Thanks again for all the replies.
There are many many ways of looking at this deal. And a lot of the decision will come down to the "actual" condition of the unit vs the seller's impression.
The unit is fairly priced according to NADA but condition will trump the NADA value of course. And from what I've seen, west coast prices on HTT are in excess of NADA values generally (sometimes substantially). As an example, I just missed a 2009 that they were asking $2k above average retail, $4k above low retail.
And Chuck is right. Putting $5k into a $5k trailer still equals a $5k trailer (well, perhaps a little more in CA).
But there is simply a cost of ownership that has to be factored as well. If I can keep my improvements around $1000 for every year of ownership then this should work out fine (and be well under the average yearly depreciation)
Another perspective is that my initial purchase price is about equal to the 1st year's deprecation on a brand new unit.
So, I think I have enough info to make the 3 hour drive to go inspect the unit. If it disappoints then its back to the drawing board or maybe a trip to RVW.
Either way we hope to be in a HTT by spring at the latest.
Thanks again!