While I gave my smart-ass answer earlier, I'll throw in my 'shopping advice' based on my embarrassingly long search for my first and only, so far, airplane. The advantage of my long search was that I looked at a ton of Mooneys! By the time I saw the one I bought, I was pretty good at ruling out the dogs. Which in my price range (<$40K three years ago), were the majority, I'm afraid. I was looking for an airplane that I could fly and enjoy; NOT a work in progress.
So, in my OPINION, in order, here are my criteria in order of importance:
1) Recent use: I didn't even bother with a plane that was even 1 year out of annual. I wanted to see a minimum of 50 hours/year for the last 3-5 years. Meeting this criteria is harder than you would think. Many planes just sit. BAD BAD BAD!
2) Hangared: You can tell if the plane has been hangared for most of its recent past. Outside is just plain hard on equipment. Yes, it can be successfully done with proper maintenance and upkeep. But, frankly, in this price range outside planes are not going to have been cared for that well. At least that was my experience. Hangared planes also are an indicator that the owner was willing/had the money to maintain the plane.
3) Maintenance: What do the logs reflect? One line annuals, or a detailed list of items addressed? How about between annuals, any entries, or nothing between annuals being done? Pull the cowl. Clean, neat, hoses in good shape, etc. Or, chicken wire and bubble-gum? Again, did the owner have the coin to properly maintain the plane...or did it sit outside for a long period with little money spent before the owner got tired of the expense? I found this to be VERY common, unfortunately.
4) Equipment: Does it have avionics you can live with? If not, you are looking at HUGE money (relative to this price range) that you will NOT get back when you sell.
5) Paint/Interior: Don't be too picky! You will pay a premium for perfect paint and interior. More important, you may pass on an otherwise excellent plane. Further, the interior is something you can do yourself. Just decide if you can live with paint condition and scheme. As long as the paint wasn't badly oxidized (unlikely if the plane meets criteria 2) and/or really badly chipped I was happy.
6) Engine: Yup, last on the list. If criteria #1, and #3, are met you are likely to be able to fly for a while without serious engine issues regardless of TSMOH. Second, the price is/can be negotiated based on engine hours; buy right, and engine hours aren't that critical. I was actually nervous with planes advertised with low TSMOH; did they just do a cheap overhaul to sell? In my case, I bought with an already over TBO engine (and, priced accordingly); that was two and half years, and 200 hours ago. The previous owner had flown 100 hours per year (this is a very uncommonly high usage for a single owner pleasure plane) for 13 years. TBO is somewhat arbitrary; do you rebuild your car engine at a certain number of miles, or on condition? Regardless, engines are a big unknown and you should be financially prepared to overhaul at any time (including right after purchase) or you will end up with a plane sitting, costing you money (especially hangared) and devaluing. Honestly, that fact was one of the reasons I shopped for so long; to be in a position that I could afford the $30K a proper overhaul would cost.
Good luck!