4156 Rice St #206 · Lihue, HI 96766

$380,000

2 bd · 1.5 ba · 736 sqft · Condo public records · 3 Days on market

Built 1974 $516/sqft · 33% below area Est $569k · 33% under $662/mo HOA · 18% of rent

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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).

• ARV discount +15.0/15.0
• Cash flow +10.9/30.0
• Appreciation +10.0/10.0
• 1% rule +4.4/10.0
• Schools +3.7/10.0
• DSCR +3.2/10.0
• Livability +3.2/5.0
• Rent growth +2.5/5.0
• Condition / age +2.5/5.0

Listing remarks MLS

CENTRAL & CONVENIENTLY located in the heart of Lihue, near the airport, restaurants, schools, shopping! Lihue Townhouse is well maintained and features a pool w/ BBQ area, secured building entrances, an elevator and postal service delivery. 

This 2 bedroom, 1 ½ bath end unit is located on the 2nd floor includes one (1) Assigned Parking stall. The parking stall is conveniently located near the north stairs, which provides easy access to the unit. The morning sunrise and breezy tradewinds highlight this East facing unit. 
The unit is move-in ready! 
 * * The information herein may contain inaccuracies and is provided without warranty or guaranty of any kind. Agents & Buyers must independently verify any information they deem material, as Structures and Square Footage may differ from Public Records.

Key facts

• Community pool
• End unit
• Centrally located

Tags

• END UNIT
• CENTRALLY LOCATED
• MINUTES FROM AIRPORT
• COMMUNITY POOL
• BBQ AREA
• SECURED BUILDING ENTRANCES

What this means for you Summary

Snapshot

• This is a 2-bed/1.5-bath condo listed at $380k.

Deal economics

• At list price, monthly cash flow is $-169 ($-2k/yr) — negative.
• To cash-flow at today's rent, offer at most $350k (7.9% below list).
• To meet the 1% rule (rent ≥ 1% of price), the offer needs to be $358k (5.7% below list).
• Recommended offer: $350k (7.9% below list) — sets the bar for cash-flow.

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; 141 units permitted in Kauai County in 2024 (0 in 5+ unit buildings).

Forward outlook

• In year one you build about $41k of equity ($3k loan paydown + $38k appreciation (10.0% local appreciation)).
• Kauai County population projected at +27% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• By year 2, paydown + projected appreciation supports a ~$65k cash-out refi (75% LTV) — recoverable capital for the next deal without selling this one.

Negotiation context

• Only 3 days on market — expect competitive offers; lowballing is unlikely to land.
• 2 sale attempts since 23y ago; this cycle's ask has dropped $45k (11%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $79k; list at $380k implies a 381% gain — meaningful room to come down on a strong offer.

Recommended offer $350,092 (7.9% below list)

Questions for the listing agent

1. 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?
2. Built in 1974 — 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. 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?
5. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
6. 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?
7. 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.
8. 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.
9. 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: 0.94% ✗
• Cap rate: 5.76%
• Cash-on-cash: -1.91%
• DSCR: 0.92
• GRM: 8.8

CMA / ARV

• ARV (median comp): $569,403
• List price: $380,000
• Delta: -30.63%
• Verdict: UNDERPRICED
• Comps: 3 within 1.0 mi

Projected returns pro-forma

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

5-year hold

• IRR: 22.9%
• Equity multiple: 2.85×
• Total profit: $196,459
• Equity at exit: $342,334

10-year hold

• IRR: 20.5%
• Equity multiple: 6.52×
• Total profit: $587,584
• Equity at exit: $738,256

Cash invested: $106,400 (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: 8.8×

Monthly cashflow live

• Estimated rent: $3,583 medium
• Mortgage (P&I): −$1,993
• Tax from tax record: −$187 /mo · $2,245/yr
• Insurance: −$158
• HOA: −$662
• Vacancy / Maint / Mgmt: −$753
• Net cashflow: $-169

Break-even live

Break-even rent $3,798

Max offer price $350,092

Occupancy floor 100%

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: $95,000
• Closing costs: $11,400
• Reserves months: —
• Total cash needed: —

HOA detail condo

• Monthly dues: $662 · $7,944/yr
• Likely covers: poolparking
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 13 events

1. 2026-06-18
   days on market $380,000 Active 3 DOM
2. 2026-06-17
   days on market $380,000 Active 2 DOM
3. 2026-06-15
   remarks 695-char remark
4. 2026-06-15
   pricestatusdays on marketlisting id $380,000 Active 1 DOM
5. 2026-04-02
   price $395,000 831-char remark

   Show marketing remark (831 chars)

   CENTRAL & CONVENIENTLY located in the heart of Lihue, near the airport, restaurants, schools, shopping! Lihue Townhouse is well maintained and features a pool w/ BBQ area, secured building entrances, an elevator and postal service delivery. 

