Would you buy a 92 Corolla for $400?

I'm asking this because that is what I am considering doing. My current 93 Geo Metro is annoying me, hood flew off, I almost put my knee through the fender because it's so rusty, motor only runs on 2 and a half cylinders, brakes need replacing, and so on, so I'm going to sell it. I was out scoping out cars and I saw a 92 Corolla LSX for 400 bucks. The body is in fair shape, it has a few small holes that could easily be bondo'd, it looks like it needs a tire or two, but other than that I couldn't really see any problems from the little lookover I gave it, however I couldn't hear it run or see how it drives because the owner is out of town, and won't be back until sunday. The odometer reads 163000 kms. The interios looks pretty clean, no immediately noticeable rips, stains or other damage. Suspension looks to be in OK shape, shocks or struts or whatever don't seem to be worn too badly. This car has an automatic, I didn't notice whether it was a 3 speed or 4 speed. It's got the 4A-FE engine under the hood. I know Toyota's have a reputation for exceptional reliability, a friend of my parents had an older Tercel, and it had over 400000 kms on the original motor and they hardly ever did a lick of maintenence to it. It was still running good when it involved in an accident. So anyway, what do you knowledgeable people think? Is the Corolla worth it?