26 Kai Makani Loop #201 · Kihei, HI 96753

$190,000

3 bd · 2.0 ba · 1,238 sqft · Condo · 19 Days on market

Built 2007 Good condition $1244/mo HOA · 33% of rent

---

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).

• Cash flow +25.2/30.0
• 1% rule +10.0/10.0
• DSCR +8.3/10.0
• ARV discount +7.5/15.0
• Condition / age +4.0/5.0
• Schools +3.7/10.0
• Livability +3.0/5.0
• Rent growth +2.7/5.0
• Appreciation +0.0/10.0

Listing remarks

Rare opportunity to acquire a 1/6, 2/6, 3/6 co-ownership interest in Kai Makani, a highly sought-after North Kihei beach community. This listing proposal is to sell 3 shares of the LLC out of 6 total shares. This well-appointed 3-bedroom, 2-bath second-floor residence features a spacious, open-concept layout that flows seamlessly to a covered lanai with ocean-facing views - perfect for relaxed island living. A private staircase enhances privacy and convenience, while direct beach access just across the street invites effortless enjoyment of Maui's shoreline. Kai Makani offers resort-style amenities including a pool, spa, fitness center, and barbecue pavilion set amidst lush tropical grounds

Key facts

• Ocean-facing views
• Covered lanai
• Private staircase

Tags

• NORTH KIHEI BEACH COMMUNITY
• COVERED LANAI
• OCEAN-FACING VIEWS
• PRIVATE STAIRCASE
• DIRECT BEACH ACCESS
• RESORT-STYLE AMENITIES

Property features AI

Finance

• Other: Zoned A-2 (Apartment District); Lot is part of a larger parcel with views; lot acreage listed
• HOA & community: Monthly maintenance fee of $1,244; No pets allowed

Exterior

• Utilities: Public and private water available; Public sewer; Underground electric; Phone and cable connected
• Home design: Low-rise building (1–3 stories); Part of a residential income/partial interest property; Building name: Kai Makani
• Construction: Built in 2007; Stucco and hollow tile construction
• Exterior features: Uncovered lanai/deck; Barbecue; Garden view; Located across the street from the ocean

Interior

• Kitchen: Dishwasher; Disposal; Microwave; Range; Refrigerator
• Flooring: Carpet; Tile
• Bathrooms: 2 total bathrooms
• Heating & cooling: Central air conditioning
• Interior features: Ceiling fans; Furnished unit with linens; Cable TV hookup; Drapes
• Laundry & utility: Washer; Dryer

What this means for you Summary

Snapshot

• This is a 3-bed/2.0-bath condo listed at $190k. Condition is rated good.

Deal economics

• At list price, monthly cash flow is $276 ($3k/yr) — positive.
• The deal already cash-flows at list — no discount required.
• Meets the 1% rule at list price ($4k rent vs $190k).
• Recommended offer: $187k (1.5% below list) — sets the bar for market timing.
• Cap rate 9.0% vs local median 0.5% in Kihei — top-decile yield for the area; either an underpriced asset or a hidden risk that comps aren't pricing in. Stress-test before assuming the spread holds.

Location & tenants

• Location reads 60/100 on livability (#89 in HI) — a middle-class / working-renter tenant base. Strengths: employment A+, crime B; Watch: health & safety C-, amenities F, commute 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: Kihei Elementary School (math 37% / reading 45%, grade F, #88 of 183 statewide, top 48%, 720 students, 62% FRL); Lokelani Intermediate School (math 24% / reading 49%, grade F, #19 of 42 statewide, top 46%, 473 students, 52% FRL); Maui High School (math 24% / reading 75%, grade D+, #11 of 43 statewide, top 24%, 1,999 students, 36% FRL).
• Market conditions: Rents flat; 537 active listings in the ZIP; 20 comparable units currently listed for rent nearby; rentals lingering (median 45d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 50% of comp listings sitting > 30 days — soft ceiling on asking rent; solid renter incomes; 906 units permitted in Maui County in 2024 (289 in 5+ unit buildings).
• At $3,779/mo this rent would consume 51% of the median local household income ($88k/yr) (locally 1346% 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 $6k 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 19 days — a 2% lower offer ($187k) is reasonable based on typical stale-listing flexibility.

