3770 Alaoli Way Unit 2303-C · Lihue, HI 96766

$399,000

3 bd · 3.5 ba · 2,026 sqft · Timeshare · 120 Days on market

Built 2018 6.10 ac lot $197/sqft · 9% below area Est $437k · 9% under $2142/mo HOA · 33% of rent

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Why this score? — see what drove the B- 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 +16.5/30.0
• ARV discount +11.4/15.0
• 1% rule +10.0/10.0
• Appreciation +10.0/10.0
• DSCR +5.1/10.0
• Schools +3.7/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

This property has fractional or shared ownership. Discover the ultimate Kaua‘i retreat with this 1/12th deeded fractional ownership in a beautifully appointed 3-bedroom, 3.5-bath Maliula Residence at Timbers Kaua‘i Ocean Club & Residences. This turnkey, luxury condominium home offers 2,379 square feet of thoughtfully designed indoor and outdoor living space overlooking lush landscaped grounds and the Jack Nicklaus–designed Ocean Course at Hōkūala. Built in 2018, the residence showcases refined island architecture, gracious interiors, premium appliances, and the elevated finishes expected from a Timbers property. Enjoy effortless ownership paired with white-glove resort services and access to Hōkūala’s 450-acre master-planned community, ideally situated near Līhu‘e Airport, government and medical facilities, shopping, dining, and major island roadways. Owners enjoy world-class golf, kayaking and sailing on the 38-acre lagoon, tennis and pickleball courts, miles of scenic walking and biking trails, and convenient access to nearby beaches. The Farm at Hōkūala enhances the experience with exceptional farm-to-table offerings. Ownership requires Hōkūala Club membership. Participation in the Timbers Reciprocity Program, providing access to exclusive travel benefits and reciprocal privileges at luxury Timbers resorts worldwide is available for $35,000 fee. Community amenities include a heated in-ground pool and spa, 24-hour security patrol, covered assigned parking, and a peaceful, pet-free environment. This is more than a vacation home—it’s a refined island sanctuary with global lifestyle benefits. Mandatory "start up fee" equal to 3 months of prorated Annual AOAO dues will be charged to Buyer at closing and does not apply to Buyer's Annual AOAO dues. Property Taxes are included in the Annual AOAO Dues.

Key facts

• Elevated finishes
• Premium appliances
• $2,142 HOA

Tags

• DEEDED FRACTIONAL OWNERSHIP
• LUXURY CONDOMINIUM HOME
• LUSH LANDSCAPED GROUNDS
• PREMIUM APPLIANCES
• ELEVATED FINISHES
• WHITE-GLOVE RESORT SERVICES

What this means for you Summary

Snapshot

• This is a 3-bed/3.5-bath timeshare listed at $399k.

Deal economics

• At list price, monthly cash flow is $236 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($6k rent vs $399k).
• Recommended offer: $363k (9.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 65/100 on livability (#53 in HI) — a middle-class / working-renter tenant base. Strengths: employment A+, commute A, crime A-; Watch: health & safety C-, schools D+, amenities 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.
• Market conditions: 37 active listings in the ZIP; 1 comparable units currently listed for rent nearby; 141 units permitted in Kauai County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $43k of equity ($3k loan paydown + $40k appreciation (10.0% local appreciation)).
• Kauai County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• At projected returns (10.0% appreciation + 3.0% rent growth), your $112k cash investment doubles in ~3 years — after that, you're playing with house money.
• By year 2, paydown + projected appreciation supports a ~$69k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• It's been on market 120 days — a 9% lower offer ($363k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts since 6y ago; this cycle's ask has dropped $70k (15%) from the opening price — seller is motivated, your offer sets the floor, not the list.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $363,090 (9.0% below list)

