Looks like a good car, it's definitely getting harder to find one in decent shape. I'd get some good underbody pictures before you get too serious, though.
The 5 lug conversion is nice to have out of the way, since it says it's a '04 conversion, it'll have 4 wheel discs. If they swapped the rear axle out of an '04, it'll be a non-stock width.
It has an aftermarket exhaust, which is typical on Foxes of that age. It has a cam, but no upgrade to the intake manifold or heads. All three mods (Heads/Cam/Intake) are typically done at the same time, so it's a little strange that just the cam was done.
The A/C problem will be a pain, as this car will have R12. 5.0 Resto sells the conversion kit to R134a for ~$700. I'm sure you can do it cheaper, but if you want to hang onto it for a while, it probably makes sense to do it right.
Given that it doesn't have a full H/C/I setup and working A/C, I think that his asking prices is a bit high. I'd look at more like $6-7K, unless it looks just as good in person as it does in the pics (which is very rare).
'97 328is | '05 Odyssey | '06 RAV4 | '06 Dodge RAM 1500 QC
