Bought a '72 Arrow II 10 yrs. ago and used it to obtain my (and my wife's) instrument rating. We then traveled the west coast extensively; it made for a good trip and a stable IFR platform. Had some issues related to the overhauled engine at first; essentially had to repeat the overhaul but that was due to the seller's choice of shops back east and not the aircraft.
It is economical (plan 10.5g/hr. 60 degrees rich of peak cruise), annuals about $2K if no AD's of note. Watch for AD's, I had my prop/hub replaced 10 hr. ago (6K+) and gear door strut work (3K) the past 2 years. Yes, like any older aircraft, you put $$ into it (most steam gauge instruments overhauled, new interior, headliner, plastic, etc.) but it makes for a safer, more comfortable aircraft.
It's time to sell mine, bought a turbo Comanche and can't justify or fly often enough, two aircraft. Let me know if you haven't found a mechanically good Arrow yet. In Central California.