3676 Lower Honoapiilani Rd Unit F303 · Napili-Honokowai, HI 96761

$219,000

2 bd · 1.0 ba · 658 sqft · Condo public records · 237 Days on market

Built 1978 $333/sqft · 12% below area Est $248k · 12% under $1074/mo HOA · 34% 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).

• ARV discount +12.8/15.0
• Cash flow +11.6/30.0
• 1% rule +9.3/10.0
• Schools +3.7/10.0
• Rent growth +3.5/5.0
• DSCR +3.4/10.0
• Livability +2.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.2/10.0

Listing remarks MLS

Just 0.1 miles from Honokowai Beach Park, known for its welcoming atmosphere and relaxing oceanfront setting perfect for enjoying quality time by the sea! Conveniently located only 0.3 miles from grocery stores and restaurants, this condo offers both tranquility and easy access to daily essentials. Unit F-303 is a top floor, two level condo featuring a slight ocean view from the bedroom, tucked away in the quieter, back section of the property. Fully upgraded in 2020, it offers modern comfort and a bright, inviting atmosphere. Please note: furniture shown in the photos belongs to the previous tenants and is not included in the sale. One assigned parking stall is included. This is a leasehold property with a lease renegotiation date of September 30, 2027, and a lease expiration date of September 30, 2050. The current monthly lease rent is $247. After renegotiation, lease terms, including rent and expiration date,may change. Because it’s leasehold, this is a fantastic opportunity to own a Maui property at a more accessible price point, whether you’re planning to make Maui your home or expand your investment portfolio in paradise!

Key facts

• Slight ocean view
• $1,074 HOA
• Parking

Tags

• SLIGHT OCEAN VIEW
• FULLY UPGRADED IN 2020
• ASSIGNED PARKING STALL

What this means for you Summary

Snapshot

• This is a 2-bed/1.0-bath condo listed at $219k.

Deal economics

• At list price, monthly cash flow is $-68 ($-817/yr) — negative.
• To cash-flow at today's rent, offer at most $207k (5.5% below list).
• Meets the 1% rule at list price ($3k rent vs $219k).
• Recommended offer: $193k (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; 6 comparable units currently listed for rent nearby; rentals at typical pace (median 18d 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 37% 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 $7k 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 237 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 8 sale attempts since 20y ago; this cycle's ask has dropped $40k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $175k; 25% above their basis — modest negotiation headroom, anchor on the comps not their cost.

Risks & watch-outs

• Watch-outs: HOA is 34% of rent.
• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $192,720 (12.0% 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 237 days. Have you received any prior offers? Is the seller open to a 12% concession, seller financing, or rate buy-down credit?
3. Built in 1978 — 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. 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 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: 1.43% ✓
• Cap rate: 5.92%
• Cash-on-cash: -1.33%
• DSCR: 0.94
• GRM: 5.8

CMA / ARV

• ARV (median comp): $248,387
• List price: $219,000
• Delta: -11.83%
• 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: -16.3%
• Equity multiple: 0.41×
• Total profit: $-36,064
• Equity at exit: $32,654

10-year hold

• IRR: -4.9%
• Equity multiple: 0.65×
• Total profit: $-21,328
• Equity at exit: $18,935

Cash invested: $61,320 (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 96761

• Home prices YoY: -1.9%
• Rents YoY: 4.0%
• Active inventory: 637
• Price-to-rent: 5.8×

Monthly cashflow live

• Estimated rent: $3,130 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$227 /mo · $2,721/yr
• Insurance: −$91
• HOA: −$1,074
• Vacancy / Maint / Mgmt: −$657
• Net cashflow: $-68

Break-even live

Break-even rent $3,216

Max offer price $206,966

Occupancy floor 97%

Sensitivity live

Price	-10% $56	-5% $-6	+0% $-68	+5% $-130	+10% $-192
Rent	-10% $-315	-5% $-192	+0% $-68	+5% $55	+10% $179
Rate	-1.0pp $42	-0.5pp $-12	base $-68	+0.5pp $-125	+1.0pp $-183

