4121 Rice St #2708 · Lihue, HI 96766

$569,000

2 bd · 2.0 ba · 1,050 sqft · Condo public records · 161 Days on market

Built 1981 $542/sqft · 20% above area Est $474k · 20% over $1254/mo HOA · 19% 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 +17.1/30.0
• Appreciation +10.0/10.0
• 1% rule +6.4/10.0
• DSCR +5.3/10.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0
• ARV discount +0.0/15.0

Listing remarks MLS

Located within the established Kalapaki Villas community, this updated 2-bedroom, 2-bathroom condominium offers a comfortable and functional living environment in central Lihue. The layout provides separation between living and sleeping areas while maintaining an open, practical flow suited for everyday living. Interior improvements include luxury vinyl plank flooring throughout, updated kitchen cabinetry, quartz countertops, stainless steel appliances, and a reverse osmosis water filtration system. Additional upgrades include new ceiling fans and refreshed fixtures, contributing to a clean, modern feel. The living room opens to a covered lanai where tradewinds circulate naturally and views of a mature banyan tree provide shade, privacy, and a peaceful backdrop. Kalapaki Villas offers community amenities that include a swimming pool and barbecue area, ideal for casual gatherings or relaxing outdoors. The property’s central location allows convenient access to many of Līhu‘e’s key destinations, including Kalapaki Beach, Līhu‘e Airport, Wilcox Medical Center, state and county offices, Kaua‘i Community College, and nearby golf courses at Hokuala and Puakea. Everyday shopping and services are easily accessible, with Costco, Target, Kukui Grove Center, Harbor Mall, Anchor Cove, Walmart, Home Depot, Safeway, and additional retail and dining options all within a short drive. Whether used as a primary residence or held as an investment, this updated condo presents a well-rounded opportunity in one of Kaua‘i’s most centrally connected locations.

Key facts

• Quartz countertops
• New ceiling fans
• Covered lanai

Tags

• LUXURY VINYL PLANK FLOORING
• UPDATED KITCHEN CABINETRY
• QUARTZ COUNTERTOPS
• STAINLESS STEEL APPLIANCES
• NEW CEILING FANS
• COVERED LANAI

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath condo listed at $569k.

Deal economics

• At list price, monthly cash flow is $395 ($5k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $569k).
• Recommended offer: $501k (12.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#53 in HI) — a middle-class / working-renter tenant base. Strengths: employment A+, commute A, crime 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.
• Zoned schools: Elsie H Wilcox Elementary School (math 39% / reading 49%, grade F, #77 of 183 statewide, top 42%, 731 students, 48% FRL); Chiefess Kamakahelei Middle School (math 29% / reading 52%, grade F, #15 of 42 statewide, top 34%, 808 students, 48% FRL); Kauai High School (math 33% / reading 64%, grade D, #13 of 43 statewide, top 33%, 1,108 students, 40% FRL).
• Market conditions: 37 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 141 units permitted in Kauai County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $61k of equity ($4k loan paydown + $57k appreciation (10.0% local appreciation)).
• Kauai County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $159k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$98k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 161 days — a 12% lower offer ($501k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 24y 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.

Recommended offer $500,720 (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. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
7. 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.
8. 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.
9. 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: 1.14% ✓
• Cap rate: 7.13%
• Cash-on-cash: 2.97%
• DSCR: 1.13
• GRM: 7.3

CMA / ARV

• ARV (median comp): $474,354
• List price: $569,000
• Delta: 19.95%
• Verdict: OVERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 26.5%
• Equity multiple: 3.11×
• Total profit: $335,640
• Equity at exit: $512,600

10-year hold

• IRR: 23.2%
• Equity multiple: 7.09×
• Total profit: $969,806
• Equity at exit: $1,105,442

Cash invested: $159,320 (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 96766

• Home prices YoY: 2.0%
• Active inventory: 37
• Price-to-rent: 7.3×

Monthly cashflow live

• Estimated rent: $6,500 medium
• Mortgage (P&I): −$2,984
• Tax from tax record: −$265 /mo · $3,181/yr
• Insurance: −$237
• HOA: −$1,254
• Vacancy / Maint / Mgmt: −$1,365
• Net cashflow: $395

