Looks like a great machine for the price. Original paint in that condition tells me it's been stored indoors and has low hours, and it was taken care of. You could buy a tractor 30 years newer that is a much bigger project and much more difficult to work on. These old models were really simple...
rScotty has hit the nail on the head with his priorities. Power steering, Good 3pt hitch because you'll want a heavy implement on the back (ballast) to get the most out of a 2wd tractor. But, if you're ok with doing a little wrenching, it's an easy job to rebuild the rear hydraulics. That's...