I agree that monetization deserves more attention. Sometimes a website has decent traffic but the owner hasn't tested different ad placements, affiliate offers, lead generation, or other revenue models. Improving monetization can increase the site's value without needing huge traffic growth.
 
One mistake beginners can make is focusing only on the asking price. I would calculate the actual monthly profit, estimate the work required, and consider how long it might take to recover the investment. A cheap website isn't necessarily a good deal if it requires hundreds of hours of work.
 
I would also check whether the traffic is coming from pages that can realistically be improved. If most of the traffic comes from one temporary trend, I would be careful. Stable traffic across multiple useful pages gives me much more confidence.
 
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