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I guess it all depends on how you feel about getting really greasy...
I bought my 87 745t for $900, knowing there were headgasket and other issues, however the body and interior were in great shape, with good rubber and brakes; she really seemed to be a "keeper". Now with about $1,500 total invested she has really come together, and I am satisfied with the results, product of little money and lots of knuckle skin.
One thing to consider is that on any brick approaching 200k miles there are going to be issues, some things may have been repaired/replaced many thousands of miles ago, while other maintenance items are sure to rear their little heads soon or sooner... My take is that if you fix it all yourself you know that is all new and done right (hopefully); a thorough going-through can make for a very reliable and tight machine. The prime caveat here is that you balance what you KNOW is wrong with the car, along with all the things you may not, against the price of getting something without obvious flaws, and all the un-obvious things that come with that situation. In either case you will most likely end up fixing some unanticipated items. You don't want to end up with a money pit, investing much more than a nicer brick would have cost, just to keep/get the thing on the road.
Ditto on reading the FAQ's on used brick issues, there are some specific to the -87, like the wiring harness. Engines on the 89 and on models also benefitted from some bottom-end redesign and are rather more tolerant of horsepower increasing mods than earlier models.
Also, if you are so inclined you may have found a prime candidate for a V-8 conversion :-).
Good luck,
Shifted
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'87 745t 205,000
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