Questions for the listing agent

1. It's been on market 120 days. Have you received any prior offers? Is the seller open to a 9% concession, seller financing, or rate buy-down credit?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. Schools are D-rated, which usually means shorter tenancies and higher turnover. Who's the typical renter profile here, and what's been the actual vacancy rate?
6. 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.
7. 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.
8. 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: 1.63% ✓
• Cap rate: 7.00%
• Cash-on-cash: 2.53%
• DSCR: 1.11
• GRM: 5.1

CMA / ARV

• ARV (median comp): $437,319
• List price: $399,000
• Delta: -8.76%
• Verdict: FAIR
• Comps: 7 within 1.0 mi

Projected returns pro-forma

10.0% appreciation · 3.0% rent growth · sell at horizon

5-year hold

• IRR: 26.2%
• Equity multiple: 3.09×
• Total profit: $233,726
• Equity at exit: $359,451

10-year hold

• IRR: 23.1%
• Equity multiple: 7.08×
• Total profit: $679,297
• Equity at exit: $775,169

Cash invested: $111,720 (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 96766

• Home prices YoY: 2.0%
• Active inventory: 37
• Price-to-rent: 5.1×

Monthly cashflow live

• Estimated rent: $6,500 medium
• Mortgage (P&I): −$2,092
• Tax est. 1.5%: −$499 /mo · $5,985/yr
• Insurance: −$166
• HOA: −$2,142
• Vacancy / Maint / Mgmt: −$1,365
• Net cashflow: $236

Break-even live

Break-even rent $6,202

Max offer price $399,000

Occupancy floor 91%

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: $99,750
• Closing costs: $11,970
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
4161 Palaumahu St Lihue, HI	3.0	2.5	1486	$6,500	$4.37	43d	1	1.27mi

HOA detail

• Monthly dues: $2,142 · $25,704/yr
• Likely covers: landscapingpoolsecurityparking

Listing history 18 events

1. 2026-06-18
   days on market $399,000 Active 120 DOM
2. 2026-06-17
   days on market $399,000 Active 119 DOM
3. 2026-06-16
   days on market $399,000 Active 118 DOM
4. 2026-06-15
   days on market $399,000 Active 117 DOM
5. 2026-06-13
   days on market $399,000 Active 115 DOM
6. 2026-06-13
   days on market $399,000 Active 114 DOM
7. 2026-06-10
   days on market $399,000 Active 112 DOM
8. 2026-06-09
   days on market $399,000 Active 111 DOM
9. 2026-06-08
   days on market $399,000 Active 110 DOM
10. 2026-06-07
    days on market $399,000 Active 109 DOM
11. 2026-06-05
    days on market $399,000 Active 106 DOM
12. 2026-06-03
    days on market $399,000 Active 105 DOM
13. 2026-06-02
    days on market $399,000 Active 104 DOM
14. 2026-06-01
    days on market $399,000 Active 103 DOM
15. 2026-05-31
    days on market $399,000 Active 102 DOM
16. 2026-02-18
    listed $469,000 Active 1885-char remark

    Show marketing remark (1885 chars)

    This property has fractional or shared ownership. Discover the ultimate Kaua‘i retreat with this 1/12th deeded fractional ownership in a beautifully appointed 3-bedroom, 3.5-bath Maliula Residence at Timbers Kaua‘i Ocean Club & Residences. This turnkey, luxury condominium home offers 2,379 square feet of thoughtfully designed indoor and outdoor living space overlooking lush landscaped grounds and the Jack Nicklaus–designed Ocean Course at Hōkūala. Built in 2018, the residence showcases refined island architecture, gracious interiors, premium appliances, and the elevated finishes expected from a Timbers property. Enjoy effortless ownership paired with white-glove resort services and access to Hōkūala’s 450-acre master-planned community, ideally situated near Līhu‘e Airport, government and medical facilities, shopping, dining, and major island roadways. Owners enjoy world-class golf, kayaking and sailing on the 38-acre lagoon, tennis and pickleball courts, miles of scenic walking and biking trails, and convenient access to nearby beaches. The Farm at Hōkūala enhances the experience with exceptional farm-to-table offerings. Ownership requires Hōkūala Club membership. Participation in the Timbers Reciprocity Program, providing access to exclusive travel benefits and reciprocal privileges at luxury Timbers resorts worldwide is available for $35,000 fee. Community amenities include a heated in-ground pool and spa, 24-hour security patrol, covered assigned parking, and a peaceful, pet-free environment. This is more than a vacation home—it’s a refined island sanctuary with global lifestyle benefits. Mandatory "start up fee" equal to 3 months of prorated Annual AOAO dues will be charged to Buyer at closing and does not apply to Buyer's Annual AOAO dues. Property Taxes are included in the Annual AOAO Dues.

