That one looks pretty much like the TO35 my hunt club bought last year for $1000. Ours runs ok, the clutch, gears, and PTO are good. The biggest problem we are having with it is the lift works sometimes, and sometimes it don't work. We are gonna get serious with it in the next couple weeks and see if we can tell what's going on with it. Ours didn't have PS so one less thing to go wrong lol.
The one you found for $1500 sounds like it could be an ok deal for the mechanically inclined, but for someone not knowing much about tearing into tractors the smart thing would be to pass on it. There are just too many others out there for sale that need less work for not too much more money. Be patient and you will find one.
I have to agree that unless you do the work yourself you probably would have more money than buying one that is in good shape. I just sold my MF 135 with a FEL that I owned for 10 years that was in pretty good shape with no mechanical problems for $3500. The 135 is basically the same tractor as the 35 just a new model. You see a lot of 35 and 135 for sale in the $3,000 to $5,000 range that are in good shape. The funny thing about my 135 is that I bought it 10 years ago for $3500 and then sold it for $3500. THey do hold there value. I did put some money in it in 10 years but not very much.