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 6 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
3676 Lower Honoapiilani Rd Unit D102 Lahaina, HI	2.0	1.0	658	$2,700	$4.10	18d	1	0.01mi
3702 Lower Honoapiilani Rd Unit A-33 Lahaina, HI	1.0	1.0	607	$2,700	$4.45	44d	1	0.04mi
3626 Lower Honoapiilani Rd Lahaina, HI	2.0	1.0	620	$3,500	$5.65	2d	16	0.11mi
3740 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	476	$2,500	$5.25	4d	2	0.13mi
3740 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	476	$2,500	$5.25	4d	2	0.13mi
3559 Lower Honoapiilani Rd Lahaina, HI	1.0	1.0	562	$2,600	$4.63	24d	1	0.23mi

HOA detail condo

• Monthly dues: $1,074 · $12,888/yr
• Likely covers: parking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 41 events

1. 2026-06-21
   days on market $219,000 Active 237 DOM
2. 2026-06-18
   days on market $219,000 Active 234 DOM
3. 2026-06-17
   days on market $219,000 Active 233 DOM
4. 2026-06-15
   days on market $219,000 Active 231 DOM
5. 2026-06-13
   days on market $219,000 Active 229 DOM
6. 2026-06-13
   days on market $219,000 Active 228 DOM
7. 2026-06-10
   days on market $219,000 Active 226 DOM
8. 2026-06-09
   days on market $219,000 Active 225 DOM
9. 2026-06-08
   days on market $219,000 Active 224 DOM
10. 2026-06-07
    days on market $219,000 Active 223 DOM
11. 2026-06-05
    days on market $219,000 Active 220 DOM
12. 2026-06-03
    days on market $219,000 Active 219 DOM
13. 2026-06-02
    days on market $219,000 Active 218 DOM
14. 2026-06-01
    days on market $219,000 Active 217 DOM
15. 2026-05-31
    days on market $219,000 Active 216 DOM
16. 2026-02-02
    price $239,000 1158-char remark

    Show marketing remark (1158 chars)

    Just 0.1 miles from Honokowai Beach Park, known for its welcoming atmosphere and relaxing oceanfront setting perfect for enjoying quality time by the sea! Conveniently located only 0.3 miles from grocery stores and restaurants, this condo offers both tranquility and easy access to daily essentials. Unit F-303 is a top floor, two level condo featuring a slight ocean view from the bedroom, tucked away in the quieter, back section of the property. Fully upgraded in 2020, it offers modern comfort and a bright, inviting atmosphere. Please note: furniture shown in the photos belongs to the previous tenants and is not included in the sale. One assigned parking stall is included. This is a leasehold property with a lease renegotiation date of September 30, 2027, and a lease expiration date of September 30, 2050. The current monthly lease rent is $247. After renegotiation, lease terms, including rent and expiration date,may change. Because it’s leasehold, this is a fantastic opportunity to own a Maui property at a more accessible price point, whether you’re planning to make Maui your home or expand your investment portfolio in paradise!

17. 2025-12-07
    price $249,000 1158-char remark

    Show marketing remark (1158 chars)

    Just 0.1 miles from Honokowai Beach Park, known for its welcoming atmosphere and relaxing oceanfront setting perfect for enjoying quality time by the sea! Conveniently located only 0.3 miles from grocery stores and restaurants, this condo offers both tranquility and easy access to daily essentials. Unit F-303 is a top floor, two level condo featuring a slight ocean view from the bedroom, tucked away in the quieter, back section of the property. Fully upgraded in 2020, it offers modern comfort and a bright, inviting atmosphere. Please note: furniture shown in the photos belongs to the previous tenants and is not included in the sale. One assigned parking stall is included. This is a leasehold property with a lease renegotiation date of September 30, 2027, and a lease expiration date of September 30, 2050. The current monthly lease rent is $247. After renegotiation, lease terms, including rent and expiration date,may change. Because it’s leasehold, this is a fantastic opportunity to own a Maui property at a more accessible price point, whether you’re planning to make Maui your home or expand your investment portfolio in paradise!

