4183 Kamalani Ln

Princeville, HI 96722

$2,375,000D+

3 bd · 2.5 ba · 3,164 sqft · Built 1978 · MultiFamily · Active · 107 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $18,918/mo
• Mortgage (P&I): −$12,455
• Tax + insurance: −$3,310
• HOA: −$175
• Vac / Maint / Mgmt: −$3,973
• Net cashflow: $-994/mo
• Annual: $-11,932/yr
• Cap rate: 5.79%
• Cash-on-cash: -1.79%
• DSCR: 0.92
• 1% rule: 0.80%
• Cash to close: $665,000

Investor read

• This is a 3-bed/2.5-bath multifamily listed at $2.38M.
• At list price, monthly cash flow is $-994 ($-12k/yr) — negative.
• To cash-flow at today's rent, offer at most $2.20M (7.4% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $1.89M (20.3% below list).
• It's been on market 107 days — a 9% lower offer ($2.16M) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $1.89M (20.3% below list) — sets the bar for 1% rule.
• Local home prices are declining (-1.8%/yr); year-one equity from $16k of loan paydown is wiped out by about $44k of value loss. Plan a longer hold.
• Location reads 68/100 on livability (#33 in HI) — a middle-class / working-renter tenant base. Strengths: crime A+, health & safety A+, employment A; Watch: schools C-, commute C-, housing D+.
• 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: 95 active listings in the ZIP; 3 comparable units currently listed for rent nearby; rentals lingering (median 44d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 100% of comp listings sitting > 30 days — soft ceiling on asking rent; 141 units permitted in Kauai County in 2024 (0 in 5+ unit buildings).
• Kauai County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• Current owner paid $995k; list at $2.38M implies a 139% gain — meaningful room to come down on a strong offer.

Questions for listing agent

• 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?
• It's been on market 107 days. Have you received any prior offers? Is the seller open to a 20% concession, seller financing, or rate buy-down credit?
• Built in 1978 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?
• 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.