If it has larger than stock tires (225-235/75/15) with the stock 4.10 gearing, the turbo will have been worked (Friend had the original turbo go after 75k and apparently crappy rebuilt unit toast after 25k pushing 31's w/4.10's just daily driving)...and check the axle code on the firewall plate, not sure but I believe some 86's came with the 4 cyl third.
Price? Mileage on motor/turbo(s?) a good reason to walk away from a potential $$$ headache, plus ~$600 for a 5 speed and parts to convert, and a possible headache finding one. But yeah, like 4runnerjade said check it out thoroughly, and they are kinda funky what with the "turbo" logo on the steering wheel, the seats, the tailgate, and eventually your wallet...so if they want you to open the bidding offer em $1000