I think you got a great deal. assuming the "clean bill of health" from the mechanic included a compression test and the car passed with 400psi in the pots. how is the blowby? how is the acceleration? transmission shifting well?
you don't mention interior condition on your new purchase.
are you going to effect the repairs yourself? are you going to tackle the a/c first and let the rest go slowly as your learning curve grows?

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John HAUL AWAY, OR CRUSHED CARS!!! HELP ME keep the cars out of the crusher! A/C Thread
"as I ride with my a/c on... I have fond memories of sweaty oily saturdays and spewing R12 into the air. THANKS for all you do!

My drivers:
1987 190D 2.5Turbo
1987 560SL convertible
1987 190D 2.5-5SPEED!!!

1987 300TD
2005 Dodge Sprinter 2500 158"WB
1994GMC 2500 6.5Turbo truck... I had to put the ladder somewhere!