3543 Lower Honoapiilani Rd Unit G-203 10AB · Napili-Honokowai, HI 96761

$8,500

2 bd · 2.0 ba · 851 sqft · Timeshare · 364 Days on market

Built 1974 12 ac lot $10/sqft · 18% below area Est $10k · 18% under $421/mo HOA · 13% 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

Papakea Time Interval G-203 is a 2 bed 2 bath unit located in beautiful Papakea. Unit features includes 3 split a/c systems that provides cooling of the entire condo. Enjoy all that Papakea has to offer from May 9 to May 23 in 2026. 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, two putting greens, 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 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. Current interior plumbing project dates do not affect the 2026 usage dates but are subject to change. 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 than180 days.

Key facts

• On site security
• Spacious pool areas
• Putting greens

Tags

• SPACIOUS POOL AREAS
• COVERED CLUBHOUSES
• LARGE JACUZZIS
• PUTTING GREENS
• ON SITE SECURITY
• TROPICAL LANDSCAPING

What this means for you Summary

Snapshot

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

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 $8k).
• Recommended offer: $7k (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; 11 comparable units currently listed for rent nearby; rentals at typical pace (median 15d 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 39% 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 $59 of loan paydown is wiped out by about $255 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 364 days — a 12% lower offer ($7k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 12y 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 $6k; 31% above their basis — modest negotiation headroom, anchor on the comps not their cost.

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 $7,480 (12.0% below list)

Questions for the listing agent

1. It's been on market 364 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. 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. 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 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: 38.71% ✓
• Cap rate: 305.54%
• Cash-on-cash: 1068.76%
• DSCR: 48.55
• GRM: 0.2

CMA / ARV

• ARV (median comp): $10,395
• List price: $8,500
• Delta: -18.23%
• 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: 40.91×
• Total profit: $94,980
• Equity at exit: $1,267

10-year hold

• IRR: —
• Equity multiple: 92.67×
• Total profit: $218,174
• Equity at exit: $735

Cash invested: $2,380 (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: $3,290 high
• Mortgage (P&I): −$45
• Tax est. 1.5%: −$11 /mo · $128/yr
• Insurance: −$4
• Flood insurance flood zone: −$669 /mo · $8,028/yr
• HOA: −$421
• Vacancy / Maint / Mgmt: −$691
• Net cashflow: $1,451

Break-even live

Break-even rent $1,454

Max offer price $8,500

Occupancy floor 51%

Sensitivity live

Price	-10% $1,457	-5% $1,454	+0% $1,451	+5% $1,448	+10% $1,445
Rent	-10% $1,191	-5% $1,321	+0% $1,451	+5% $1,581	+10% $1,711
Rate	-1.0pp $1,455	-0.5pp $1,453	base $1,451	+0.5pp $1,448	+1.0pp $1,446

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: $2,125
• Closing costs: $255
• Reserves months: —
• Total cash needed: —

Rent comps 11 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	24d	1	0.04mi
3626 Lower Honoapiilani Rd Lahaina, HI	2.0	1.0	620	$3,500	$5.65	2d	16	0.15mi
3676 Lower Honoapiilani Rd Unit D102 Lahaina, HI	2.0	1.0	658	$2,700	$4.10	17d	1	0.24mi
3702 Lower Honoapiilani Rd Unit A-33 Lahaina, HI	1.0	1.0	607	$2,700	$4.45	44d	1	0.28mi
3740 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	476	$2,500	$5.25	4d	2	0.37mi
3740 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	476	$2,500	$5.25	3d	2	0.37mi
3788 Lower Honoapiilani Rd Unit C102 Lahaina, HI	2.0	2.0	1122	$3,750	$3.34	44d	1	0.45mi
2348 Aina Mahiai Pl Lahaina, HI	2.0	2.0	1015	$7,500	$7.39	44d	1	1.18mi
25 Heather Ln #114 Lahaina, HI	3.0	2.0	900	$4,500	$5.00	3d	1	1.46mi
4365 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	800	$4,600	$5.75	12d	1	1.47mi
27 Jillian Ln #631 Lahaina, HI	2.0	2.0	780	$3,550	$4.55	15d	1	1.48mi

