Help on value

I am looking at a 1986 4Runner. I need help determining value. This is not a classic or show room truck. The frame appears solid. The rear wheel panels are rusted through. The rest of the body has surface rust and paint is very rough. Current owner says he daily’s the truck up to 70 miles a day with the top off most of the time. 22re 285,000 miles. Says the engine was rebuilt and has about 50,000 on rebuild. Description says Crowley cam, LCE head, 4 hole injectors, pace setter headers. Marlin 4.7 gears in the transfer case.
From the photos the dash looks nice and crack free. Appears to be original interior in decent shape but all carpet was pulled. The rear glass is gone. My goal is a daily driver that stays in town only and cut and weld to repair body rust, then new paint.
Long story short, it's a rough looking, running and driving high mileage 4x4 with performance upgrades. They are asking $5000 I don't think paying anything over $2500 even considering the "performance upgrades" thoughts?

 

Interesting question. Can you do a lot of the work yourself? It looks to be a beater that can be rescued but only with time,money,work. If you can work the price down at least a bit it might be worth it. High miles, plenty of rust,etc. $5K sounds a bit high to me.