no start, no check eng light

I am looking at an '89 talon, non turbo, DOHC 16 valve. I'm trading a 528e for it. But, when the key is turned on, there is no check engine light. It will crank but not start. Supposedly, it has an extensive factory alarm system, and there was some talk of a "coded key" for the ignition? I want to get the car as a project/mile hog so as not to run up my m3, anyone ever heard of this problem or had it happen to them? Help would be greatly appreciated. Thank you.

Oh yeah, one more thing. The check engine light comes on sometimes, and it will run then. But thats about every 1 out of 100 tries. Thanks.