On Maui, a two-unit rental is more often a house with an ohana out back than a classic side-by-side duplex. True triplexes and fourplexes exist in Kahului and Wailuku, but there are few of them, and they rarely come up for sale.
In short: LendingStreet finances Kahului and Central Maui 2-4 unit rentals, including a main house with a permitted ohana or accessory dwelling, with DSCR loans that qualify on the combined rent of all units. Loans start at $150,000, purchases go up to 80% LTV, the minimum credit score is 620 and LLC borrowers are standard. Because prices are high, most Maui 2-4 unit loans clear 1.0x at 70% to 75% LTV rather than at the maximum.
Kahului grew from the 1950s onward as a planned town, with modest single-family homes on regular lots. Many of those lots now carry a second dwelling, either an ohana permitted under the county's older rules or an accessory dwelling unit allowed under more recent changes. Wailuku's older core near Market Street and Main Street has some true duplexes and small walk-up buildings, along with homes divided into units over the years.
Newer subdivisions in Maui Lani, Kehalani and Waikapu are mostly single-family, though some homes have permitted second units. Small apartment buildings of three or four units turn up mainly in Wailuku and older parts of Kahului.
| Property type | Where in Central Maui | Main checks |
|---|---|---|
| House with ohana or ADU | Kahului, Wailuku, Waiehu | Permit for the second unit |
| Side-by-side duplex | Wailuku, older Kahului | Legal unit count; parking |
| Triplex or fourplex | Wailuku town, Kahului near Kaahumanu Avenue | Zoning district; older systems |
| Homes in newer subdivisions | Maui Lani, Kehalani, Waikapu | HOA rules on second units and leasing |
Maui County zoning separates single-family residential, duplex and apartment districts, and second dwellings on residential lots are allowed only within the county's rules on lot size, parking and permits. An ohana built without a permit, or a garage converted to a unit, will generally not be counted by an appraiser or a lender.
Ask for building permits and certificates of occupancy for every unit, and check the county's real property records. If the second unit is unpermitted, price the property as a single-family home.
This example is illustrative and not a quote. An investor buys a Wailuku home with a permitted ohana for $1,150,000. The main house rents for $3,600 and the ohana for $2,900, combined $6,500 a month. Long-term rental class taxes are budgeted at $450 a month and insurance at $300.
At 75% LTV the loan is $862,500, estimated principal and interest on a 30-year loan is about $5,738 and the total payment is about $6,488. DSCR is about 1.00x, right at the line. At 70% LTV the loan is $805,000, principal and interest about $5,356, the payment about $6,106 and DSCR about 1.06x, a modest but real cushion. If one unit sits empty between tenants, reserves carry the gap, so keep several months of payments on hand.
| Item | 75% LTV | 70% LTV |
|---|---|---|
| Loan amount | $862,500 | $805,000 |
| Estimated principal and interest | $5,738 | $5,356 |
| Taxes and insurance | $750 | $750 |
| Total monthly payment | $6,488 | $6,106 |
| Combined rent | $6,500 | $6,500 |
| DSCR | About 1.00x | About 1.06x |
Central Maui has some of the steadiest long-term rental demand in Hawaii. Maui Memorial Medical Center, Kahului Airport, Kahului Harbor, county and state offices in Wailuku and the retail center along Kaahumanu Avenue employ thousands of people who need housing near work. After the 2023 Lahaina fire, demand for long-term housing in Central Maui rose further as displaced families looked for homes.
Use signed leases for occupied units and a market rent estimate for vacant ones. Rentals in Hawaii are governed by the state's landlord-tenant code; follow it closely on deposits and notices.
Housing on Maui is scarce enough that well-kept units in Kahului and Wailuku rarely sit empty for long, but rents still have limits. Many tenants are local working households, and county and state housing programs, along with post-fire assistance, have shaped what some tenants can pay. Price units on recent signed leases for similar properties nearby rather than on the highest listings you see, and remember that the appraiser will look for the same evidence.
Maui County's long-term rental property tax classification can lower the bill on a home rented to year-round tenants, if the owner meets the county's filing requirements. Hawaii's conveyance tax on the sale is graduated by price and higher when the buyer will not live in the property, so include it in your closing estimate.
Insurance in Central Maui is usually less fraught than in Upcountry or on the shoreline, but carriers still look at roof age, wiring and wildfire exposure. Get a quote early.
Some buyers hope to rent the ohana nightly. In Kahului's residential districts, transient rentals generally require a capped county permit, and new permits are scarce. Plan on long-term rents for both units. Our Maui STR page explains where nightly rentals are legal.
Furnished rentals of a few months are also riskier on Maui than on the mainland, because the county's definition of a transient rental reaches beyond 30 days. A 12-month lease on each unit is the cleanest basis for both the appraisal and the ratio, and it is what most Central Maui tenants are looking for.
If you buy a property where the seller has been running the ohana as a vacation rental without a permit, expect to convert it to a long-term lease at closing. Build the lower long-term rent into your offer rather than the seller's booking history.
A handful of Wailuku and Kahului buildings have five to eight units. These are still residential loans with us, though maximum LTV can be lower. See our Kahului 5-8 unit page. Buildings with nine or more units are commercial.
Our investor loans are business-purpose loans on non-owner-occupied property. Send the address, price, unit details and permits, current rents, tax class and an insurance quote. The team will size the loan at a level the rent supports. Call (877) 298-1001 or use the form below, and see our Hawaii 2-4 unit page for statewide information.
Yes, if it is permitted. A permitted ohana or accessory dwelling adds its rent to the main house's rent in the ratio.
Rent from an unpermitted unit generally will not count, and the property will be valued as a single-family home.
Prices are high relative to rents, so the rent often supports 70% to 75% LTV rather than the 80% purchase maximum.
Generally not in Kahului's residential districts without a capped county permit. Plan on long-term rents.
No. DSCR loans qualify on rent, with a 620 minimum credit score and no W-2s or tax returns.
Yes. A lower tax bill lowers the payment and improves the ratio.
Yes. LLC borrowers are standard.
No. Our investor loans are business-purpose loans on non-owner-occupied property, so every unit must be rented.
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