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Advice on a possible purchase: '87 740 wagon (non-turbo) 700 1987

From a second owner, 202,400 miles. Body is in OK shape, interior fair to poor (cracked seats, dash, headliner gone, door panels need work etc.)
Engine accelerated fine, brakes seemed OK, transmission was strong.
Concern: Engine was dirty, a lot of oil pooling at the front of the engine block.
The seller is asking $1500 and I'm handy with tools and a manual but new to Volvo (actually anything non-General Motors). I want a reliable, safe car for the wife, 3-year-old and dogs, and something I can do maintenance and minor repairs on the weekend, but nothing real major. Money is tight.
Advice? Things to check with another drive or walk away now? Yes, but don't pay more than xxx?

All help or advice is appreciated in advance.






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