493 Pio Dr #216

Wailuku, HI 96793

$219,000D-

1 bd · 1.0 ba · 586 sqft · Built 1975 · Condo · Active · 174 DOM

Cashflow @ list (25.0% down · 7.5%)

• Estimated rent: $2,453/mo
• Mortgage (P&I): −$1,148
• Tax + insurance: −$251
• HOA: −$819
• Vac / Maint / Mgmt: −$515
• Net cashflow: $-280/mo
• Annual: $-3,363/yr
• Cap rate: 4.76%
• Cash-on-cash: -5.48%
• DSCR: 0.76
• 1% rule: 1.12%
• Cash to close: $61,320

Investor read

• This is a 1-bed/1.0-bath condo listed at $219k.
• 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).
• It's been on market 174 days — a 12% lower offer ($193k) is reasonable based on typical stale-listing flexibility.
• Recommended offer: $169k (22.6% below list) — sets the bar for cash-flow.
• 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.
• 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).
• Watch-outs: HOA is 33% of rent.
• 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).
• Maui County population projected at +22% by 2050 — long-run rental-demand tailwind backs the buy-and-hold thesis.
• 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.

Questions for listing agent

• 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?
• 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?
• Built in 1975 — when were the roof, HVAC, electrical panel, plumbing, and water heater last replaced?
• What does the HOA fee cover, when was the last increase, and are there any pending special assessments or reserve-fund shortfalls?
• 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?
• Why hasn't it sold? Are there any deal-killer items the seller is aware of (foundation, flood, title, zoning, code violations)?
• Is there a deadline driving the sale (1031 exchange, divorce, estate, relocation)? That informs how much negotiation room exists.
• 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?