Okay, for those of you who read my previous blog about the apartment complex in Norman, OK you can skip the next paragraph.  If you haven't, keep reading. 

Scheduled to be sold at auction on September 4, 2007 at 10 AM.  Norman, OK apartment complex consiting of 10 buildings with 4 units in each along with vacant land in close proximity to the complex.  The complex is appraised at 1 Million dollars in its current condition.  It is completely abandoned and one unit has fire damege.  The Bidding must start at 2/3 of the apraised vaue.  So 666,000.00 will start things off and 10% of the prchase price is due at theSheriffs Office by 10AM the following day.

I spoke to the bank rep today and they owe much more than what they are going to try to get out of it, over 2 million.  They just want to get rid of it.  It is in need of repairs and since I cannot legally or otherwise see the interior of the units I cannot give you an idea of the interior condition and repair needed.  I do know that some of the A/C units are missing. 

I have pulled some comps in the area and the last one that I could find sold for 1.4 Million in Sept. of '04.  It was a 40 unit as well and the 1 beds rented for $380 and the 2 beds for $475  month. 

This complex is fantastically located a mile to the east from the University of Oklahoma.  The largest, and most wanted to attend, university in OK.  I definitely wouldn't see a probem finding residents.

Let me know if I you are interested or would like more info.  I also have a pew pics if you are interested.