I would add another thought to your mix... if you are seriously thinking about adoption of a horse in need rather than purchase of a horse...
If you are familiar with the menopause drug Premarin, (made from pregnant mare urine) there are many many adult mares and weanling foals that are side effects of this 'industry' and are put up for adoption if they are lucky. Many are papered, but some are better handled than others, so again, it depends on your skill level whether you would be better buying a horse or adopting one of those. But like the horses off the track, they are deserving of rescue to good homes.
Is that an indoor arena?