I agree with mjohn. Don't pay less than $2500 for a 914. I payed $5k for my 914 about 5 years ago. I went through the PCA (Porsche Club of America). Assuming that you're here in the states, that's a great place to get reliable cars and also make friends that can help you out. I do not reccomend purchasing a car off ebay. My friend had some serious problems with ebay and a mustang.
Stock brakes usually don't have problems. Tranny might. Take the car to a good mechanic - assuming that you aren't a good mechanic - and have it checked out. It's well worth the $$.
Also, my auto insurance company was able to give me a better rate because I convinced them that my 914 was actually a VW. Surprised? Don't be. *story time*
The 914 was introduced at the Frankfurt auto show in September 1969. As 914s became available to buyers in Eurpoe shortly thereafter, the cars were badged as VW-Porsches with VW emblems on the hubcaps and the Wolfsburg crest embossed on the steering wheel hub. They were sold through VW-Porsche dealers. When the cars came to the US in early 1970, they also were devoid of any Porsche emblems, although this was the only country in which they were sold through Porsche dealers. The word 'P-O-R-S-C-H-E' was carried on the engine lid grille and a subtle Porsche crest replaced the VW coat of arms on the steering wheel.
The VW masquerading as a Porsche issue was further confused by the PCA. The PCA has a strict set of rules as tto what constitutes a 'Porsche' to determine if an owner is eligible for membership. You must own a Porsche to be a member. There was no question as to the pedigree of the Porsche factory-assembled 914/6 with its 911 engine, but a strong debate raged about the VW roots of the engine in the 4 cylinder cars. Conveniently forgotten by those opposing the 914 was the orgin of much of the componentry in the early 356s. All 914s were eventually deemed acceptable for PCA membership.
Tell Geico it's a VW mascarading as a Porsche, therefore you have to be given VW rates. He/she will be thrown, but they can't argue with you.
Didn't mean to ramble on there, but I figured it's worth saving $$.
Have a good one.