Worst case I see on this airplane is for the bottom end to need repair due to a crusty cam or crank, or perhaps one of the cylinders has started gathering rust. The TSMOH is so low, you could do either the worst case bottom or top overhaul as a repair and dodge the expense of an overhaul. Maybe you're looking at a worst case repair of up to around $4500, if you did none of the work yourself.
I'm thinking that if the worst case were to happen, you'd still be okay given the initial asking price. However, central Texas is not that horrible an environment to keep an airplane (hot and muggy during the summer, but not near the ocean). So, I don't think the worst case is that likely.
Cessnas are not going to drop value any more due to the economy. Other makes can, but Cessnas are still in demand around the world as trainers. The worse the dollar gets, the more attractive they are for export.
I sold a much worse looking plane this last July for $15k, so I'd jump on this if you're shopping. Tickets on AA from IND to DFW are as cheap as $139 each way. Do it.