Break-even live

Break-even rent $6,000

Max offer price $569,000

Occupancy floor 89%

Sensitivity live

Price	-10% $717	-5% $556	+0% $395	+5% $234	+10% $73
Rent	-10% $-119	-5% $138	+0% $395	+5% $652	+10% $908
Rate	-1.0pp $681	-0.5pp $540	base $395	+0.5pp $247	+1.0pp $97

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: $142,250
• Closing costs: $17,070
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4161 Palaumahu St Lihue, HI	3.0	2.5	1486	$6,500	$4.37	46d	1	0.70mi

HOA detail condo

• Monthly dues: $1,254 · $15,048/yr
• Likely covers: waterpool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 43 events

1. 2026-06-22
   days on market $569,000 Active 161 DOM
2. 2026-06-21
   days on market $569,000 Active 160 DOM
3. 2026-06-18
   days on market $569,000 Active 157 DOM
4. 2026-06-17
   days on market $569,000 Active 156 DOM
5. 2026-06-15
   days on market $569,000 Active 154 DOM
6. 2026-06-13
   days on market $569,000 Active 152 DOM
7. 2026-06-13
   days on market $569,000 Active 151 DOM
8. 2026-06-10
   days on market $569,000 Active 149 DOM
9. 2026-06-09
   days on market $569,000 Active 148 DOM
10. 2026-06-08
    days on market $569,000 Active 147 DOM
11. 2026-06-07
    days on market $569,000 Active 146 DOM
12. 2026-06-05
    days on market $569,000 Active 143 DOM
13. 2026-06-03
    days on market $569,000 Active 142 DOM
14. 2026-06-02
    days on market $569,000 Active 141 DOM
15. 2026-06-01
    days on market $569,000 Active 140 DOM
16. 2026-05-31
    days on market $569,000 Active 139 DOM
17. 2026-04-14
    price $569,000 1604-char remark

    Show marketing remark (1604 chars)

    Located within the established Kalapaki Villas community, this updated 2-bedroom, 2-bathroom condominium offers a comfortable and functional living environment in central Lihue. The layout provides separation between living and sleeping areas while maintaining an open, practical flow suited for everyday living. Interior improvements include luxury vinyl plank flooring throughout, updated kitchen cabinetry, quartz countertops, stainless steel appliances, and a reverse osmosis water filtration system. Additional upgrades include new ceiling fans and refreshed fixtures, contributing to a clean, modern feel. The living room opens to a covered lanai where tradewinds circulate naturally and views of a mature banyan tree provide shade, privacy, and a peaceful backdrop. Kalapaki Villas offers community amenities that include a swimming pool and barbecue area, ideal for casual gatherings or relaxing outdoors. The property’s central location allows convenient access to many of Līhu‘e’s key destinations, including Kalapaki Beach, Līhu‘e Airport, Wilcox Medical Center, state and county offices, Kaua‘i Community College, and nearby golf courses at Hokuala and Puakea. Everyday shopping and services are easily accessible, with Costco, Target, Kukui Grove Center, Harbor Mall, Anchor Cove, Walmart, Home Depot, Safeway, and additional retail and dining options all within a short drive. Whether used as a primary residence or held as an investment, this updated condo presents a well-rounded opportunity in one of Kaua‘i’s most centrally connected locations.

18. 2026-01-03
    listed $579,000 Active 1604-char remark

    Show marketing remark (1604 chars)

    Located within the established Kalapaki Villas community, this updated 2-bedroom, 2-bathroom condominium offers a comfortable and functional living environment in central Lihue. The layout provides separation between living and sleeping areas while maintaining an open, practical flow suited for everyday living. Interior improvements include luxury vinyl plank flooring throughout, updated kitchen cabinetry, quartz countertops, stainless steel appliances, and a reverse osmosis water filtration system. Additional upgrades include new ceiling fans and refreshed fixtures, contributing to a clean, modern feel. The living room opens to a covered lanai where tradewinds circulate naturally and views of a mature banyan tree provide shade, privacy, and a peaceful backdrop. Kalapaki Villas offers community amenities that include a swimming pool and barbecue area, ideal for casual gatherings or relaxing outdoors. The property’s central location allows convenient access to many of Līhu‘e’s key destinations, including Kalapaki Beach, Līhu‘e Airport, Wilcox Medical Center, state and county offices, Kaua‘i Community College, and nearby golf courses at Hokuala and Puakea. Everyday shopping and services are easily accessible, with Costco, Target, Kukui Grove Center, Harbor Mall, Anchor Cove, Walmart, Home Depot, Safeway, and additional retail and dining options all within a short drive. Whether used as a primary residence or held as an investment, this updated condo presents a well-rounded opportunity in one of Kaua‘i’s most centrally connected locations.

