What look for?

[Hotshot]

Out of nowhere, a house half a mile down the road from me has a claret '92 SVX with 165,000 miles up for sale, and I am quite tempted to get it.

Unfortunately, the car looks like it was beat on a little bit. There are a few dents and cracks, and plenty of paint chips, but overall the exterior looked pretty nice. No rust or anything

The interior looked like it could be restored with a little cleaning, though the stock radio is in need of replacing.

I took it for a spin, and the engine seemed to pull strong, and the tranny shifted like it is supposed to. I also went to a parking lot and tried turning several tight circles to check for torque bind, which there was none noticeable.

On the bad stuff:

Not only were the tires mismatched, but so were the wheels! left rear looked like it was from a eagle talon, and all the rims were beat up. Says he has the other rim missing from the set in the trunk, and that he has the stock wheels for it though, which I would definitely want instead.

On the test drive, I noticed that the ABS light is on. What does that mean?

also has a minor exhaust leak, and the engine seems to have a tic to it, maybe a lifter?

The best part about it is probably the price. He was asking 1500$ for it and another parts car, which he said was complete except that the eninge had blown head gaskets and front end damage. I didn't get to see the parts car.

Also a fishy story about it. He said he sold it to a friend, who drove it for about a year and then sold it back to him. not sure what else is going on there.

also forgot to add that there was an unidentified noise coming from the front of the car, possibly a wheel bearing.

Well, any ideas? Is this a good deal or a mechanical nightmare?