Nice sized buildable land in Islandview in the vibrant and growing Villages neighborhood. Low Income Housing Income Tax Potential – According to the U.S. Housing and Urban Development website, this property is located in a Qualified Tract Zone, which allows for an additional 30% of low income housing credits, in addition to the 9% credit on qualified development costs. Buyer to Verify Zoning - The property is zoned R5, which allows for apartments/affordable housing to be constructed. Also, R5 zoning may allow for certain specified non-residential uses, as long as those uses can be blended into the district. So, for example, the first floor of a building could be rented out to businesses such as convenience stores, gyms, hair/nail salon, and other businesses which directly support residents.
Property Details
Property Features
Listing Office:
Office Name: O'Connor Realty Detroit, LLC
Office Phone: (313) 963-9891
Listing Agent: Bill Swanson
Lot Features
Lot Information:
Lot: Corner Lot
Lot Size: 0.30 Acres
Other
Directions Information:
Directions: Down the street from the Tunnel to Belle Isle
Price Information
Listing Price Info
Price Summary:
List Price: $125,000
Tax Information:
Annual Amount: $26
Tax Year: 2021
What can I afford?
Understand what home price range makes sense for your budget.
Housing Market Comparison
See how this home compares to others in Detroit, MI.
This property is $40K more than the Median Sold Price in Detroit, MI.
Based on homes sold in the last 12 months
MLS Details
MLS Information:
MLS Name: Realcomp II Ltd
MLS Number: #20240050145
Listing Office:
Office Name: O'Connor Realty Detroit, LLC
Office Phone: (313) 963-9891
Listing Agent: Bill Swanson
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified.
IDX information is provided exclusively for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited.
Calculate your estimated monthly expenses for this listing. Play with the values below to better understand your monthly payment and utilities.
$691
Per Month
Principal & Interest
$624
Home PriceThe dollar amount you pay for the home.
$
Interest RateMortgage interest rates fluctuate, but they're typically in the 5% to 9% range. Your rate will be calculated based on personal details including your credit score.
%
Down PaymentThe initial money paid at closing that is usually a percentage of the purchase price. Most loans require at least 3% down, but a 0% down payment may be possible if you're eligible for a VA or USDA loan.
$%
Loan TermThis is how long you'll pay on the loan. A longer term gives you smaller payments, while a shorter term saves you money on interest.
Property Taxes
$0
Property Taxes -Annual CostEvery homeowner pays taxes to their local government based on their home's value and the property tax rates for the county or city. Most areas charge property taxes semiannually.
$/ Year
Mortgage Insurance
$0
Mortgage Insurance -Monthly PremiumMortgage insurance helps secure a mortgage with a lower down payment. It typically costs 0.1% - 2% of your loan amount per year.
$/ Month
Homeowners Insurance
$67
Homeowners Insurance -Monthly PremiumMost homeowners pay about $1,000 a year for homeowners insurance, but the cost varies based on your location, home and coverage.
$/ Month
Homeowners Association (HOA)
$0
Homeowners Association -Monthly FeesHomeowners Association (HOA) fees can range from $30 per month to $500+ per month. Be sure to ask your agent about HOA fees on a home as it can impact your affordability or check the online home listing.
$/ Month
Utilities
$0
Utilities - Monthly CostYou'll need to budget for utilities as a homeowner, which typically includes water and sewer, gas and electric, internet and cable. Cost will depend on your location and the size of your home. On a monthly basis, Americans pay $239 - $442 per month.
$/ Month
Recommended Financing
30-Year Fixed
Rate/APR
7.5% / 6.68%
Total Monthly Payment
$441
Powered By
NMLS#3030
Schools
Schools Nearby
The school rating is a score out of 10, where 10 is the highest and 1 is the lowest. Assigned schools have a bold outline.
We're sorry, we currently don't have assigned school data for this listing.
