The C5 Corvettes are good cars that are fun to drive. I owned them in the past and still have a few around. I also work on Corvettes all the time, though nowadays everyone wants their C7 modified for some reason.

At any rate, with your short distance of travel mileage will not be a concern. I would, however, get a battery tender for it as those short trips are not going to be enough to charge up the battery. There are a ton of electronics in those cars and they can eat juice pretty quickly if you just do short trips and nothing else.

Another thing you may not have considered: ground clearance. Do you have rough roads or any inclines in your commute? A steep driveway at home? C5's naturally sit low to the ground, so it is something to consider.

@DayWalker is an excellent source of information on these as he owns one as well. He is correct that you'll want to expect higher repairs than what your comparable Mustang/Camaro will have. I can put exhaust on a Mustang for about $400. On a C5, even a base, it's more like $2000 because you have to remove so much stuff to get to it. It's like the clutch replacement....anywhere from $2000 - $2500 clutch kit only. They are a pain to work on, but a joy to drive when they are working right. 

Be very careful and have the Corvette you want inspected thoroughly, preferably by a mechanic familiar with them. They can go over the laundry list of items to check before you buy someone else's problem child.

See below by our performance expert Mod_Man:  it’s C5Z but also applied to a regular C5

https://carkiller.com/scottykilmer/qa/what-do-you-think-of-the-c5-corvette-z06/#post-46172

I actually own a 2004 C5 coupe with the reliable LS1 engine (and with manual) and I am the second owner with currently 43,500 miles on it.  But it’s an occasional weekend vehicle and the only issues I’ve had from 13,500 miles (when I bought it) to now is failing window regular motor and leaking magnetic shocks.  I had all those fixed by my mechanic and they were not cheap.  If you need a new clutch you are looking at >$2,000 - I don’t need one yet but the whole torque tube and bottom end has to drop down to replace it.  I’ve been lucky not to have any of the issues Mod_Man listed but others have had it.  Owning a C5 is not cheap nor for the faint of heart:  maintenance and repairs are more costly than owning a Camaro or Mustang and you pay Corvette tax on everything if you have someone else do the work for you.  As with any performance car, you should be into it and learn as much about how the vehicle works and try to do as much as you can yourself (if mechanically inclined).  You should also be prepared to spend a few thousand dollars here and there for repairs over time - if you can’t do that, this is not the car for you.

I recommend it over a C6, C7, and C8 as it’s less complicated and more reliable (some people can get >200,000 miles out of the C5 but that’s on the LS1 engine), but I would think twice about making it your daily driver.  Let me know if you have any specific follow up questions on the C5 and I will do my best to answer.

I will leave with a final word from Master Mechanic The Car Wizard:

https://m.youtube.com/watch?v=kFfMU2NoZHA

It would be a daily but I would drive short distances. I’m talking 4 to 8 miles on average. My main concern is reliability I know the ls1 is pretty reliable but most of the cars I find have 80,000 miles to 100,000 miles and I would get the 2001 to 2002 so I can avoid the magnetic shock repair.

Since you plan to put 20,000 additional miles then you should be fine.  You didn’t say manual or automatic, but if manual and it needs a clutch then that will be the big expensive ($2,000+).  You can also avoid magnetic shocks to avoid costly replacement.  Be sure to have an independent, honest mechanic similar to Scotty with his fancy scan tool thoroughly check them out before you buy.  You don’t want one that’s been thrashed and a good mechanic will be able to spot all those issues.