There have been a lot of good bike threads on this forum. My newbie advice on buying a bike is the same as a car, buy the newest, best bike you can afford. I went down the road with an old CB400F and it was fun but I had to dump money and time into it to make it safe and reliable. Luckily someone paid top dollar when I sold it. For the same money I picked up a nicely cared for 1993 VFR750 with some nice mods.
My $.02 if you really want something to ride is buy a newer and more modern bike. You won't spend that much more. This is available locally, probably could get it for $3,500. You can pick up early 90's VFR's in nice shape well under $3,000.
http://seattle.craigslist.org/sno/mcy/851293872.html
If you buy older, buy a classic that's been well cared for or restored. Getting into a bike that needs work unless that's what you love to do, is a black hole.