2481 Kaanapali Pkwy Unit 1023 V · Kaanapali, HI 96761

$150,000

2 bd · 2.0 ba · 1,444 sqft · Timeshare · 74 Days on market

Built 1976 6.67 ac lot Est $140k · 7% over $580/mo HOA · 13% of rent

---

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 +30.0/30.0
• 1% rule +10.0/10.0
• DSCR +10.0/10.0
• ARV discount +4.3/15.0
• Schools +3.7/10.0
• Livability +3.6/5.0
• Rent growth +3.5/5.0
• Condition / age +2.5/5.0
• Appreciation +1.2/10.0

Listing remarks MLS

WTenth floor corner location! Whaler Time Interval 1023 V is a 2 bedroom, 2 bathroom suite with spectacular views of the island of Lanai. The condo is nicely appointed with tile flooring, hardwood cabinetry, granite counter tops, and stainless steel appliances. The wrap-around lanai provides extra outdoor space to enjoy a morning coffee or an evening cocktail. Enjoy Maui every year from October 17 to October 31. The annual maintenance fees offer ease of payment with a portion billed in February and the balance due in the late summer/early fall. Fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. The Whaler on Kaanapali Beach boasts amenities that include an ocean view pool along the famed Kaanapali Beach walk, state of the art workout facility, underground parking, tennis courts, and a business center. Beachside BBQs, on-site concierge services, and beach activity kiosk are some of the highlights offered on property. Enjoy the lush courtyard featuring tropical landscaping and a Koi fish pond. Situated in the heart of Kaanapali Beach, The Whaler is a short distance away from famed Black Rock and world class shopping and dining, as well as championship golf courses. The Whaler is zoned hotel.

Key facts

• Underground parking
• Business center
• Wrap-around lanai

Tags

• TENTH FLOOR CORNER LOCATION
• WRAP-AROUND LANAI
• OCEAN VIEW POOL
• UNDERGROUND PARKING
• TENNIS COURTS
• BUSINESS CENTER

What this means for you Summary

Snapshot

• This is a 2-bed/2.0-bath timeshare listed at $150k.

Deal economics

• At list price, monthly cash flow is $2k ($24k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($5k rent vs $150k).
• Recommended offer: $141k (6.0% below list) — sets the bar for market timing.

Location & tenants

• Location reads 72/100 on livability (#19 in HI) — a middle-class / working-renter tenant base. Strengths: crime A+, employment A+, commute B+; Watch: health & safety C-, 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.
• Market conditions: Rents rising (+4.0%/yr); 637 active listings in the ZIP; 1 comparable units currently listed for rent nearby; solid renter incomes; 906 units permitted in Maui County in 2024 (289 in 5+ unit buildings).
• At $4,540/mo this rent would consume 54% of the median local household income ($101k/yr) (locally 835% of renters already pay >50% of income on rent) — very limited rent-growth headroom before tenants either downsize or default.

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $1k of loan paydown is wiped out by about $4k 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 $42k cash investment doubles in ~2 years — after that, you're playing with house money.

Negotiation context

• It's been on market 74 days — a 6% lower offer ($141k) is reasonable based on typical stale-listing flexibility.
• 4 sale attempts since 9y 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.

Risks & watch-outs

• Climate carrying-cost: major flood risk — expect insurance premiums to compound above CPI over the hold.

Recommended offer $141,000 (6.0% below list)

Questions for the listing agent

1. It's been on market 74 days. Have you received any prior offers? Is the seller open to a 6% concession, seller financing, or rate buy-down credit?
2. Built in 1976 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
3. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
4. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
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: 3.03% ✓
• Cap rate: 22.05%
• Cash-on-cash: 56.28%
• DSCR: 3.50
• GRM: 2.8

CMA / ARV

• ARV (on-the-fly): $140,068
• Comps found: 1

Show comp detail 1 sale within ~0.75 mi

Address	Dist	Beds/Ba	Sqft	Sold	Price	$/sf	Match
2481 Kaanapali Pkwy Unit 1023/S	0.06mi	2/2.0	1,444 (0%)	22mo	$140,000	$97	79

Match score weights: distance 35% · size 25% · config 20% · recency 20%. Top-matched comps best support the ARV.

