111 Kahului Beach Rd Unit D112

Kahului, HI 96732

$139,999C+

1 bd · 1.0 ba · 610 sqft · Built 1974 · Condo · Active · 145 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,359/mo
• Mortgage (P&I): −$734
• Tax + insurance: −$752
• HOA: −$725
• Vac / Maint / Mgmt: −$495
• Net cashflow: $-348/mo
• Annual: $-4,178/yr
• Cap rate: 9.04%
• Cash-on-cash: 9.82%
• DSCR: 1.44
• 1% rule: 1.68%
• Cash to close: $39,200

Investor read

• This is a 1-bed/1.0-bath condo listed at $140k.
• At list price, monthly cash flow is $-348 ($-4k/yr) — negative.
• To cash-flow at today's rent, offer at most $78k (43.9% below list).
• Meets the 1% rule at list price ($2k rent vs $140k).
• It's been on market 145 days — a 12% lower offer ($123k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $78k (43.9% below list) — sets the bar for cash-flow.
• Local home prices are declining (-3.0%/yr); year-one equity from $968 of loan paydown is wiped out by about $4k of value loss. Plan a longer hold.
• Location reads 74/100 on livability (#17 in HI, #4,968 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, employment A+, health & safety A+; Watch: 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: Lihikai Elementary School (math 26% / reading 37%, grade F, #117 of 183 statewide, top 64%, 723 students, 63% FRL); Maui Waena Intermediate School (math 24% / reading 49%, grade F, #19 of 42 statewide, top 46%, 1,044 students, 45% FRL); Maui High School (math 24% / reading 75%, grade D+, #11 of 43 statewide, top 24%, 1,999 students, 36% FRL).
• Watch-outs: flood insurance adds $669/mo; HOA is 31% of rent.
• Market conditions: 62 active listings in the ZIP; 11 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 55% of comp listings sitting > 30 days — soft ceiling on asking rent; 906 units permitted in Maui County in 2024 (289 in 5+ unit buildings).
• Maui County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 6 sale attempts since 15y 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.
• Climate carrying-cost: in FEMA flood zone VE (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

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 145 days. Have you received any prior offers? Is the seller open to a 44% concession, seller financing, or rate buy-down credit?
• Built in 1974 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• 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.