Should I get this??

I was driving around my old neighborhood where I use to live and came across a mustang for sale. The guy was outside so I stopped to take a look. It's a 1990 GT, has the 25th anniv. badge on dash. The sticker on the inside door says it was built late 1989. I've been looking for a 89 GT, so I thought this was close enough. He is asking $1500.

The info is: 180k miles, clean title, 5 speed, original owner(wife driven). Paint is oxidized on roof, hood and trunk, paint chipped above left rear wheel well, its in primer(he said his wife took it to the snow and she put the chains on wrong and they chipped the paint). So, for sure needs paint. Rear bumper has a crack in it from the bottom to middle(so needs work or a cobra bumper). Front side ground effect is cracked as well. Windshield is cracked(should be replaced). Car does run but he says it might be down a cylinder but hes not sure, he has to add oil every 2-3 weeks. Didn't notice any leaks. I took it around the block, it still had some jump to it. For the price, it running is always nice. Front seats have stains and small rip on one. Back seats are nice but I was gonna delete them. Rest of the inside just needs some good old scrubbing.

One concern is the check engine light is on, not sure why? He said it passed smog- its registered till February 08. I haven't made an offer but I asked if he was negotiable and he said he was pretty firm on the price. I did talk to him about all the stuff it would need, so maybe I can talk him down. I have no idea what is wrong with the engine but at least it runs. What do you guys think??

Didn't find any rust. As far as I know, tranny has never been rebuilt, it did shift ok. He replaced the clutch a year ago... Body will need two ground effects, rear bumper, and paint. Seats have stains, one minor rip, they just look gross so thinking maybe some black summit seats eventually. I figured the engine running was a plus considering I was looking at an 89 not too long ago with a blown motor and had some body work done to door and quarter, also needed paint. Compared to the 90 that just needs plastic ground effects/paint. Im graduating in two weeks from college, my parents were going to give me some money to pay for the car or to start an engine build for my 93 gt. If I got the 90 it would be an ongoing project, my 93 would remain my daily driver for now. I think the highest I would offer is $1k.