To calculate the monthly return on an income property, you need to first determine the annual return and then convert it to a monthly basis. In this case, the annual return is 6.5% of the property's value, which is $46,500:
Annual Return = 6.5% of $46,500 = 0.065 * $46,500 = $3,022.50
Now, to find the monthly return, you divide the annual return by 12 (the number of months in a year):
Monthly Return = Annual Return / 12 = $3,022.50 / 12 = $251.88
So, the monthly return on the income property is approximately $251.88.