sounds like at $1200-1400 it may be a good deal cause you would have a decent budget for repair/restoration. the cracked dash would be a problem to fix so you may end up with an aftermarket cover.
jack point rust is pretty routine for these cars
it has a cast iron block and head. as for the trap oxidizer unless it is calif. version it does not have it.

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1984 300D Turbo - 231k....totalled 11/30/07 RIP