Thanks for all the input. I made an offer to buy the car at $2,800. However, before I could get down there a day later, he had sold it for $3,200. Lots of good points made about other costs, other than the engine that needs to be replaced. Some of hem obvious like clutched and other related maintenance items, and others that are more hidden or can only be tested under operating conditions.
I had heard that if a car makes it to "high mileage" status, the chances of the IMS failing were a lot lower, than a car with less than about 60k. If it was going to fail, it would have more than likely failed by then. Naturally, this is not gospel, but more of a "rule of thumb".
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2002 Boxster S 6 Speed
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