If you take the time to fix the problems, it sounds like you have a good car. If there were no known engine/trans/drivetrain problems, then I'd say you got a steal. My first car was a ford ranger that the dealer sold me for ~$2000 because the engine didnt run well. A couple hundred dollars later after I bought a new coil pack, I had an excellent running truck!
You got any pics of this thing?!