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2. What is the highest bid you will submit? Assume monthly rent of $500 for Detroit home, $8 Redford, $1500 for Algonac and $2000 for

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2. What is the highest bid you will submit? Assume monthly rent of $500 for Detroit home, $8 Redford, $1500 for Algonac and $2000 for White Lake. Also, assume no vacancy and operating expenses of 40% of effective gross income. Must show calculation for each. Following is a listing of 4 homes for auction. You want to bid but only if you can get 8% return. 00 for

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