New to the Mooney community so cannot say much on the aircraft. Avionics appear to be mid/low-range, but it has a low-time engine and good paint. I am in a non-equity share with my Mooney M20C and still in search of the airplane that fits most of my needs. In my 6 months of searching it is all about tradeoffs. One plane will have current upgraded avionics with autopilot and engine monitor, but a high time near TBO engine. Low time engines usually come with dated avionics. If money and budget are of no concern you can get both, but then you're usually in at around 80k plus.
For your monthly budget you are near spot on. I have budgeted for about $1,000 a month. Insurance as an educated guess should be around $1300/year.
Hope this helps.