3248 S akala Dr in Maui Meadows - $1,325,000

24 hours required to show. I am seeking an investor as all tenants do not want to leave this gorgeous property. The 568 SF 1 bedroom 1 bath cottage rents for $2000 by a young couple. The cottage has granite countertops, elegant dark wood floors, cherry wood cabinets, beautifully remodeled bath with granite counters, large tiled shower. Tile roof and a 13 X 26 foot covered patio with vaulted finished ceilings. Tall pine trees adorn the beautifully manicured lot. Only 4 months in to the one year lease. Tenant pays own electric. The covered roof over the cottage washer and dryer is non conforming. The cottage is on septic system. The main house has 2,184 SF. The tenants of the main house own a successful cleaning company and this house is immaculate. They only pay $2,900 a month but they maintain and manage the property. The main house has been completely remodeled with granite counters, wood floors, vaulted ceilings, 2 bedrooms and 2 baths up and 1 bedroom 1 bath down and family room. Three zone split AC system Custom kitchen with wine cellar. Beautiful wood vaulted beamed ceilings The tenant's refrigerator, three ceiling fans, kitchen faucets and shower heads not included in the sale. The original fixtures will be replaced and there is an extra stainless steel refrigerator that stays. Viking wine cooler, oven and range. Kenmore stainless steel dishwasher.Beautiful covered lanai with ocean views. The house should get $3500 a month. There are 6 months left on their lease. The garage is non conforming. The main house is on cesspool. Coconut palms. There is also an ohana that has been completely remodeled with granite counters, cherry cabinets, custom bath. These tenants are related to the tenants of the main house. They pay $1800 a month and have rented for 2.5 years. The gross rents for the three rentals is $6,700 a month/$80,400 annually but can be higher. Real property taxes are $2246 year. Hurricane insurance is $1024 a year. Fire and liability insurance is $757 a year. The net income is $76,373.00. The "cap rate" at $1,325,000 is 5.76%. The main tenant pays the electric and lawn maintenance. The appraisal indicates the composition LAP exterior has been replaced. New decking with handrails and glass panes. The electrical system has been upgraded and many door replaced. Did I mention TILE ROOFS? Water bill forthcoming. Owner pays for water. The January 2018 appraisal is up at least 7% in value.

This property is listed by:
Maui Houses and Condos Realty.

Listing data provided by:
The Maui Multiple Listing Service