I have over $9K invested in mine...
paid $5500, spent about $4000 to get a new engine in it...
I will never get out near what I have invested...
but its for "me".. some people buy one, make it pretty and try to get $20-50,000 or MORE on it....
CRAZY.
I may spend another $5000 to get wheels, tires, and a few other things on mine.
Just "my numbers".... others have spent much more, and some have great luck on a $1500 rig....
your mileage may vary...
That's not how I want to do my purchase.
Unless you are prepared for a situation like this, I would steer clear of OD iron entirely. I had a similar experience as TsGtB.
When I was first looking for a truck, I always wondered why so many people were trying to sell them after only owning them for a year or so. Why would you buy a truck like this, have it for only a year, and then sell it? For me, it takes years just to make it my own.
Now that I have owned one for a period of time, and have experienced the maintenance and troubles required, I fully understand. Once people half cocked realize the requirements, they jump ship. These trucks are maintenance intensive, require alot of hands on, and may require a deep wallet. At minimum, if you don't have the time to tinker and work on it yourself, or are not committed to do so, stay clear. Most of the parts can be fairly cheap, but the labor if paying someone else to do it is not.
Even after it is road worthy, expect to find something new to maintain or fix each and every time you drive it. It is just the nature of old trucks.
Now, if you see this as a hobby, and you have the money budgeted for it, jump in with both feet. But please, do not try to buy a rock bottom dollar truck, and expect to drive it around with minimal extra costs. A $2k truck is going to need multiple times that to make it "safe" for the road. It has been sitting around for decades, and the condition, I am sure, will reflect that.