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Timing belt and water pump come to mind. Ask for maintenance records. How's the undercarriage/frame? Is it rusty -- indicating it sat outside a lot? Looks like a good truck, but there's definitely room to wiggle there on price. Here's a local example of about the same truck -- though this is private party sale. MN and Indiana I'd argue are similar markets for this type of vehicle...

2007 Toyota 4Runner Sport Edition V8

I should think you could get $1K+ off at least, and that assumes all of the scheduled maintenance is done like the timing belt and water pump.
 
2008 Toyota 4Runner Utility 4D Sport 4WD Prices, Values & 4Runner Utility 4D Sport 4WD Price Specs | NADAguides

Seems like it's a good price. However, there could be a reason it's that way.
The timing belt should have been changed at 90k, if it wasn't that's could be a problem. If it was, it would be due to change in another 20k, and it's not cheap.

You should run the VIN on the toyota owners website, to see if there are any maintenance records.
Obviously, it should drive well, with no noises etc. Check the brakes and tires, rust.

I'm sure others will post with their thoughts.
 
Agree with both answers above! If it's mileage scares you, but seems to be well kept... Mileage isn't a problem with these v8's ... There are a few guys on here with high 400k miles on theirs and still trucking!
 
Wouldn't worry about the mileage too much, as others have said. Without looking at the ad, does it have a tow package? If yes, I'd be worried about what shape the wheel/axle bearings and the diffs are in. Couldn't hurt to pay a reputable mechanic to do a pre-purchase inspection
 
We paid $15,300 for an '06 with 121K miles 2 months ago, in about the same condition, so the value is probably about right. Timing belt had been done at 90K. You can figure about $1200 to change the belt, I think, so that works out to discounting the truck about $.13/mile since the last timing belt change.

Rust isn't usually a problem in Colorado, but you certainly need to look carefully in that regard for a Midwest truck.
 

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