I'm looking at a new IAC Hawk 981R for $209 out the door.  I know that 870 barrels will not interchange without using a spacer, but I'd probably never use a different barrel anyway.
I've never had a Chinese shotgun... it seems almost wrong somehow... but the IAC Hawk 981 and 982 seem to have a decent reputation.  Plus, $209 out the door is even cheaper than a Mossberg Maverick 88 at the moment.
So... since I like the configuration and don't see myself going nuts with accessories, should I bite?  Or am I being penny wise and pound foolish?

http://www.iacshotguns.com/981Rpump.html

I've got the 982 version with GRS, after some light smoothing and polishing it's as good or better than an Express 870, I would say. It doesn't compare to my 70's Wingmaster, but you wouldn't expect it to either!

I put a Magpul forend on mine, and the special H&R/IAC 2 shot extension from Choate that is flush with the barrel and gives you 7+1. The forend needed to be sanded a little internally to fit the IAC tube. The magazine extension required removing the spring retainer divots in the mag tube, same as newer 870's do.

I have one that has become my beater. It has run flawless since I got it. It was a little stiff out of the box but I drenched it in used motor oil and after 100 rounds of birdshot and a good cleaning it had slicked up nicely. The only thing I recommend is to loc-tite everything on the rear sight. Mine shot loose after that 100 round break-in but was fine after a few drops of blue loc-tite.

Based on other Internet reports, I purchased a Wolff XP replacement mag spring but haven't had need to install it yet. I did replace the buttstock with a Magpul offering for the shorter LOP (personal preference, I have T-rex arms)

ETA- model 982 for me as well.

They're good shotguns, but you can find a used 870 for $209 if you look hard enough. I'd do that.
It may not be configured the way you want, but half the fun of buying cheap used 870's is in rebuilding them to be awesome.

I own a 982 and they are heavier than an 870 and rougher, but they run like a champ.  They take anything aftermarket for the 870, with the exception of the barrel.  I modded out my 982 quite a bit...Mesa tactical stock adaptor, side saddle, LE forend.  I sort of wish I would have looked for a used 870 just due to the weight.  I have a Howa 870 clone and it's probably half the weight.

981s/982s are stupid.

Stupid good, that is. They just plain work, and honestly aren't all that heavy once you get used to carrying one around for miles in the woods. Mine was my primary defensive long gun for over a year; it now serves as a truck gun and backup.

If I had it to do over again if spend a little extra money and buy an 870 or 590.

It is reliable but very heavy. I also had to rethread the nut that the stock screw inserts into. It was so f***ed up from the factory that I couldn't get any other stock screws/bolts to fit into. And I couldn't replace the nut either, the threads in the receiver were off as well.

I got one.  A 982 w/ the ghost ring sights
Never had a problem with it.  Most people who see it don't know its not an 870.

Eats whatever I feed it.  So I'm happy.

Last I checked (which was about 7 years ago) Freedom Group aka H&R/Remington offered warranty support for them. They should be able to get you a replacement Chinese/metric nut, if it's a gun they imported.

Around 2009/2010, they changed the ejector design to use a spring just like a real 870. The ejector they used prior to that would fail with some regularity. All the guns made since then have the 870 type ejector.

You can get a police trade in 870 for around that price.   You can get a nice 870 tactical on sale for $310-320 most of the time.  I would spend a little more money and get an 870 over a clone.

I got a Cabela's sale paper in the mail yesterday.  They are selling new Remington 870's (extended magazine, etc.) for $280 or $290 this Saturday morning.  I'm an Ithaca M37 guy and I'm still wondering, if for that price, I oughta go get one, or two???

Thanks, guys.  In the end, I didn't even get one.
A little after I posted this thread, I cruised by the local Dick's Sporting Goods on a whim.  They had the Remington 870 HD (model 25077).  Normally it was $379.99, but it was on sale for $269.99... and Remington had a $50.00 mail in rebate going on, so in practical terms it was $219.99 (which is the same price as a Mossberg Maverick 88 and only ten bucks more than a 981R ).  Yes, it's an Express.  Yes, the one piece six-shot magazine tube precludes using any other barrel.  BUT the one piece extended magazine tube eliminates a potential catch point for the follower/shells and I would never use any other barrel anyway.

I reached so fast for my wallet it was unseemly.

So far I've been pretty impressed.  It operates smoothly and surely.  The machining is smooth and straight, with no sharp edges.  My only ding on it is that firing pin strikes are not centered, but the firing pin hits just fine and reliability has been 100%.  It's cylinder bore (not improved cylinder) and buckshot tends to open up pretty fast.  For shooting past 50 feet I pretty much have to use Federal's LE13300 load (8-pellet 00 Buck at 1145 fps with the Flight Control Wad) to keep all the pellets in the chest area.  At about 36 feet (the only other distance I've tried it and, let's face it, is still long for a typical HD scenario), everything will shoot inside the chest area pretty comfortably.  It's actually smoother and  more reliable than the several new-production 870 Police Magnums I handled and shot several years ago.  Maybe (hopefully) Remington is finally getting a clue.

http://www.dickssportinggoods.com/p/remington-model-870-express-hd-tactical-pump-action-shotgun-6-round-15rema870hdxprss1spg/15rema870hdxprss1spg?&color=

As long as you're OK with not being able to use other 870 barrels, I have no problem recommending this shotgun at Cabela's sale price.  I think at about $300.00 or less it's a good deal.

You made the right choice! 
Just get a non-MIM extractor (about $15) and you'll be all set.

My 982, purchased a few years ago, had a milled extractor (non-MIM) have they changed that now?

I don't think so, but OP advised he purchased an 870 Express HD

Don't worry about the extractor I have run a bunch of rounds through my mim extractor 870 home defense and it shows no signs of issue

I've seen plenty of them break, so I won't trust my life to one. YMMV

They aren't used on Police models. 

Oops, I missed that.