I Searched for Mooney for about a year. I just pulled the trigger with a partner on a 1988 and M20J 205. I looked at a C model, two or 3F models, and ended up with a J. At the outset, your budget is not crazy. My general rule is to buy the best equipped, Lowest Time aircraft you can afford. Then of course you have to factor in your general mission. Having been the maintenance director for a flying club for over 10 years I became very familiar with the cost of maintaining aircraft, five of them. My search Was concentrated on “times”. I wouldn’t even consider an F or a J with a 1700 hr engine and high time prop. Almost invariably when you overhaul an engine, you run into incidentals, engine mounts, flexible hosing,
baffling, exhaust issues, etc. and of course the cost of the engine doesn’t include removal and reinstallation. So at the end of the day, to hang an overhauled Lycoming 360 Is North of $30,000 if the engine is overhauled by a reputable shop. Could go to 40 if your crank is Not serviceable, your case is Not serviceable, etc. etc. Unless I could steal the airplane, I would simply keep looking. One of the “Gotchas” Is the “no back spring” within the landing actuator, another issue is the roll cage system as they are subject to very very expensive corrosion. The issue was remedied by Mooney sealing the roll cage with a two-part Epoxy. I don’t Recall the year.
It out my partner has been looking for a Mooney for years and is a walking talking money directory and knows all the ins and outs. I have limited time in a Mooneys but I distinctly recall the honest to goodness speed and efficiency of the aircraft. It fits my mission perfectly, My wife and two children to the Bahamas. If you’re looking for Garmin this and Garmin that, try to find an aircraft that has already had them installed. You can find an aircraft in your price range but it’s gonna be a mid time engine, it’s not going to have a 430W and 530W, GTN 345, but will have basic avionics if that’s all you need. I think settling on J is a good move. My buddy owns a 135 operation and he convinced me years ago, get a partner, or two. And that’s what I’ve done. I couldn’t be any happier. Since the airplane is on Jack’s, (we are byIng it with a fresh annual) We are replacing the landing gear actuator. It is serviceable as is but we don’t wanna take any chances. Good luck with your search. Yes there are a lot of STC’s, one we are looking at very seriously is the upgrade to 2900 pound gross. It is really Just paperwork and a new airspeed indicator with different markings. It brings your useful to a few pounds shy of 1000.
Best of luck in your search.