New to the forum, but have been following for quite some time. I've done my due diligence when it comes to entering the world of W123, yet still have difficulty pinning down reasonable valuation when buying a 300TD wagon.

I have been looking for a while and come across a local (CA with trap oxidizer) 1985 wagon with 300,000 miles on the odometer. The buyer is asking $3500 (down from $4500) and has had the following recent work done:

1. Rebuilt driveshaft
2. New vacuum pump and lines
3. Glow plugs and timer relay
4. Radiator fan clutch
5. Transmission gasket
6. Rebuilt brakes
7. Turbo rebuilt
8. Fuel pump & lines

The overall condition of the car is decent. Paint is ok, clear coat peeling on the roof and bubbles in a few spots here and there. The only ding is in the driver's side fender that could be easily fixed if I have the paint done. It has some rust spots, and one bigger hole in the spare tire well where it looks like water had collected after leaking through the antenna seal/mount area (which is also rusted). Also light rust around the bottom of the doors under the seals as well as sunroof channels, but the interior is quite good, the only tear in the MB Tex being in the driver's armrest, with good carpets that have been well cared for. All the door panels are smooth, wood trim is 95% perfect. Sunroof works great, both rear windows do not, AC does not work, radio does not work, antenna does not work. Rear hatch, however works perfectly! And even though previous work was done to the vacuum system, auto locks don't work.

I took it to a classic Mercedes specialist to give it an inspection, and it got the mechanical seal of approval besides needing alignment, the previously mentioned issues, and a few minor things that I can sort out pretty easily. I should mention that while I'm no mechanic, I enjoy fixing things myself and like to learn as much as I can about my vehicles. Anything important I leave to the professionals.

Being in California, these cars go for a premium, especially the wagons. I was thinking of offering $3000, but not sure whether that is reasonable for a wagon in this condition with this mileage? I know it's a labor of love and will be a project, but I'm mostly concerned about the cost of fixing the rust and paint before it gets worse.

Thanks for the help, I'm looking forward to getting deeper into this forum when I do buy.