Nearby Schools
3
/10
Salina Intermediate School
2623 Salina St
Distance between this listing and this school1.64 miles
Public District Grades 4-8
4
/10
Salina Elementary School
2700 Ferney St
Distance between this listing and this school1.72 miles
Public District Grades PK-3
1
/10
Cesar Chavez Academy Intermediate School
4100 Martin St
Distance between this listing and this school1.74 miles
Public Charter Grades 3-5
Nearby Schools
2
/10
Cesar Chavez Middle School
6782 Goldsmith St
Distance between this listing and this school0.46 miles
Public Charter Grades 6-8
2
/10
Escuela Avancemos
3811 Cicotte St
Distance between this listing and this school1.64 miles
Public Charter Grades KG-8
2
/10
Hope of Detroit Academy
4443 N Campbell St
Distance between this listing and this school2.07 miles
Public Charter Grades KG-8
Nearby Schools
5
/10
Cesar Chavez High School
1761 Waterman St
Distance between this listing and this school0.49 miles
Public Charter Grades 9-12
1
/10
W-A-Y Academy - Vernor Site
8701 W Vernor Hwy
Distance between this listing and this school0.89 miles
Public Charter Grades 9-12
1
/10
Covenant House Academy Detroit - Southwest Site
1450 25th St
Distance between this listing and this school1.91 miles
The neighbors living near this home have an average income of $37,917. The majority of Detroit, MI residents have income less than $35k annually. Residents typically live in single, no kids family. Typical level of education for residents in this area is high school diploma.
All data provided by Home Junction and Claritas
Frequently Asked Questions About 7320 E Lafayette St
What is the listing price of this property?
The listing price of 7320 E Lafayette St property is $125,000.
What type of property is this?
The property 7320 E Lafayette St is land located in Detroit, Michigan, 48214.
Is this property for sale now?
Active Listing: 7320 E Lafayette St is For Sale (Active/New) which means the seller is accepting offers.
What is the annual property tax for this property?
According to the records, the last property tax for 2021 is $26 (source: MLS/based on county public records data).
By checking this box and submitting your personal information, you agree to our Terms of Use and Privacy Policy. You also expressly consent to having Rocket Homes Real Estate LLC, its Family of Companies, Rocket Homes Network Partners, and potentially our mortgage partners contact you about your inquiry by text message or phone (including automatic telephone dialing system, AI voice, or an artificial or prerecorded voice) to the residential or cellular telephone number you have provided, even if that telephone number is on a corporate, state, or national Do Not Call Registry. You do not have to agree to receive such calls or messages as a condition of getting any services from Rocket Homes Real Estate, LLC or its partners. By communicating with us by phone, you consent to calls being recorded and monitored. You also agree that we can share your personal data and contact information with third parties such as mortgage partners, partner companies, and affiliates, and that these parties may use your personal data and contact information for marketing and analytic purposes, and to improve your experience.
This home is located at 7320 E Lafayette St in Detroit, MI and zip code 48214 in the Near West neighborhood. This home sits on a 0.30 acre lot. It has been listed on Rocket Homes since July 23, 2024 and is currently priced at $125,000.
Detroit, MI housing market in October 2024 saw over 125 listings sold above listed price, more than 93 sold at listed price and over 257 sold below. The number of homes for sale in Detroit, MI increased by 11.2% between September 2024 and October 2024. The median list price of listings available in October 2024 was $85,000, while the average time on the real estate market was 45 days.
From Rocket Homes Real Estate and based on county public records data.
Disclaimer: The data relating to real estate on this web site comes in part from the IDX of Realcomp II Ltd. The accuracy of all information, regardless of source, is not guaranteed or warranted. All information should be independently verified. 
Mexican League Soccer
Mexican League Soccer
Pro Boxing
Foot Locker
Burlington
Ross Dress For Less
Little Caesars
White Castle
Jack In The Box
Dodge
Kia
Nissan
Urban Adult Contemporary
Rhythmic Contemporary Hits