[Dave L]

5k seems steep but more details are needed, year, mileage etc.

With a price of 5000 and 2500 to bring it to driveable condition it definatly puts it on the high end. If he is the original owner he surely knows the cost of the waterpump timing belt service and I would hope he would price it right. I would let him know that the cars needs $2500 in service to put it right as you intend to keep it in as great a shape as he has. I dont think you need to offer $2500, just let him know that it needs $2500 in work and ask him what the best price he can give it to you for. Usually you end up half way.

I would put my money on you paying between $3500 and $3800.