19. 2023-10-31
    soldstatus $615,000 Sold 949-char remark

    Show marketing remark (949 chars)

    Location, Location, Location. .. Conveniently located close to all that you need!Enjoy this recently renovated 2 bedroom/2 bathroom condo located in the heartbeat of Lihue. A few highlighted interior features include luxury vinyl flooring, updated kitchen cabinets, stainless appliances, reverse osmosis water filter system, quartz countertops, all new ceiling fans, and fresh fixtures. From the living room lanai, you'll find pleasure in the views of the beautiful banyan tree and the breeze of the tradewinds. Kalapaki Villas offers many amenities, including a pool and barbeque area. Beyond the comfort of home, you'll find many attractions a short drive away: * 1 mile from KALAPAKI BEACH * Shopping - Costco, Target, Kukui Grove Mall, Anchor Cove, Harbor Mall, Walmart, Home Depot, Ace Hardware, Safeway, etc. * Lihue Airport * Hospital * State and County offices * Golf Courses (Hokuala & Puakea) * Kauai Community College * Restaurants

20. 2023-09-30
    historical Contingent 949-char remark

    Show marketing remark (949 chars)

    Location, Location, Location. .. Conveniently located close to all that you need!Enjoy this recently renovated 2 bedroom/2 bathroom condo located in the heartbeat of Lihue. A few highlighted interior features include luxury vinyl flooring, updated kitchen cabinets, stainless appliances, reverse osmosis water filter system, quartz countertops, all new ceiling fans, and fresh fixtures. From the living room lanai, you'll find pleasure in the views of the beautiful banyan tree and the breeze of the tradewinds. Kalapaki Villas offers many amenities, including a pool and barbeque area. Beyond the comfort of home, you'll find many attractions a short drive away: * 1 mile from KALAPAKI BEACH * Shopping - Costco, Target, Kukui Grove Mall, Anchor Cove, Harbor Mall, Walmart, Home Depot, Ace Hardware, Safeway, etc. * Lihue Airport * Hospital * State and County offices * Golf Courses (Hokuala & Puakea) * Kauai Community College * Restaurants

21. 2023-09-22
    listed $599,000 Active 949-char remark

    Show marketing remark (949 chars)

    Location, Location, Location. .. Conveniently located close to all that you need!Enjoy this recently renovated 2 bedroom/2 bathroom condo located in the heartbeat of Lihue. A few highlighted interior features include luxury vinyl flooring, updated kitchen cabinets, stainless appliances, reverse osmosis water filter system, quartz countertops, all new ceiling fans, and fresh fixtures. From the living room lanai, you'll find pleasure in the views of the beautiful banyan tree and the breeze of the tradewinds. Kalapaki Villas offers many amenities, including a pool and barbeque area. Beyond the comfort of home, you'll find many attractions a short drive away: * 1 mile from KALAPAKI BEACH * Shopping - Costco, Target, Kukui Grove Mall, Anchor Cove, Harbor Mall, Walmart, Home Depot, Ace Hardware, Safeway, etc. * Lihue Airport * Hospital * State and County offices * Golf Courses (Hokuala & Puakea) * Kauai Community College * Restaurants

