OK truck, but where are the pics?? It has no factory lockers...so, to make it capable, you need to buy aftermarket locker(s). Remember, this truck has true open differentials...no traction control back then. In addition, this is an "old" truck with plenty of miles. It is nice that it has a new engine 120k miles ago, but the rest of the truck is 218k miles old. And Toyota or not, an old truck requires maintenance...lots of it. In other words, this has a potential to be a big money pit. If you like to do stuff yourself and are handy with maintenance, then this may be a good buy. However, if you refer your maintenance or mechanical fixes to your local dealer or garage, then this is may be an investment you regret later on.
IMO, i would save your money for a good looking (& well-aged) TLC80 with lockers, but that is exceedingly rare to find......or get a 3rd gen 4runner in good shape with either rear locker or TRAC and multi-mode 4wd (1999 and up). If you're looking for an off-road monster to build up, then get a used TJ Wrangler +/- Rubicon. I would bet that the maintenance of a TJ Wrangler is less than that TLC80 with 218k miles. (I think that you're a pretty young guy still in school, right? If so, then i would definitely save up my money for something else.)
My opinion.