Comments: 1-15, 16
I think what he means is that it needs to be restored. I could be wrong, if I am, then I'm sure someone on here will correct me. Why don't you just call the person who owns the car and ask them what they mean. And if this is going to be your first car, then I'd get one a little newer or at least one with a little more conventional drive train.
You say that you're a car guy and I think that's cool (I am a Hyundai Technician and avid collector car nut) but unless you are auto mechanically savvy, you could wind up hating your first car and that would be a shame.
I still have fond memories of my first car, 1965 Impala SS 396 four-on-the-floor. White with triple blue interior. My favorite memory is of me stomping the pants off the "popular kid"'s 2001 Camaro SS (he really couldn't drive). But good luck and enjoy your first car, whatever you get.