As with any older car that is not in perfect, concours-winning condition, there are good and bad things about this car. The good
far outweighs the bad, though. 
The good:
-Other than battery box,
zero rust and as far as I (and others) can tell, no accidents. There may have been a minor front bump at some time, but if so, it was really small. The car is dead straight w/ perfect gaps throughout, just a diamond in the world of driver-quality 356s.
-Nothing has been done to it that kills its value or makes it a tough resto, if desired. This car deserves to be restored, IMO, but it can also be enjoyed as-is w/ mechanical refreshing.
-Engine and transaxle are strong but both need re-sealing for leaks. Clutch is good w/ a receipt for new replacement not too many miles ago.
-It has cool and rare factory options including oil pressure gauge and clock, (haven't seen a picture of another like it), also gas heater and auxiliary air blower. (In-op @ this time). The original Blaupunkt radio is cosmetically near perfect but only AM works. FM and SW are in-op now. It has a period aftermarket door mirror that looks great.
-Tires are good and brakes are recently replaced including wheel cylinders, w/ receipt. That would be an expensive job to do now, six new wheel cylinders @ ~$100 each plus shoes.
-All trim interior/exterior is present and mostly in great shape. Original steering wheel is perfect other than needing refinishing if picky. No cracks. Dash knobs are perfect after being cleaned and polished-up.
The bad: (or just not so good):
-Virtually no meaningful records with exception of the ones mentioned above. Engine was supposedly "gone through" by *who knows who/who knows when* and documentation is non-existent. Engines leaks a lot of oil. This is far from the end of the world but it needs to come out and be re-sealed completely. As mentioned above, it runs great.
-Heater is disconnected and in-op. This is a concern beyond merely comfort, all flaps and sheet metal+rubber engine seals must be in perfect repair on these engines as well as all thermostats, oil cooler, etc. for proper air cooling. This goes for all air-cooled engines. There is a thermostat set-up for engine compartment and carburetor heat that is completely in-op, causing warm air to be directed to top of engine at all times. I am sourcing the parts to rectify this presently. It's not fatal for driving around town in cool weather but going through the desert it would blow. (Pun intended).
-Suspension bushings are all tired, (possibly original)? All torsion bar/swing arm bushings will be replaced, steering box and front spindle will be adjusted for wear and car will get a new alignment. This will be an area where the improvement will be extremely satisfying, as it is on any car that needs it. Shocks are in OK condition but mismatched F/R and cheapo brand(s).
-As mentioned above, the body is beautiful and straight but the pan, while rust-free, has a ton of damage from either being improperly lifted or maybe some off-road excursions at some point(?) A lot of it can be carefully pounded-out from the inside, if not to perfect, at least a lot better that it is.
-Gauges need repair. Clock in-op, speedo waaay off, gas gauge no-worky, oil pressure inaccurate, etc., etc.