Hanalei Bay and the surrounding areas North is considered by many to be the most beautiful place in the world and the best place ever to vacation. Think Puff the Magic Dragon, South Pacific, Jurassic Park, Bali Hai, Napali Coast, Julia Roberts, Bette Midler. Unfortunately, even modest houses cost millions. Indeed, a house that would cost $500K in a good North Central Phoenix area could cost $15M there. So, when a $725K house comes up, while that's still out of your price range, a little thinking makes it doable. More than doable, doable at virtually no cost. Here's how, which works even better splitting it with a friend, and here is how to pitch it:
Aloha my friend. This looks to be the deal of a lifetime. If we bought this even at the asking price of $725K and put down $145K, that would leave a mortgage of $580K, which would work out to be monthly mortgage payments of under $1,500@ and they would be deductible tax-wise. So, the yearly cost for each of us would be just $18,000. Given that houses to rent on Hanalei Beach or the beach you typically stay at run about $600/day now, after using the place for 30 days, putting aside the incidental costs, the rest of the days are in effect free, and each of us could have it for 180 days. Also, we could Airbnb it and likely defray a lot of the cost (e.g., renting it at $300/night would result in its wiping out the full year's mortgage with 120 rental days). And we could use it on Home Exchange for free vacations elsewhere. Mahalo.