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Everything on this or any other Porsche will hinge on 2 things - whether you have the mechanical skill set to do your own repairs (I personally don't) or if you have a budget to address the pricey repairs all of these cars will require at some point or another.
So, are you in the market for a Porsche, a 911, or for the best car you can afford for $7K? If its a matter of best P-car for your buck, you should look into a 944 which can be had in ok shape for way less than the asking price for this one. If you are looking for a 911, the adage will always be to purchase the best one you can possibly afford. If, however, your budget for your next car is $7K, then you can get a lot of options from Japan... So,
Not only are 3.0 SC's ('78-'83) considerably better from the various perspectives such as value, engineering, aesthetics, reliability, etc. than these 2.7 engined ('74-'77) models, but they're also within reach for $5K or so more than this one.
I follow the 911 market on every conceivable website, and this is a very low price for a complete car which presumably runs. However, as mentioned above, it depends what your goal is. Have you ever driven one, know someone that has owned one, have a nearby shop that services them regularly? If the answer is no to any of these questions, you may be over your head - although it hasn't dissuaded anyone else in this forum who are fanatical about their cars...
Everyone else's points here are valid - if you buy it for $7K, you will eventually have to sink a few thousand into it and you will never ever get your money back when you decide to sell it. So, what is it that you specifically looking for?
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