Risks & watch-outs

• Watch-outs: flood insurance adds $152/mo; HOA is 33% of rent.
• Climate carrying-cost: in FEMA flood zone AH (mandatory federal flood insurance) — expect insurance premiums to compound above CPI over the hold.

Recommended offer $187,150 (1.5% below list)

Questions for the listing agent

1. What's the actual annual flood-insurance premium (NFIP or private), and is the property in a SFHA with mandatory coverage?
2. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
3. 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?
4. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
5. 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.
6. 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.
7. 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: 1.99% ✓
• Cap rate: 9.00%
• Cash-on-cash: 9.66%
• DSCR: 1.43
• GRM: 4.2

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 0.69% rent growth · sell at horizon

5-year hold

• IRR: -11.3%
• Equity multiple: 0.61×
• Total profit: $-20,870
• Equity at exit: $28,330

10-year hold

• IRR: -9.6%
• Equity multiple: 0.52×
• Total profit: $-25,443
• Equity at exit: $16,428

Cash invested: $53,200 (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 96753

• Home prices YoY: -27.9%
• Rents YoY: 0.7%
• Active inventory: 537
• Price-to-rent: 4.2×

Monthly cashflow live

• Estimated rent: $3,779 high
• Mortgage (P&I): −$996
• Tax est. 1.5%: −$238 /mo · $2,850/yr
• Insurance: −$79
• Flood insurance flood zone: −$152 /mo · $1,824/yr
• HOA: −$1,244
• Vacancy / Maint / Mgmt: −$794
• Net cashflow: $276

Break-even live

Break-even rent $3,429

Max offer price $190,000

Occupancy floor 88%

Sensitivity live

Price	-10% $407	-5% $342	+0% $276	+5% $211	+10% $145
Rent	-10% $-22	-5% $127	+0% $276	+5% $425	+10% $575
Rate	-1.0pp $372	-0.5pp $324	base $276	+0.5pp $227	+1.0pp $177

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: $47,500
• Closing costs: $5,700
• Reserves months: —
• Total cash needed: —

Rent comps 20 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
42 Kai Makani Loop Kihei, HI	2.0	2.0	1126	$3,500	$3.11	45d	1	0.03mi
480 Kenolio Rd Kihei, HI	2.0	1.0–1.5	700	$2,848	$4.07	13d	2	0.22mi
480 Kenolio Rd Kihei, HI	2.0	1.0–1.5	700	$2,798	$4.00	16d	3	0.22mi
529 Ekahi Way Kihei, HI	3.0	2.0	1250	$4,500	$3.60	25d	1	0.29mi
291 Kaiola Pl Kihei, HI	4.0	2.0	1165	$4,300	$3.69	45d	1	0.42mi
40 Halili Ln Kihei, HI	3.0	2.0	1168	$3,500	$3.00	18d	1	0.57mi
80 Halili Ln Unit 8H Kihei, HI	3.0	2.0	961	$3,100	$3.23	45d	1	0.57mi
140 Uwapo Rd Unit 31 Kihei, HI	2.0	2.0	752	$2,940	$3.91	45d	1	0.60mi
15 Kulanihakoi St Unit 1D Kihei, HI	3.0	2.0	932	$3,800	$4.08	21d	1	0.64mi
140 Uwapo Rd Kihei, HI	2.0	1.5–2.0	746	$2,950	$3.95	45d	5	0.66mi
15 Kulanihakoi St Kihei, HI	2.0–3.0	2.0	907	$3,800	$4.19	45d	2	0.68mi
354 Kaiwahine St Kihei, HI	3.0	3.0	1200	$4,900	$4.08	17d	1	0.71mi
6 Alania Pl Unit upstairs Kihei, HI	3.0	2.0	1500	$3,700	$2.47	45d	1	0.75mi
281 Kaikea St Kihei, HI	3.0	2.0	1100	$4,950	$4.50	45d	1	0.79mi
5 Waikalani Hema Pl Kihei, HI	2.0	1.0	800	$2,500	$3.12	25d	1	0.80mi
58 Kihalani St #1104 Kihei, HI	3.0	2.0	1022	$3,000	$2.94	25d	1	0.81mi
61 Piilaniwahine Loop #1502 Kihei, HI	3.0	2.5	1180	$4,100	$3.47	45d	1	0.83mi
17 Waiapo St Kihei, HI	3.0	2.0	1332	$3,500	$2.63	15d	1	0.83mi
495 Kaiolohia St Kihei, HI	3.0	2.0	1166	$3,550	$3.04	25d	1	0.96mi
129 Namauu Pl Kihei, HI	3.0	1.0	1200	$2,900	$2.42	45d	1	1.06mi