18. 2025-10-27
    listed $259,000 Active 1158-char remark

    Show marketing remark (1158 chars)

    Just 0.1 miles from Honokowai Beach Park, known for its welcoming atmosphere and relaxing oceanfront setting perfect for enjoying quality time by the sea! Conveniently located only 0.3 miles from grocery stores and restaurants, this condo offers both tranquility and easy access to daily essentials. Unit F-303 is a top floor, two level condo featuring a slight ocean view from the bedroom, tucked away in the quieter, back section of the property. Fully upgraded in 2020, it offers modern comfort and a bright, inviting atmosphere. Please note: furniture shown in the photos belongs to the previous tenants and is not included in the sale. One assigned parking stall is included. This is a leasehold property with a lease renegotiation date of September 30, 2027, and a lease expiration date of September 30, 2050. The current monthly lease rent is $247. After renegotiation, lease terms, including rent and expiration date,may change. Because it’s leasehold, this is a fantastic opportunity to own a Maui property at a more accessible price point, whether you’re planning to make Maui your home or expand your investment portfolio in paradise!

19. 2025-07-01
    historical
20. 2025-04-14
    price $279,000
21. 2024-12-14
    listed $295,000 Active
22. 2024-11-11
    historical
23. 2024-10-09
    price $299,000
24. 2024-07-23
    price $315,000
25. 2024-07-18
    status Active
26. 2024-03-10
    historical Pending - Continue to Show
27. 2024-02-04
    price $339,000
28. 2024-01-21
    status Active
29. 2024-01-19
    historical Pending - Continue to Show
30. 2024-01-04
    listed $349,500 Active
31. 2021-05-28
    soldstatus $175,000 Sold
32. 2021-03-29
    historical Pending - Continue to Show
33. 2021-03-13
    price $179,900
34. 2021-02-10
    price $189,900
35. 2021-01-07
    listed $194,900 Active
36. 2019-12-04
    historical
37. 2019-12-04
    price $194,900
38. 2019-11-22
    listed $104,900 Active
39. 2007-01-23
    historical
40. 2006-09-26
    listed $289,950
41. 1994-09-28
    soldstatus $40,000

ⓘ 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: $2,721 · $227/mo
• Projected year-2 tax: $2,721 · $227/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 6/10 Major FEMA zone X (unshaded) · 68% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $37,555
• − Mortgage interest: −$12,267
• − Property taxes: −$2,721
• − Insurance: −$1,095
• − Repairs & maintenance: −$3,004
• − Management: −$3,004
• − HOA: −$12,888
• − Depreciation: −$6,371
• Taxable loss: −$3,796
• Est. tax savings @ 24.0%: +$911
• After-tax cash flow: $94/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

+497.5% since first listed

26 events — show timeline

• 2026-02-02 Price Changed $239,000 RAM MLS
• 2025-12-07 Price Changed $249,000 RAM MLS
• 2025-10-27 Listed $259,000 RAM MLS
• 2025-07-01 Listing Removed — RAM MLS
• 2025-04-14 Price Changed $279,000 RAM MLS
• 2024-12-14 Listed $295,000 RAM MLS
• 2024-11-11 Listing Removed — RAM MLS
• 2024-10-09 Price Changed $299,000 RAM MLS
• 2024-07-23 Price Changed $315,000 RAM MLS
• 2024-07-18 Relisted — RAM MLS
• 2024-03-10 Contingent — RAM MLS
• 2024-02-04 Price Changed $339,000 RAM MLS
• 2024-01-21 Relisted — RAM MLS
• 2024-01-19 Contingent — RAM MLS
• 2024-01-04 Listed $349,500 RAM MLS
• 2021-05-28 Sold (MLS) $175,000 RAM MLS
• 2021-03-29 Contingent — RAM MLS
• 2021-03-13 Price Changed $179,900 RAM MLS
• 2021-02-10 Price Changed $189,900 RAM MLS
• 2021-01-07 Listed $194,900 RAM MLS
• 2019-12-04 Price Changed $194,900 RAM MLS
• 2019-12-04 Listing Removed — RAM MLS
• 2019-11-22 Listed $104,900 RAM MLS
• 2007-01-23 Listing Removed — RAM MLS
• 2006-09-26 Listed $289,950 RAM MLS
• 1994-09-28 Sold (Public Records) $40,000 Public Records

Property tax history

+10.6%/yr

Latest (2025): $2,721 · -10.7% YoY. Source: county tax records.