Although probably ran down, for 1000 dollars you bought one of the best all around 240's in my opinion. They have more than adequate power, are very versitle and distinctive in design, and have most of the modern power conveniences. One owner examples in excellent condition might pull 10 times what you paid, because the owner has maintained it and put money into it.
However, it is also one of the most expensive 240's to maintain. They all have charactoristic stuff, some of which you mention like wire harness', cats breaking, rear bushings. Also prone to typical 240 woes, like oil leaks, electrical widgits, power window switchs and so on.
Maintaining them is definitly a challenge, but most owners will tell you that they would rather put a few bucks into the car they know and love than have a payment. Good used parts are plentiful and relativly cheap, Volvo and the aftermarket still supply most everything you need to keep it in good shape. Nail the big stuff first, then whittle at the little things that bother you most.
Good luck