You didn't mention mileage or asking $$

It's a sleeper, but parts are expensive and sometimes difficult to get being a Volvo. 

Im not sure how reliable they are but it does look like a sleeper. id go for it.

but it could cost alot of money if stuff breaks due to it being a volvo

I think @mod_man would give you a better answer, but it makes no economical sense IMO to put that much money into a Volvo from 2 decades ago. Also, even though its a sleeper make sure to have a mechanic check it out for things like oil leaks. You don't want to put 10 grand into a money pit.

They are cool cars and pretty well built. Just make sure that can get parts for them since Volvo didn't sell a ton of those S60 R's.

They are good sleepers, but just as everyone has said parts are scarce and, therefore, expensive. 

I would have it checked out thoroughly. If you have deep pockets you can make it a runner, but if you're thinking of modifying it and expecting costs similar to Civics/Camaros/Mustangs, think again. It will be much more expensive.