I bought an Apache last summer to do just like you're wanting. Build "cheap" multi time. (if there is such a thing). I too, listened to all the people dog the Apache, and say the 310 was the better way to go. I almost even bought into a partnership on a 310. I had my planes of choice narrowed to the Apache, the 310, and my favorite the Twin Comanche. The Apache offered low purchase price, and low operating costs. The other 2 planes offer one or the other. With the 310 you can purchase one reasonably, but it'll eat you alive with todays fuel prices. The Twin Co. is a really nice plane with low operating costs , and excellent cruise speeds, but you'll be lucky to find one even with 2 timed out engines for less than 60K. Most are 80K and higher. But after about 6 months of searching, I found the perfect Apache for me. Not a cream puff, but also not a neglected pig (like a lot are).
Look for a plane that already has the mods you want done to it. This way the previous owners have paid for the upgrades and not you. There were several things I wanted in an Apache. First, it had to be a 160 hp (why even mess with the 150's), it had to have the new Hartzell Top Props already installed. You really don't want the hassle of the 250 hr AD on the old props. I wanted dual generators or alternators. I wanted the backup electric hydraulic pump. (hand pumping the gear up right after takeoff with an engine failure, is really something I want nothing to do with). I wanted decent working radios, and less than TBO engines. And all that at a reasonable and affordable price. That doesn't make finding a plane very easy, but I did find one eventually.
I found a 58 Apache 160, with alot of the Geronimo mods (extended nose, square tail, hoerner wingtips, dorsal fin, speed slope windshield), 400 hr Top Props, 1300 hr LE, and 400 hr RE, electric hyd. pump, dual alternators, Digital Narco radios, new interior and newer paint for less than 40K. Most people think their Apaches are worth more than they are, so alot of them stay for sale for a long time. I know of a couple that have been for sale for a year and a half. So be sure not to overpay, or you'll never get your money back out of the plane.
As far as maintenance, find an A&P who'll let you do alot of the work yourself. Being able to do my own maintenance is a huge savings. Most of those AD's have already been complied with over the years (but be sure to check this on a prebuy). As far as repetitive AD's, the Apache is no worse than any other plane in my opinion. I also found insurance rates were surprisingly better than I had hoped for. (much better than 310 insurance prices). My yearly premium when I bought the plane (with 700 hr TT, and only 10 hrs of Multi), was $2900 thru AOPA ins. agency. (this will hopefully drop even more now that I have some hrs built up in the plane). Avemco quoted me at over $4000.
I fly everywhere at 55% power, unless I'm going somewhere with a purpose. I average about 14 gal/hr, and I always use Airnav to plan my fuel stops. I also try to find other people looking to build multi time to fly with as much as possible. After everthing is added up, as long as I'm splitting time with another person, I'm building multi engine PIC, in a plane I own, for less than the rental price of a 172.
. Engine blankets work as a crutch in those situations.
