buyin'an '82 88 Royal, what am i gettin into

me and a buddy are about to buy an '82 Delta 88 Royal. theres a new engine in it, its from a buick and its a V8 4.7 (i think its a 4.7). the engine is only got 25k miles on it and the car itself has only been driven for 75k miles. the body looks pretty good other than a few minor dings and rust spots. anyways, the idea for this car is to be a project vehicle: engine work, new wheels, paint, interior, sound system, maybe even some hops. has anyone done anything like this or does anyone have any info that might help us?

the car is only $500 and it still runs, so i dont think its a bad deal at all. hit me back with what you all think about this