493 Pio Dr #216 · Wailuku, HI 96793

$219,000

1 bd · 1.0 ba · 586 sqft · Condo public records · 174 Days on market

Built 1975 $819/mo HOA · 33% of rent

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Why this score? — see what drove the D- 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 +7.5/15.0
• Cash flow +7.4/30.0
• 1% rule +6.2/10.0
• Livability +3.9/5.0
• Schools +3.7/10.0
• Rent growth +3.3/5.0
• Condition / age +2.5/5.0
• DSCR +1.6/10.0
• Appreciation +0.0/10.0

Listing remarks MLS

Experience Maui's ocean and Haleakala mountain views from this bright unit with large windows and open layout. This reasonably priced unit is awaiting your personal touch and renovation vision. Perfect for buyers or investors looking to add value. Conveniently located near shops, transit, and local amenities. Bring your imagination—this is the chance to create the home you’ve always wanted!

Key facts

• Large windows
• Open layout
• Maui ocean views

Tags

• MAUI OCEAN VIEWS
• HALEAKALA MOUNTAIN VIEWS
• LARGE WINDOWS
• OPEN LAYOUT
• CONVENIENTLY LOCATED
• NEAR SHOPS

What this means for you Summary

Snapshot

• This is a 1-bed/1.0-bath condo listed at $219k.

Deal economics

• At list price, monthly cash flow is $-280 ($-3k/yr) — negative.
• To cash-flow at today's rent, offer at most $169k (22.6% below list).
• Meets the 1% rule at list price ($2k rent vs $219k).
• Recommended offer: $169k (22.6% below list) — sets the bar for cash-flow.

Location & tenants

• Location reads 77/100 on livability (#8 in HI, #2,917 nationally) — a middle-class / working-renter tenant base. Strengths: commute A+, health & safety A+, employment A-; Watch: 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: Wailuku Elementary School (math 18% / reading 35%, grade F, #143 of 183 statewide, top 78%, 562 students, 64% FRL); Maui Waena Intermediate School (math 24% / reading 49%, grade F, #19 of 42 statewide, top 46%, 1,044 students, 45% FRL); Henry Perrine Baldwin High School (math 30% / reading 57%, grade F, #23 of 43 statewide, top 52%, 1,338 students, 43% FRL).
• Market conditions: Rents rising (+3.3%/yr); 124 active listings in the ZIP; 12 comparable units currently listed for rent nearby; rentals lingering (median 46d on market — plan ~5-8 weeks vacancy on turnover, expect pricing pressure); 58% 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).

Forward outlook

• Local home prices are declining (-3.0%/yr); year-one equity from $2k of loan paydown is wiped out by about $7k 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 174 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• 2 sale attempts; this cycle's ask has dropped $50k (19%) from the opening price — seller is motivated, your offer sets the floor, not the list.
• Current owner paid $42k; list at $219k implies a 415% gain — meaningful room to come down on a strong offer.

Risks & watch-outs

• Watch-outs: HOA is 33% of rent.

Recommended offer $169,498 (22.6% 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. It's been on market 174 days. Have you received any prior offers? Is the seller open to a 23% concession, seller financing, or rate buy-down credit?
3. Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
4. What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
5. 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?
6. Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
7. Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
8. The area grade is low — what's the realistic commute time and amenity access for the typical tenant pool here? Any planned neighborhood developments (good or bad) we should know about?
9. 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.
10. 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.
11. 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: 1.12% ✓
• Cap rate: 4.76%
• Cash-on-cash: -5.48%
• DSCR: 0.76
• GRM: 7.4

CMA / ARV

No comps found within radius.

Projected returns pro-forma

-3.0% appreciation · 3.31% rent growth · sell at horizon

5-year hold

• IRR: -24.8%
• Equity multiple: 0.15×
• Total profit: $-52,097
• Equity at exit: $32,654

10-year hold

• IRR: -18.5%
• Equity multiple: -0.03×
• Total profit: $-63,266
• Equity at exit: $18,935

Cash invested: $61,320 (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 96793

• Home prices YoY: -8.8%
• Rents YoY: 3.3%
• Active inventory: 124
• Price-to-rent: 7.4×

Monthly cashflow live

• Estimated rent: $2,453 high
• Mortgage (P&I): −$1,148
• Tax from tax record: −$160 /mo · $1,916/yr
• Insurance: −$91
• HOA: −$819
• Vacancy / Maint / Mgmt: −$515
• Net cashflow: $-280

Break-even live

Break-even rent $2,808

Max offer price $169,498

Occupancy floor —

Sensitivity live

Price	-10% $-156	-5% $-218	+0% $-280	+5% $-342	+10% $-404
Rent	-10% $-474	-5% $-377	+0% $-280	+5% $-183	+10% $-86
Rate	-1.0pp $-170	-0.5pp $-225	base $-280	+0.5pp $-337	+1.0pp $-395

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: $54,750
• Closing costs: $6,570
• Reserves months: —
• Total cash needed: —

