Having just bought one, I agree with Steve. If your motive is wanting to have a mechanical project nad don't want any return on your investment, you have a great candidate. If you are considering the purchase because of the low entry cost, it will be more than made up in parts costs.
I really like the body style and power and tend to agree with all that Steve said. If this is the type of car you want, I suggest that you spend time shopping around and buy one in good to very good shape. You can then spend your time tweaking the little things at minimal cost while enjoying the drive. Patience is the key to buying the right car. I would also suggest that you take every opportunity to test drive any and all cars of this make that come available in your area. That will establish a baseline on expectations and help you figure out if that is what you want. If heaven forbid my car ever needs a major component like an engine or transmission, I will probably just buy a parts car and swap the engine.
My post decribing my purchase will be entered in the Vintage section tonight and possibly a second in the general section under "40 hour work week".
87 300TD, 160,000 miles
72 280SEL 4.5, 250,000 miles