HOA detail condo

• Monthly dues: $1,244 · $14,928/yr
• Likely covers: landscapingpoolgym
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 14 events

1. 2026-06-21
   days on market $190,000 Active 19 DOM
2. 2026-06-18
   days on market $190,000 Active 16 DOM
3. 2026-06-17
   days on market $190,000 Active 15 DOM
4. 2026-06-16
   days on market $190,000 Active 14 DOM
5. 2026-06-15
   days on market $190,000 Active 13 DOM
6. 2026-06-13
   days on market $190,000 Active 11 DOM
7. 2026-06-13
   days on market $190,000 Active 10 DOM
8. 2026-06-10
   days on market $190,000 Active 8 DOM
9. 2026-06-09
   days on market $190,000 Active 7 DOM
10. 2026-06-08
    days on market $190,000 Active 6 DOM
11. 2026-06-07
    days on market $190,000 Active 5 DOM
12. 2026-06-05
    days on market $190,000 Active 2 DOM
13. 2026-06-02
    remarks 699-char remark
14. 2026-06-02
    listed $190,000 Active 1 DOM

ⓘ 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 AH · 70% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $45,345
• − Mortgage interest: −$10,643
• − Property taxes: −$2,850
• − Insurance: −$2,774
• − Repairs & maintenance: −$3,628
• − Management: −$3,628
• − HOA: −$14,928
• − Depreciation: −$5,527
• Taxable income: $1,367
• Est. tax owed @ 24.0%: −$328
• After-tax cash flow: $2,986/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.

Condition & rehab AI · 6 photos

Good 80/100 Cosmetic rehab

This well-maintained, 3-bedroom condo in Kai Makani Loop offers a good condition with cosmetic updates needed for a fresh look. The property's location and amenities make it a great investment opportunity.

Value-add opportunities

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics.
• Both Replace carpet with hardwood — Hardwood floors are more durable and add value.
• Both Install smart home devices — Smart home devices improve convenience and add modern appeal.
• Both Landscaping improvements — Enhanced landscaping can boost curb appeal and attract more visitors.
• Both Replace blinds with motorized shades — Motorized shades provide better light control and energy efficiency, enhancing both aesthetics and functionality.

Renovation cost estimate screening

Value-add ROI direction

• Both Paint touch-ups — Fresh paint enhances curb appeal and interior aesthetics. ↑
• Both Replace carpet with hardwood — Hardwood floors are more durable and add value. ↑
• Both Install smart home devices — Smart home devices improve convenience and add modern appeal. ↑
• Both Landscaping improvements — Enhanced landscaping can boost curb appeal and attract more visitors. ↑
• Both Replace blinds with motorized shades — Motorized shades provide better light control and energy efficiency, enhancing both aesthetics and functionality. ↑

ⓘ Cost ranges are severity-bucket heuristics (US national rule-of-thumb). Get contractor quotes + a written scope before underwriting a rehab budget.

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 — Kihei

• Score: 60/100
• State rank: #89
• US rank: #19403

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Kihei, HI
• County: Maui County · 114,195 people
• City population: 28,003
• Metro: Kahului-Wailuku-Lahaina, HI
• Population (ZIP): 28,003
• Household income: $88,408
• Rent vs Own: 37.8% rent · 62.2% own
• Severe rent burden: 1346.0

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 0.72)
• Race & ethnicity: White 48% Two or more races 25% Asian 18% Hispanic / Latino 12% Pacific Islander 2% Black 1%
• Hispanic origin (detail): Mexican 7% Puerto Rican 1%
• Common ancestry: Lithuanian 3% Romanian 3% Russian 2%
• Foreign-born: 17% · Canada, Vietnam
• Languages at home: 80% English-only · Other Asian/Pacific 8% Spanish 4% Tagalog/Filipino 3%

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: ▼ -172.51%
• Current HPI: 444.999
• Rent YoY: ▲ 0.69%
• Metro: Kahului-Wailuku-Lahaina, HI
• State GDP YoY: —
• F500 in state: 0

Price history

1 event — show timeline

• 2026-06-02 Listed $190,000 RAM MLS