Due diligence NOW more than ever

This is only for noobs and newbies: With sites steadily dropping in ranking and their place being taken over by big brands after the payday algo change, I'd suggest you'll be very diligent when buying websites.
1. Look at the Keyword rankings.
2. The potential traffic that those keywords may be producing.
3. The design of the website...the social signals (Is it well shared and are there comments?)
4. Watch out for the demographics and how effectively can you monetise it. (Hint: Don't go for a website which can be monetised in one way only.)
5. The legal aspect of things (If its a brand name or closely replicating a brand. Hint: They may have recd. a cease and desist letter and maybe looking to make a quick buck)
6. Most importantly (How long have they been making money on the site and how are they making it?)
I'm sure other pro's can add more points here. My main point is that many sites are loosing traffic to big brands after the update and there could be a trap laid for you even if the site seems to have done well in the past.

Now more than ever there will be sites loosing rankings and owners waiting to make the last buck by selling sites which are going down. Be careful with the stats produced. Better safe than sorry.

Maybe you should include specifics to look for on a website before you buy it to make this post useful. "I'd suggest you'll be very dilligent' does not guide "newbies" in the slightest bit

For one, you should ask for a longer history of traffic/revenue so you can identity a trend. A single month's stats might look great, but if it's on a downward spiral you won't be able to see it.