Simple answer: If the car is solid, no rotted out floors, the engine is sound, and it doesn't need a repaint, then what he's asking is a fair price whether it's an IROC or not. I'd still offer him $2800, with the intent of paying no more than $3k. That's most likely what he's hoping to get.
I had a 91 a couple years ago, and the paint on the hood was faded but still pretty good shape overall. The (water based) paint on these cars left a little to be desired. I hit it with my high speed buffer and it was ok. Then I wet sanded it with 2000 grit, buffed it out, and it turned out having a fairly nice shine.
If the clear coat hasn't peeled off that car, you can bring a shine back.

 

You Americans have such cheap cars :/ For a car in the kind of condition TIG described, you'd be looking at $7k here. At least.

What's the deal, you guys?

 

Maybe you have lower costs of living in other areas? That, or Canada just sucks all over!

 

No, pretty much everything costs more here. Even gas, and I can practically walk to the refinery where it's made.

But then, wages are higher, so that helps to balance it a bit.

Anyways I'm drifting off topic. I say for $3500 if it runs and drives good, it's worth getting. Any other issues than the major stuff (engine, transmission) you'll have to decide on your own if you're willing to live with, or put up the money/effort to fix.

 

If you ever get to FL please look me up. I'd be happy to share all the gas I can with you until you couldn't take any more ;-)