500 Bay Dr Unit 19-B4 · Kapalua, HI 96761

$270,000

1 bd · 1.0 ba · 1,006 sqft · Condo · 72 Days on market

Built 1977 Excellent condition $268/sqft · 75% below area $1517/mo HOA · 43% 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).

• 1% rule +8.1/10.0
• ARV discount +7.5/15.0
• Cash flow +5.4/30.0
• Condition / age +4.8/5.0
• Schools +3.7/10.0
• Rent growth +3.5/5.0
• Livability +3.0/5.0
• Appreciation +1.2/10.0
• DSCR +0.0/10.0

Listing remarks MLS

Offered at $270,000 for a 1/6 ownership interest, this is an exceptional opportunity to enjoy one of Maui’s most prestigious oceanfront communities. It offers luxury oceanfront living in a financially smart and lifestyle-focused way, at a fraction of the cost of full ownership. Why take on 100% ownership when you use the property only a fraction of the year? This model correctly aligns amount of use and investment. You can enjoy approximately 8+ weeks annually in a world-class oceanfront villa—while keeping cost low through sharing expenses. It’s a smarter, more efficient way to experience Maui luxury without the full financial burden. Shared ownership structure means less responsibility, lower carrying costs, and more enjoyment—ideal for those who want Maui without the full-time commitment. FULL OWNERSHIP purchase will be considered with a list price at $1,350,000.00. This highly desirable bridge-level 1-bedroom, 1-bath villa offers zero stairs for effortless access and convenient parking directly across from the entry—an uncommon and highly valued feature at Kapalua Bay Villas. Take in direct ocean views over Oneloa Bay, where the sights and sounds of the Pacific create a peaceful, restorative escape. Recently refreshed in 2024, the villa showcases a light, modern interior with new luxury vinyl plank flooring, updated cabinetry, countertops, fixtures, and stainless steel appliances. The remodeled kitchen and spa-inspired bathroom with marble finishes elevate the experience while maintaining relaxed island comfort. As part of the Kapalua Bay Villas community, enjoy access to three swimming pools, BBQ areas, cabanas, tennis and pickleball courts, and the scenic Kapalua Coastal Trail. Just moments away, indulge in fine dining and spa experiences at Montage Kapalua Bay. Optional Kapalua Club membership offers access to golf, fitness, and exclusive resort privileges.A1 and A2 property disclosure (STRH) 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 than180 days.

Key facts

• $1,517 HOA
• Pool
• Built 1977

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $270k. Condition is rated excellent.

Deal economics

• At list price, monthly cash flow is $-590 ($-7k/yr) — negative.
• To cash-flow at today's rent, offer at most $185k (31.6% below list).
• Meets the 1% rule at list price ($4k rent vs $270k).
• Recommended offer: $185k (31.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 59/100 on livability (#102 in HI) — a working-class tenant base; expect higher turnover. Strengths: crime A+, employment A+; Watch: health & safety C-, amenities F, commute 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: King Kamehameha Iii Elementary School (math 41% / reading 51%, grade D-, #68 of 183 statewide, top 37%, 607 students, 40% FRL); Lahaina Intermediate School (math 19% / reading 42%, grade F, #27 of 42 statewide, top 63%, 647 students, 51% FRL); Lahainaluna High School (math 12% / reading 57%, grade F, #30 of 43 statewide, top 76%, 1,037 students, 46% FRL).
• Market conditions: Rents rising (+4.0%/yr); 640 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 906 units permitted in Maui County in 2024 (289 in 5+ unit buildings).
• This rent runs 42% 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 $2k of loan paydown is wiped out by about $8k 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.

Negotiation context

• It's been on market 72 days — a 6% lower offer ($254k) is reasonable based on typical stale-listing flexibility.
• 6 sale attempts since 8y 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: HOA is 43% of rent.

Recommended offer $184,632 (31.6% 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 72 days. Have you received any prior offers? Is the seller open to a 32% concession, seller financing, or rate buy-down credit?
3. Built in 1977 — 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. 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: 1.31% ✓
• Cap rate: 3.67%
• Cash-on-cash: -9.36%
• DSCR: 0.58
• GRM: 6.4

CMA / ARV

• ARV (median comp): $1,061,502
• List price: $270,000
• Delta: -74.56%
• Verdict: UNDERPRICED
• Comps: 20 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: -30.1%
• Equity multiple: -0.02×
• Total profit: $-76,857
• Equity at exit: $40,258

10-year hold

• IRR: -23.0%
• Equity multiple: -0.28×
• Total profit: $-96,725
• Equity at exit: $23,345

Cash invested: $75,600 (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: 640
• Price-to-rent: 6.4×

Monthly cashflow live

• Estimated rent: $3,535 medium
• Mortgage (P&I): −$1,416
• Tax est. 1.5%: −$338 /mo · $4,050/yr
• Insurance: −$112
• HOA: −$1,517
• Vacancy / Maint / Mgmt: −$742
• Net cashflow: $-590

Break-even live

Break-even rent $4,282

Max offer price $184,632

Occupancy floor —

Sensitivity live

Price	-10% $-403	-5% $-497	+0% $-590	+5% $-683	+10% $-777
Rent	-10% $-869	-5% $-730	+0% $-590	+5% $-450	+10% $-311
Rate	-1.0pp $-454	-0.5pp $-521	base $-590	+0.5pp $-660	+1.0pp $-731

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: $67,500
• Closing costs: $8,100
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
10 Wailele Kai Ln Lahaina, HI	2.0–5.0	2.0–3.0	1390	$3,740	$2.69	5d	8	1.29mi

HOA detail condo

• Monthly dues: $1,517 · $18,204/yr
• Likely covers: pool
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 31 events