This 2 bedroom, 1 ½ bath end unit is located on the 2nd floor includes one (1) Assigned Parking stall. The parking stall is conveniently located near the north stairs, which provides easy access to the unit. The morning sunrise and breezy tradewinds highlight this East facing unit. 
The unit is move-in ready! 
 * * The information herein may contain inaccuracies and is provided without warranty or guaranty of any kind. Agents & Buyers must independently verify any information they deem material, as Structures and Square Footage may differ from Public Records.

6. 2026-03-09
   price $410,000 831-char remark

   Show marketing remark (831 chars)

   CENTRAL & CONVENIENTLY located in the heart of Lihue, near the airport, restaurants, schools, shopping! Lihue Townhouse is well maintained and features a pool w/ BBQ area, secured building entrances, an elevator and postal service delivery. 

This 2 bedroom, 1 ½ bath end unit is located on the 2nd floor includes one (1) Assigned Parking stall. The parking stall is conveniently located near the north stairs, which provides easy access to the unit. The morning sunrise and breezy tradewinds highlight this East facing unit. 
The unit is move-in ready! 
 * * The information herein may contain inaccuracies and is provided without warranty or guaranty of any kind. Agents & Buyers must independently verify any information they deem material, as Structures and Square Footage may differ from Public Records.

7. 2026-02-17
   listed $425,000 Active 831-char remark

   Show marketing remark (831 chars)

   CENTRAL & CONVENIENTLY located in the heart of Lihue, near the airport, restaurants, schools, shopping! Lihue Townhouse is well maintained and features a pool w/ BBQ area, secured building entrances, an elevator and postal service delivery. 

This 2 bedroom, 1 ½ bath end unit is located on the 2nd floor includes one (1) Assigned Parking stall. The parking stall is conveniently located near the north stairs, which provides easy access to the unit. The morning sunrise and breezy tradewinds highlight this East facing unit. 
The unit is move-in ready! 
 * * The information herein may contain inaccuracies and is provided without warranty or guaranty of any kind. Agents & Buyers must independently verify any information they deem material, as Structures and Square Footage may differ from Public Records.

8. 2003-03-07
   soldstatus $79,000 31-char remark

   Show marketing remark (31 chars)

   This information is unavailable

9. 2003-03-07
   soldstatus $79,000

   Show marketing remark (31 chars)

   This information is unavailable

10. 2003-01-30
    listed $85,000 31-char remark

    Show marketing remark (31 chars)

    This information is unavailable

11. 1990-09-01
    soldstatus $116,000
12. 1988-03-11
    soldstatus $64,500
13. 1976-06-01
    soldstatus $45,000

ⓘ Source: listings_history table (triggers on properties + properties_extension) + one-shot backfill from property_details.listing_events for pre-trigger history.

Tax reassessment forecast HI · Partial reset (capped growth)

• Current annual tax: $2,245 · $187/mo
• Projected year-2 tax: $2,245 · $187/mo
• Expected delta: $0/yr ($0/mo · 0.0%)

ⓘ Screening estimate from a state-policy table — verify with the county assessor before closing.

Climate risk First Street

• 🌊 Flood 1/10 Low FEMA zone X (unshaded) · 0% chance over 30 yrs
• 🫁 Air quality 1/10 Low

Taxation est. · year 1

• Rental income: $43,000
• − Mortgage interest: −$21,286
• − Property taxes: −$2,245
• − Insurance: −$1,900
• − Repairs & maintenance: −$3,440
• − Management: −$3,440
• − HOA: −$7,944
• − Depreciation: −$11,055
• Taxable loss: −$8,309
• Est. tax savings @ 24.0%: +$1,994
• After-tax cash flow: $-38/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

+777.8% since first listed

9 events — show timeline

• 2026-04-02 Price Changed $395,000 HI Information Service
• 2026-03-09 Price Changed $410,000 HI Information Service
• 2026-02-17 Listed $425,000 HI Information Service
• 2003-03-07 Sold (MLS) $79,000 HI Information Service
• 2003-03-07 Sold (Public Records) $79,000 Public Records
• 2003-01-30 Listed $85,000 HI Information Service
• 1990-09-01 Sold (Public Records) $116,000 Public Records
• 1988-03-11 Sold (Public Records) $64,500 Public Records
• 1976-06-01 Sold (Public Records) $45,000 Public Records

Property tax history

+7.3%/yr

Latest (2025): $2,245 · +3.1% YoY. Source: county tax records.