Sounds like a decent deal. I would have a mechanic check it out to make sure. You don't have to worry about the automatic transmission going out, which is the weak point on most Mustangs. 

You might get a bit more pep from the V6 than with the automatic as well, since you're not powering a transmission pump. 

I'd have a mechanic check it out before you buy it. The V6 in that car is the big V6 option from the Ford Ranger of that era. It gets up and goes for what it is. If you're into modifying cars, my step dad got one of those up to around 270 horsepower. 

It can be a great car for daily driving, have a mechanic look over it for sure though. Just dont expect to beat anyone if they try to race