1. 2026-06-21
   days on market $270,000 Active 72 DOM
2. 2026-06-18
   days on market $270,000 Active 69 DOM
3. 2026-06-17
   days on market $270,000 Active 68 DOM
4. 2026-06-16
   days on market $270,000 Active 67 DOM
5. 2026-06-15
   days on market $270,000 Active 66 DOM
6. 2026-06-13
   days on market $270,000 Active 64 DOM
7. 2026-06-13
   days on market $270,000 Active 63 DOM
8. 2026-06-10
   days on market $270,000 Active 61 DOM
9. 2026-06-09
   days on market $270,000 Active 60 DOM
10. 2026-06-08
    days on market $270,000 Active 59 DOM
11. 2026-06-07
    days on market $270,000 Active 58 DOM
12. 2026-06-05
    days on market $270,000 Active 55 DOM
13. 2026-06-03
    days on market $270,000 Active 54 DOM
14. 2026-06-02
    days on market $270,000 Active 53 DOM
15. 2026-06-01
    days on market $270,000 Active 52 DOM
16. 2026-05-31
    days on market $270,000 Active 51 DOM
17. 2026-04-10
    listed $270,000 Active 2377-char remark

    Show marketing remark (2377 chars)

    Offered at $270,000 for a 1/6 ownership interest, this is an exceptional opportunity to enjoy one of Maui’s most prestigious oceanfront communities. It offers luxury oceanfront living in a financially smart and lifestyle-focused way, at a fraction of the cost of full ownership. Why take on 100% ownership when you use the property only a fraction of the year? This model correctly aligns amount of use and investment. You can enjoy approximately 8+ weeks annually in a world-class oceanfront villa—while keeping cost low through sharing expenses. It’s a smarter, more efficient way to experience Maui luxury without the full financial burden. Shared ownership structure means less responsibility, lower carrying costs, and more enjoyment—ideal for those who want Maui without the full-time commitment. FULL OWNERSHIP purchase will be considered with a list price at $1,350,000.00. This highly desirable bridge-level 1-bedroom, 1-bath villa offers zero stairs for effortless access and convenient parking directly across from the entry—an uncommon and highly valued feature at Kapalua Bay Villas. Take in direct ocean views over Oneloa Bay, where the sights and sounds of the Pacific create a peaceful, restorative escape. Recently refreshed in 2024, the villa showcases a light, modern interior with new luxury vinyl plank flooring, updated cabinetry, countertops, fixtures, and stainless steel appliances. The remodeled kitchen and spa-inspired bathroom with marble finishes elevate the experience while maintaining relaxed island comfort. As part of the Kapalua Bay Villas community, enjoy access to three swimming pools, BBQ areas, cabanas, tennis and pickleball courts, and the scenic Kapalua Coastal Trail. Just moments away, indulge in fine dining and spa experiences at Montage Kapalua Bay. Optional Kapalua Club membership offers access to golf, fitness, and exclusive resort privileges.A1 and A2 property disclosure (STRH) 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 than180 days.

18. 2025-12-01
    historical
19. 2025-10-31
    price $1,365,000
20. 2025-10-01
    status Active
21. 2025-10-01
    historical
22. 2025-08-01
    price $1,460,000
23. 2025-08-01
    status Active
24. 2025-08-01
    historical
25. 2025-04-29
    price $1,525,000
26. 2024-11-06
    listed $1,575,000 Active
27. 2021-09-16
    soldstatus $1,095,000 Sold
28. 2021-07-16
    historical Pending - Continue to Show
29. 2018-12-10
    listed $1,095,000 Active
30. 2018-12-10
    historical
31. 2018-06-30
    listed $1,095,000 Active

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

Taxation est. · year 1

• Rental income: $42,425
• − Mortgage interest: −$15,124
• − Property taxes: −$4,050
• − Insurance: −$1,350
• − Repairs & maintenance: −$3,394
• − Management: −$3,394
• − HOA: −$18,204
• − Depreciation: −$7,855
• Taxable loss: −$10,946
• Est. tax savings @ 24.0%: +$2,627
• After-tax cash flow: $-4,452/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.

Condition & rehab AI · 13 photos

Excellent 95/100 None rehab

This luxury oceanfront condo is in excellent condition with no visible repairs needed. It offers a high ROI with its prime location and potential for both resale and rental value.

Value-add opportunities

• Both Landscaping — Enhances curb appeal and resale value
• Both Painting — Fresh paint can make a big difference in curb appeal and resale value

Renovation cost estimate screening

Value-add ROI direction

• Both Landscaping — Enhances curb appeal and resale value ↑
• Both Painting — Fresh paint can make a big difference in curb appeal and resale value ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Kapalua

• Score: 59/100
• State rank: #102
• US rank: #20456

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kapalua, 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

-75.3% since first listed

15 events — show timeline

• 2026-04-10 Listed $270,000 RAM MLS
• 2025-12-01 Listing Removed — RAM MLS
• 2025-10-31 Price Changed $1,365,000 RAM MLS
• 2025-10-01 Relisted — RAM MLS
• 2025-10-01 Listing Removed — RAM MLS
• 2025-08-01 Price Changed $1,460,000 RAM MLS
• 2025-08-01 Relisted — RAM MLS
• 2025-08-01 Listing Removed — RAM MLS
• 2025-04-29 Price Changed $1,525,000 RAM MLS
• 2024-11-06 Listed $1,575,000 RAM MLS
• 2021-09-16 Sold (MLS) $1,095,000 RAM MLS
• 2021-07-16 Contingent — RAM MLS
• 2018-12-10 Listing Removed — RAM MLS
• 2018-12-10 Listed $1,095,000 RAM MLS
• 2018-06-30 Listed $1,095,000 RAM MLS