I love Pacers and TriPacers. I owned one, I've spent hundreds of hours
flying them and instructing in them, and hundreds more working on them.
I think they're the best entry-level airplanes Piper ever built. But
I am biased.

There are some major advantages to a TriPacer. It was designed so any
swinging dick with a toolbox could fix it out in the field. It's VERY
easy to work on, and if you plan to do much of your own work, it's a
great first airplane. On the other hand, there as some major
disadvantages. It needs a lot of work. If you're going to pay someone
to do it all, it's not such a great deal. Also, it is cramped.

Check the age AND condition of the fabric. A punch test is a must.
Don't believe anyone who says he can determine the condition of the
fabric without it. Can't be done. Make sure to punch the tops of the
fuselage, tailfeathers, and wings.

Beware the strut AD. Punch those in a few places too.

(BTW - punching does not mean making a hole - it means using a Maule
tester to a predefined pressure - if a hole (or, in the case of struts,
a dent) is made, that means the fabric/strut is not airworthy.

If you're going to upgrade to IFR, make sure it has a static system.
Many of them vent to the cabin and thus can't get a pitot-static check
- which means they're not legal for IFR. If it does have a static
system, hook a piece of plastic hose to it, and suck gently until the
altimeter reads 4000 ft or so. Then plug the hose (or bend it over)
and see if the system holds pressure. If not, you're looking at
expensive troubleshooting/repairs to make it IFR legal (not safe - in a
TriPacer, a static leak really is a non-issue).

Make sure the gyros work. On average, I find such planes generally
have one of the three gyros not working.

If you want an IFR installation, you need the high panel. Most of the
PA-22-150's had them, but some planes people call -150's are actually
earlier versions coverted to 150 hp. They have the low panel, which
just doesn't have enough room unless you buy modern (expensive)
slimline avionics.

The O-320 is a bulletproof engine, and many run well past the 2000 hour
TBO if flown regularly. Every mechanic is familiar with them, so no
special issues there. Beware the muffler AD - those mufflers with more
than 1000 hours on them require compliance every 50 hours.

The electrical systems on these planes are 1930's tech. You will never
get enough juice out of the generator to power both the IFR panel and
the landing lights. The alternator mod is a good one.

Any more questions - just ask.

Michael