17. 2020-02-13
    listed $399,000 468-char remark

    Show marketing remark (468 chars)

    Maliula Residence Club offers oceanfront three bedroom luxury homes with gracious living spaces that host spectacular views of the Pacific Ocean, lagoons and Hokuala's Ocean Course, a Jack Nicklaus signature golf course. Maliula Residence Club owners enjoy a deeded 1/12th residential ownership interest in these homes. Owners may book three planned vacation weeks each club year. In addition, Owners may also book unlimited space available and short notice vacations.

18. 2020-02-13
    soldstatus $385,000 468-char remark

    Show marketing remark (468 chars)

    Maliula Residence Club offers oceanfront three bedroom luxury homes with gracious living spaces that host spectacular views of the Pacific Ocean, lagoons and Hokuala's Ocean Course, a Jack Nicklaus signature golf course. Maliula Residence Club owners enjoy a deeded 1/12th residential ownership interest in these homes. Owners may book three planned vacation weeks each club year. In addition, Owners may also book unlimited space available and short notice vacations.

ⓘ 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: $78,000
• − Mortgage interest: −$22,350
• − Property taxes: −$5,985
• − Insurance: −$1,995
• − Repairs & maintenance: −$6,240
• − Management: −$6,240
• − HOA: −$25,704
• − Depreciation: −$11,607
• Taxable loss: −$2,121
• Est. tax savings @ 24.0%: +$509
• After-tax cash flow: $3,336/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 — Lihue

• Score: 65/100
• State rank: #53
• US rank: #12846

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Lihue, HI
• Population (ZIP): 16,924

Population outlook (Kauai County) Hauer SSP2

• Today (2025): 80,681 people
• By 2030: 85,158 · +5.5%
• By 2040: 93,679 · +16.1%
• By 2050: 102,608 · +27.2%
• By 2075: 129,159 · +60.1%
• By 2100: 157,205 · +94.8%

Race, ethnicity, and origin ACS 2023

• Neighborhood character: Highly diverse neighborhood (Simpson 0.76)
• Race & ethnicity: Asian 45% Two or more races 28% White 14% Hispanic / Latino 12% Pacific Islander 9% Black 1%
• Hispanic origin (detail): Mexican 1% Puerto Rican 4%
• Common ancestry: Russian 5% Scotch-Irish 1% Lithuanian 1%
• Foreign-born: 21% · Canada, Vietnam, China
• Languages at home: 78% English-only · Other Asian/Pacific 13% Tagalog/Filipino 6% Chinese 1%

Political lean MEDSL · Kauai

• 2024 margin: D (+19.5) · D 58.8% · R 39.3% · Other 1.9%
• 2008→2024 swing: -32.5pp toward R · 2008: 52.0pp · 2024: 19.5pp
• All cycles: 2024: D+19.5 2020: D+28.8 2016: D+33.7 2012: D+49.3 2008: D+52.0

Not yet ingested

• Civics: —

Market trends

• HPI YoY: ▲ 15.33%
• Current HPI: 769.4957
• Rent YoY: —
• Metro: —
• State GDP YoY: —
• F500 in state: 0

Price history

+21.8% since first listed

3 events — show timeline

• 2026-02-18 Listed $469,000 HI Information Service
• 2020-02-13 Listed $399,000 HI Information Service
• 2020-02-13 Sold (MLS) $385,000 HI Information Service