HOA detail

• Monthly dues: $421 · $5,052/yr
• Likely covers: landscapingpoolsecurity

Listing history 22 events

1. 2026-06-17
   days on market $8,500 Active 364 DOM
2. 2026-06-15
   days on market $8,500 Active 362 DOM
3. 2026-06-13
   days on market $8,500 Active 360 DOM
4. 2026-06-13
   days on market $8,500 Active 359 DOM
5. 2026-06-10
   days on market $8,500 Active 357 DOM
6. 2026-06-09
   days on market $8,500 Active 356 DOM
7. 2026-06-08
   days on market $8,500 Active 355 DOM
8. 2026-06-07
   days on market $8,500 Active 354 DOM
9. 2026-06-05
   days on market $8,500 Active 351 DOM
10. 2026-06-03
    days on market $8,500 Active 350 DOM
11. 2026-06-02
    days on market $8,500 Active 349 DOM
12. 2026-06-01
    days on market $8,500 Active 348 DOM
13. 2026-05-31
    days on market $8,500 Active 347 DOM
14. 2025-06-18
    listed $8,500 Active 1825-char remark

    Show marketing remark (1825 chars)

    Papakea Time Interval G-203 is a 2 bed 2 bath unit located in beautiful Papakea. Unit features includes 3 split a/c systems that provides cooling of the entire condo. Enjoy all that Papakea has to offer from May 9 to May 23 in 2026. 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, two putting greens, 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 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. Current interior plumbing project dates do not affect the 2026 usage dates but are subject to change. 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 than180 days.

15. 2023-02-16
    soldstatus $6,500 Sold 1714-char remark

    Show marketing remark (1714 chars)

    Papakea Time Interval G-203 is a 2 bedroom, 2 bathroom unit located in beautiful Papakea. PTIO G203 10A-10B features a split A/C system that provides cooling of the entire unit. This unit is located on the second floor of the 'G' building. Enjoy all that Papakea has to offer from May 13, 2023 to May 27, 2023. 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 and 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. 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 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. 2023-01-03
    historical Pending - Continue to Show 1714-char remark

    Show marketing remark (1714 chars)

    Papakea Time Interval G-203 is a 2 bedroom, 2 bathroom unit located in beautiful Papakea. PTIO G203 10A-10B features a split A/C system that provides cooling of the entire unit. This unit is located on the second floor of the 'G' building. Enjoy all that Papakea has to offer from May 13, 2023 to May 27, 2023. 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 and 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. 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 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. 2022-11-21
    listed $8,000 Active 1714-char remark

    Show marketing remark (1714 chars)

    Papakea Time Interval G-203 is a 2 bedroom, 2 bathroom unit located in beautiful Papakea. PTIO G203 10A-10B features a split A/C system that provides cooling of the entire unit. This unit is located on the second floor of the 'G' building. Enjoy all that Papakea has to offer from May 13, 2023 to May 27, 2023. 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 and 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. 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 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.

18. 2018-07-10
    soldstatus $4,200 Sold
19. 2018-06-01
    historical Pending - Continue to Show
20. 2017-07-12
    listed $8,000 Active
21. 2014-11-25
    historical
22. 2014-11-18
    listed $6,000

ⓘ 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: $39,485
• − Mortgage interest: −$476
• − Property taxes: −$128
• − Insurance: −$8,070
• − Repairs & maintenance: −$3,159
• − Management: −$3,159
• − HOA: −$5,052
• − Depreciation: −$247
• Taxable income: $19,194
• Est. tax owed @ 24.0%: −$4,607
• After-tax cash flow: $12,802/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

+41.7% since first listed

9 events — show timeline

• 2025-06-18 Listed $8,500 RAM MLS
• 2023-02-16 Sold (MLS) $6,500 RAM MLS
• 2023-01-03 Contingent — RAM MLS
• 2022-11-21 Listed $8,000 RAM MLS
• 2018-07-10 Sold (MLS) $4,200 RAM MLS
• 2018-06-01 Contingent — RAM MLS
• 2017-07-12 Listed $8,000 RAM MLS
• 2014-11-25 Listing Removed — RAM MLS
• 2014-11-18 Listed $6,000 RAM MLS