Thinking about buying a 94-95 5.0 and need some help

hi, im looking for some advice on buying my next mustang. I bought a 95 gt when i was 16 and sold it after owning it about a year and have regreted it ever since. I am now saving to buy another 5.0 for a weekend toy and maybe drive it to work (80 miles round trip only 3 times a week). Im not looking to spend a lot on one right now and most of them in my price range have high miles so im wondering if i would be better off to buy a higher mileage car and run it till it quits and rebuild the motor or save to buy a lower mileage car? I found a 95 with 175k miles, 5 speed, 24lb injectors, 3.55 gears, long tube headers, h-pipe, bbk fuel pump, double roller chain from FRPP, and ford racing b cam, he says that when he put the timing gears in it he somehow got metal shavings in the oil pan so he changed the oil and after running it for a few days it lost oil pressure and he parked it. he said the engine had been rebuilt 3 months before this happened. He says he's going to take the best offer he can get. Does anyone have an idea of what the car is worth? I know it probably need a new engine or a rebuild. I put new heads on the first mustang i had and it wasnt to bad so i could probably do alot of the work myself. I'd appreciate anybodys opinion! Thanks in advance!

Im not really looking to go over $3,000. I've seen a few mostly stock 5.0's around here with 125-175,000 on them for $2500-3000.

I think i can get the car for around a 1000. the guy said he will take the best offer he gets and if he cant sell it he's gona haul it to the scrap yard in 2 weeks because he's moving and has nowhere to put it. If i cant get this car i might just wait it out till winter and try to find one. It seems like theres usually a big price drop since mustangs suck in the snow and ice.lol I sold mine in Febuary a couple years ago for $5400. I had alot of mods done (heads, cam, intake, gears, roller rockers, full exhaust, cobra rims) and it only had 86000 on it when i sold it. The guy i sold it to called me a couple weeks later and told me it dynoed at 310hp and 400 ft lbs of torque. I hate i ever let that car go.