Check and see if it is holding antifreeze. That tends to mean no rust flakes to deal with and the water pump is okay. Loosen the oil drain carefully until something drips. If no antifreeze drips-- if the engine will turn with the crank, if the above checks out, its worth $1500.
Other pluses include decent fenders,-- no cracked block behind the intake manifold--good paint--a wide front--useable tires--hydraulics.
If the cooling system is not holding and shows flakes in the top, cut the price to a grand.