancy floor 56%

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: $5,000
• Closing costs: $600
• Reserves months: —
• Total cash needed: —

Rent comps 6 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	0.11mi
3626 Lower Honoapiilani Rd Lahaina, HI	2.0	1.0	620	$2,650	$4.27	1d	16	0.24mi
3676 Lower Honoapiilani Rd Unit D102 Lahaina, HI	2.0	1.0	658	$2,700	$4.10	16d	1	0.33mi
3702 Lower Honoapiilani Rd Unit A-33 Lahaina, HI	1.0	1.0	607	$2,700	$4.45	43d	1	0.37mi
3740 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	476	$2,500	$5.25	3d	2	0.46mi
3740 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	476	$2,500	$5.25	2d	2	0.46mi

HOA detail

• Monthly dues: $310 · $3,720/yr
• Likely covers: landscapingpoolsecurity

Listing history 18 events

1. 2026-06-18
   days on market $20,000 Active 161 DOM
2. 2026-06-17
   days on market $20,000 Active 160 DOM
3. 2026-06-15
   days on market $20,000 Active 158 DOM
4. 2026-06-13
   days on market $20,000 Active 156 DOM
5. 2026-06-13
   days on market $20,000 Active 155 DOM
6. 2026-06-10
   days on market $20,000 Active 153 DOM
7. 2026-06-09
   days on market $20,000 Active 152 DOM
8. 2026-06-08
   days on market $20,000 Active 151 DOM
9. 2026-06-07
   days on market $20,000 Active 150 DOM
10. 2026-06-05
    days on market $20,000 Active 147 DOM
11. 2026-06-03
    days on market $20,000 Active 146 DOM
12. 2026-06-02
    days on market $20,000 Active 145 DOM
13. 2026-06-01
    days on market $20,000 Active 144 DOM
14. 2026-05-31
    days on market $20,000 Active 143 DOM
15. 2026-01-08
    listed $20,000 Active 2082-char remark

    Show marketing remark (2082 chars)

    Whale watching from your Papakea time interval! Papakea B309 features one bedroom and one bathroom and is located on the third floor at the beautiful Papakea. Enjoy all that Papakea has to offer from January 9, 2027 to January 23, 2027. PTIO B309 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; see "associated documents" for more information. Further investigation is pending by the TIOA and/or AOAO. The interior plumbing project began in June 2024 and the work for B309 was 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. One of the sellers holds an active real estate license in Washington.

16. 2017-04-27
    soldstatus $12,500 Sold 891-char remark

    Show marketing remark (891 chars)

    Unit B309 is a one bedroom, one bathroom unit located in beautiful Papakea. Enjoy all that Papakea has to offer from January 13, 2018 to January 27, 2018. 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 B B Q's, two covered clubhouses that are available for entertaining your guest. two large jacuzzi’s, 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. There is currently a project to upgrade the seawall and correct the sinkholes. The special assessment is included in the 2016 annual dues of $1,006 per week, for a total of $2,012.

17. 2017-02-15
    historical Pending - Continue to Show 891-char remark

    Show marketing remark (891 chars)

    Unit B309 is a one bedroom, one bathroom unit located in beautiful Papakea. Enjoy all that Papakea has to offer from January 13, 2018 to January 27, 2018. 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 B B Q's, two covered clubhouses that are available for entertaining your guest. two large jacuzzi’s, 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. There is currently a project to upgrade the seawall and correct the sinkholes. The special assessment is included in the 2016 annual dues of $1,006 per week, for a total of $2,012.

18. 2017-01-09
    listed $12,500 Active 891-char remark

    Show marketing remark (891 chars)

    Unit B309 is a one bedroom, one bathroom unit located in beautiful Papakea. Enjoy all that Papakea has to offer from January 13, 2018 to January 27, 2018. 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 B B Q's, two covered clubhouses that are available for entertaining your guest. two large jacuzzi’s, 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. There is currently a project to upgrade the seawall and correct the sinkholes. The special assessment is included in the 2016 annual dues of $1,006 per week, for a total of $2,012.

ⓘ 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: $33,531
• − Mortgage interest: −$1,120
• − Property taxes: −$300
• − Insurance: −$8,128
• − Repairs & maintenance: −$2,683
• − Management: −$2,683
• − HOA: −$3,720
• − Depreciation: −$582
• Taxable income: $14,316
• Est. tax owed @ 24.0%: −$3,436
• After-tax cash flow: $9,647/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

+60.0% since first listed

4 events — show timeline

• 2026-01-08 Listed $20,000 RAM MLS
• 2017-04-27 Sold (MLS) $12,500 RAM MLS
• 2017-02-15 Contingent — RAM MLS
• 2017-01-09 Listed $12,500 RAM MLS