Rent comps 12 comps

Address	Beds	Baths	Sqft	Rent	$/sqft	DOM	Units	Dist
493 Pio Dr #202 Wailuku, HI	1.0	1.0	586	$2,900	$4.95	25d	1	0.01mi
529 Pio Dr Unit 2 Wailuku, HI	1.0	1.0	525	$1,650	$3.14	45d	1	0.08mi
60 Kapi Ln Unit 15-201 1 Wailuku, HI	2.0	1.0	657	$2,800	$4.26	45d	1	0.25mi
1371 Lower Main St Unit 8 Wailuku, HI	2.0	1.0	651	$2,850	$4.38	45d	1	0.46mi
1371 Lower Main St Apt 6 Wailuku, HI	1.0	1.0	651	$2,600	$3.99	19d	1	0.46mi
509 Kainalu Pl Unit Studio Wailuku, HI	—	2.0	400	$2,475	$6.19	45d	1	0.53mi
694 Kaae Rd Wailuku, HI	1.0	1.0	540	$2,300	$4.26	25d	1	0.57mi
731 Makiki St Unit 2 Wailuku, HI	2.0	2.0	700	$2,800	$4.00	45d	1	0.98mi
47 Nano St Unit 3 Kahului, HI	2.0	1.0	500	$2,500	$5.00	45d	1	1.04mi
47 Nano St Kahului, HI	—	1.0	500	$1,600	$3.20	25d	1	1.04mi
434 Aleo Pl Kahului, HI	2.0	1.0	600	$2,500	$4.17	45d	1	1.21mi
2108 Kaohu St Wailuku, HI	1.0	1.0	504	$2,200	$4.37	12d	1	1.43mi

HOA detail condo

• Monthly dues: $819 · $9,828/yr
• Assessments: None detected in remarks — confirm with the listing agent.

Listing history 16 events

1. 2026-06-10
   days on market $219,000 Active 174 DOM
2. 2026-06-09
   days on market $219,000 Active 173 DOM
3. 2026-06-08
   days on market $219,000 Active 172 DOM
4. 2026-06-07
   days on market $219,000 Active 171 DOM
5. 2026-06-05
   days on market $219,000 Active 168 DOM
6. 2026-06-03
   days on market $219,000 Active 167 DOM
7. 2026-06-02
   days on market $219,000 Active 166 DOM
8. 2026-06-01
   days on market $219,000 Active 165 DOM
9. 2026-05-31
   days on market $219,000 Active 164 DOM
10. 2026-05-04
    price $219,000 405-char remark

    Show marketing remark (405 chars)

    Experience Maui's ocean and Haleakala mountain views from this bright unit with large windows and open layout. This reasonably priced unit is awaiting your personal touch and renovation vision. Perfect for buyers or investors looking to add value. Conveniently located near shops, transit, and local amenities. Bring your imagination—this is the chance to create the home you’ve always wanted!

11. 2026-03-26
    status Active 405-char remark

    Show marketing remark (405 chars)

    Experience Maui's ocean and Haleakala mountain views from this bright unit with large windows and open layout. This reasonably priced unit is awaiting your personal touch and renovation vision. Perfect for buyers or investors looking to add value. Conveniently located near shops, transit, and local amenities. Bring your imagination—this is the chance to create the home you’ve always wanted!

12. 2026-03-19
    historical 405-char remark

    Show marketing remark (405 chars)

    Experience Maui's ocean and Haleakala mountain views from this bright unit with large windows and open layout. This reasonably priced unit is awaiting your personal touch and renovation vision. Perfect for buyers or investors looking to add value. Conveniently located near shops, transit, and local amenities. Bring your imagination—this is the chance to create the home you’ve always wanted!

13. 2025-12-11
    listed $269,000 Active 405-char remark

    Show marketing remark (405 chars)

    Experience Maui's ocean and Haleakala mountain views from this bright unit with large windows and open layout. This reasonably priced unit is awaiting your personal touch and renovation vision. Perfect for buyers or investors looking to add value. Conveniently located near shops, transit, and local amenities. Bring your imagination—this is the chance to create the home you’ve always wanted!

14. 1978-12-01
    soldstatus $42,500
15. 1978-11-01
    soldstatus $40,375
16. 1975-06-01
    soldstatus $35,200

ⓘ 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: $1,916 · $160/mo
• Projected year-2 tax: $1,916 · $160/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: $29,440
• − Mortgage interest: −$12,267
• − Property taxes: −$1,916
• − Insurance: −$1,095
• − Repairs & maintenance: −$2,355
• − Management: −$2,355
• − HOA: −$9,828
• − Depreciation: −$6,371
• Taxable loss: −$6,747
• Est. tax savings @ 24.0%: +$1,619
• After-tax cash flow: $-1,743/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 — Wailuku

• Score: 77/100
• State rank: #8
• US rank: #2917

Category grades

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

Schools grade is shown separately in the Schools card above.

Census & demographics

• Census place: Wailuku, HI
• County: Maui County · 114,195 people
• City population: 32,739
• Metro: Kahului-Wailuku-Lahaina, HI
• Population (ZIP): 32,739
• Household income: $107,668
• Rent vs Own: 26.1% rent · 73.9% own
• Severe rent burden: 794.0

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 0.85)
• Race & ethnicity: Asian 34% Two or more races 31% White 16% Pacific Islander 15% Hispanic / Latino 9% Black 1%
• Hispanic origin (detail): Mexican 2% Puerto Rican 3%
• Common ancestry: Russian 3% Lithuanian 1% Italian 1%
• Foreign-born: 14% · Canada, South Korea, China
• Languages at home: 78% English-only · Other Asian/Pacific 12% Tagalog/Filipino 5% Spanish 2%

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: ▼ -52.52%
• Current HPI: 540.6458
• Rent YoY: ▲ 3.31%
• Metro: Kahului-Wailuku-Lahaina, HI
• State GDP YoY: —
• F500 in state: 0

Price history

+522.2% since first listed

7 events — show timeline

• 2026-05-04 Price Changed $219,000 RAM MLS
• 2026-03-26 Relisted — RAM MLS
• 2026-03-19 Listing Removed — RAM MLS
• 2025-12-11 Listed $269,000 RAM MLS
• 1978-12-01 Sold (Public Records) $42,500 Public Records
• 1978-11-01 Sold (Public Records) $40,375 Public Records
• 1975-06-01 Sold (Public Records) $35,200 Public Records

Property tax history

+9.5%/yr

Latest (2025): $1,916 · -1.7% YoY. Source: county tax records.