22. 2019-06-14
    soldstatus $335,000 Sold
23. 2019-04-30
    historical Contingent
24. 2019-03-11
    status Active
25. 2019-03-06
    historical
26. 2019-02-25
    status Active
27. 2019-02-25
    price $345,000
28. 2018-12-16
    historical
29. 2018-12-04
    price $349,000
30. 2018-11-05
    listed $365,000 Active
31. 2006-01-11
    soldstatus $350,000
32. 2004-07-30
    soldstatus $277,800
33. 2004-07-30
    listed $265,000
34. 2004-07-30
    soldstatus $277,800
35. 2004-03-25
    soldstatus $199,000
36. 2004-03-25
    soldstatus $199,000
37. 2004-01-01
    listed $199,000
38. 2002-11-29
    soldstatus $128,500
39. 2002-11-29
    soldstatus $128,500
40. 2002-02-18
    listed $127,000
41. 1999-12-10
    soldstatus $214,000
42. 1986-05-29
    soldstatus $3,474,000
43. 1986-05-01
    soldstatus $3,474,000

ⓘ 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: $3,181 · $265/mo
• Projected year-2 tax: $3,181 · $265/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: $78,000
• − Mortgage interest: −$31,873
• − Property taxes: −$3,181
• − Insurance: −$2,845
• − Repairs & maintenance: −$6,240
• − Management: −$6,240
• − HOA: −$15,048
• − Depreciation: −$16,553
• Taxable loss: −$3,980
• Est. tax savings @ 24.0%: +$955
• After-tax cash flow: $5,694/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 — Lihue

• Score: 65/100
• State rank: #53
• US rank: #12846

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lihue, HI
• Population (ZIP): 16,924

Population outlook (Kauai County) Hauer SSP2

• Today (2025): 80,681 people
• By 2030: 85,158 · +5.5%
• By 2040: 93,679 · +16.1%
• By 2050: 102,608 · +27.2%
• By 2075: 129,159 · +60.1%
• By 2100: 157,205 · +94.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: Asian 45% Two or more races 28% White 14% Hispanic / Latino 12% Pacific Islander 9% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Russian 5% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 21% · Canada, Vietnam, China
• Languages at home: 78% English-only · Other Asian/Pacific 13% Tagalog/Filipino 6% Chinese 1%

Political lean MEDSL · Kauai

• 2024 margin: D (+19.5) · D 58.8% · R 39.3% · Other 1.9%
• 2008→2024 swing: -32.5pp toward R · 2008: 52.0pp · 2024: 19.5pp
• All cycles: 2024: D+19.5 2020: D+28.8 2016: D+33.7 2012: D+49.3 2008: D+52.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.33%
• Current HPI: 769.4957
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

-83.6% since first listed

27 events — show timeline

• 2026-04-14 Price Changed $569,000 HI Information Service
• 2026-01-03 Listed $579,000 HI Information Service
• 2023-10-31 Sold (MLS) $615,000 HI Information Service
• 2023-09-30 Contingent — HI Information Service
• 2023-09-22 Listed $599,000 HI Information Service
• 2019-06-14 Sold (MLS) $335,000 HI Information Service
• 2019-04-30 Contingent — HI Information Service
• 2019-03-11 Relisted — HI Information Service
• 2019-03-06 Listing Removed — HI Information Service
• 2019-02-25 Relisted — HI Information Service
• 2019-02-25 Price Changed $345,000 HI Information Service
• 2018-12-16 Listing Removed — HI Information Service
• 2018-12-04 Price Changed $349,000 HI Information Service
• 2018-11-05 Listed $365,000 HI Information Service
• 2006-01-11 Sold (Public Records) $350,000 Public Records
• 2004-07-30 Listed $265,000 HI Information Service
• 2004-07-30 Sold (MLS) $277,800 HI Information Service
• 2004-07-30 Sold (Public Records) $277,800 Public Records
• 2004-03-25 Sold (MLS) $199,000 HI Information Service
• 2004-03-25 Sold (Public Records) $199,000 Public Records
• 2004-01-01 Listed $199,000 HI Information Service
• 2002-11-29 Sold (MLS) $128,500 HI Information Service
• 2002-11-29 Sold (Public Records) $128,500 Public Records
• 2002-02-18 Listed $127,000 HI Information Service
• 1999-12-10 Sold (Public Records) $214,000 Public Records
• 1986-05-29 Sold (Public Records) $3,474,000 Public Records
• 1986-05-01 Sold (Public Records) $3,474,000 Public Records

Property tax history

+19.4%/yr

Latest (2025): $3,181 · -0.6% YoY. Source: county tax records.