Here's what the PPI revealed:
- Left front seat bottom spring broken (this one I knew about)
- Shifter bushings gone, shifter loose
- One country horn inoperative
- Blown suspension spheres at the rear
- Front shocks worn out
- Cylinder head gasket leaks badly on left and to some degree on the right, too.
- Power steering box leaks badly and has damaged caster housing bushing
- Transmission front pump seal leaks and perhaps secondary pump there, also.
- Pipe just before left center muffler rotting through
- Sterring shock worn out
- Electro-Hydraulic actuator of the fuel injector leaks
- steering pump and low pressure hoses leak
- Front pads almost worn out
- Spark plugs worn but doesn't show evidence of oil burning
- Wipers streak, washers need aiming
- Noise through speakers when operating electrical components
- Wheels need balancing
- Alternator and Power steering belts badly cracked
- Fuel pump cover falling off
"Overall a car in need of much and soon to be unreliable."
Ha thats nothing!

These are old cars my SDL still has a list that long! They are all going to need a bunch of work. Most of those things in the list are cheap and simple. Some are not! I would offer $3k and with the other $2k you can go over it. Some of that is stupid stuff like streaking wipers that isn't even list worthy!
Then again I have a high tolarance level after having been around these old cars for awhile! Keep up the search you will find one!
Inetd is right I have looked at dozens of W126's and they all need work. I have yet to come across a W126 that didn't need much.
I firmly beleive these cars should be a fun hobby first and a car second.