Projected returns pro-forma

-3.0% appreciation · 3.97% rent growth · sell at horizon

5-year hold

• IRR: 56.1%
• Equity multiple: 3.52×
• Total profit: $106,049
• Equity at exit: $22,365

10-year hold

• IRR: 61.5%
• Equity multiple: 7.53×
• Total profit: $274,340
• Equity at exit: $12,969

Cash invested: $42,000 (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: 2.8×

Monthly cashflow live

• Estimated rent: $4,540 medium
• Mortgage (P&I): −$787
• Tax est. 1.5%: −$188 /mo · $2,250/yr
• Insurance: −$62
• HOA: −$580
• Vacancy / Maint / Mgmt: −$953
• Net cashflow: $1,970

Break-even live

Break-even rent $2,046

Max offer price $150,000

Occupancy floor 52%

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: $37,500
• Closing costs: $4,500
• Reserves months: —
• Total cash needed: —

Rent comps 1 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
50 Puu Anoano St #1701 Lahaina, HI	2.0	2.0	1500	$5,500	$3.67	3d	1	0.89mi

HOA detail

• Monthly dues: $580 · $6,960/yr
• Likely covers: landscapingpooldoorman

Listing history 22 events

1. 2026-06-18
   days on market $150,000 Active 74 DOM
2. 2026-06-17
   days on market $150,000 Active 73 DOM
3. 2026-06-16
   days on market $150,000 Active 72 DOM
4. 2026-06-15
   days on market $150,000 Active 71 DOM
5. 2026-06-13
   days on market $150,000 Active 69 DOM
6. 2026-06-13
   days on market $150,000 Active 68 DOM
7. 2026-06-10
   days on market $150,000 Active 66 DOM
8. 2026-06-09
   days on market $150,000 Active 65 DOM
9. 2026-06-08
   days on market $150,000 Active 64 DOM
10. 2026-06-07
    days on market $150,000 Active 63 DOM
11. 2026-06-05
    days on market $150,000 Active 60 DOM
12. 2026-06-03
    days on market $150,000 Active 59 DOM
13. 2026-06-02
    days on market $150,000 Active 58 DOM
14. 2026-06-01
    days on market $150,000 Active 57 DOM
15. 2026-05-31
    days on market $150,000 Active 56 DOM
16. 2026-04-04
    listed $150,000 Active 1258-char remark

    Show marketing remark (1258 chars)

    WTenth floor corner location! Whaler Time Interval 1023 V is a 2 bedroom, 2 bathroom suite with spectacular views of the island of Lanai. The condo is nicely appointed with tile flooring, hardwood cabinetry, granite counter tops, and stainless steel appliances. The wrap-around lanai provides extra outdoor space to enjoy a morning coffee or an evening cocktail. Enjoy Maui every year from October 17 to October 31. The annual maintenance fees offer ease of payment with a portion billed in February and the balance due in the late summer/early fall. Fees include property taxes, grounds, building and unit maintenance, reserve fund, and housekeeping. The Whaler on Kaanapali Beach boasts amenities that include an ocean view pool along the famed Kaanapali Beach walk, state of the art workout facility, underground parking, tennis courts, and a business center. Beachside BBQs, on-site concierge services, and beach activity kiosk are some of the highlights offered on property. Enjoy the lush courtyard featuring tropical landscaping and a Koi fish pond. Situated in the heart of Kaanapali Beach, The Whaler is a short distance away from famed Black Rock and world class shopping and dining, as well as championship golf courses. The Whaler is zoned hotel.

17. 2021-05-03
    historical
18. 2020-10-23
    listed $56,000 Active
19. 2020-06-01
    historical
20. 2019-11-01
    listed $56,000 Active
21. 2018-04-12
    historical
22. 2017-05-16
    listed $64,750 Active

ⓘ 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 6/10 Major FEMA zone X (unshaded) · 72% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $54,477
• − Mortgage interest: −$8,402
• − Property taxes: −$2,250
• − Insurance: −$750
• − Repairs & maintenance: −$4,358
• − Management: −$4,358
• − HOA: −$6,960
• − Depreciation: −$4,364
• Taxable income: $23,035
• Est. tax owed @ 24.0%: −$5,528
• After-tax cash flow: $18,109/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 — Kaanapali

• Score: 72/100
• State rank: #19
• US rank: #6248

Category grades

Amenities F Commute B+ 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: Kaanapali, 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

+131.7% since first listed

7 events — show timeline

• 2026-04-04 Listed $150,000 RAM MLS
• 2021-05-03 Listing Removed — RAM MLS
• 2020-10-23 Listed $56,000 RAM MLS
• 2020-06-01 Listing Removed — RAM MLS
• 2019-11-01 Listed $56,000 RAM MLS
• 2018-04-12 Listing Removed — RAM MLS
• 2017-05-16 Listed $64,750 RAM MLS