'86 w/ 300 I-6

I'm looking into buying this (see title). it has approx. 120k miles, good a/c, rebuilt carb, and new: water pump, tires, clutch cylander (?). Trans is 4 speed on the floor. Body is in fair but very faded condition, no real dents or anything. Tail gate latch is broken, inside of tail gate is removed. Looks like your typical work truck. As I've never bought either a truck or a Ford before, and the seller hasn't given a price (just says "what'll you offer") my questions are:
1) is this a good truck/engine/trans?
2) what are the typical repairs?
3) what would be a good (for me) purchase price?

Thanks for any help/advise in advance.

JD

Is it a 150 or 250?
(1) yes the 300 I-6 is the heavy duty verion of the 240 I-6. They'er a tough motor to kill and it's good for hualing and pulling stuff like your step dad's semi when he forgets to make sure everything is turned off an drains the batteries so you have to pop start it. (2) Normal fuilds, body work, between 150-200k the timing chain and gears will need to be replaced. (3) I'd try $850.00 dollars for starters. (4) have you drove it ? how does it responed? any leaks? any strange sounds? and check the fuilds!! The motor is a good buy get the numbers off the trans i'll check it to see if it's the same as mine. I have one of two four speeds used for a two ton dump truck.

I owned one for 15 years, A wonderful truck, good mpg and reliable. Having said that it does have regular maintenance needs and what I call "old truck" stuff that I have attended to over the years. Rusted brake and fuel lines and both rear leaf spring hangers at the back rusted and broke in 02'. I loved the truck and just kept fixing it until my wife said it was too much of a eyesore and would I please get my self a new one. No problem, I sold it for $850 and bought a 96 that I have had for 3 years now and absolutely love.

Some interesting 86 F150 anomolies: Hydraulic clutch actuator, weird engine fan attach/remove procedure, Lots of electonics but no FI.

I natually think $850 is a good price to begin and on up to maybe $1500 for good condition, low miles etc.

Good luck!!