Do a hammer rap test on the removeable frame section, they tend to collect water and rust out.
Put it on the center stand, then look at that crossover structure, they tend to rust out too. Never mind, it appears to be removed, like mine.
I DD'd my 82 for the past 3 years.
Put about 60k miles on it in the past 20 months. Just parked it from commuting duty a month ago (needs a back tire, fork seals, brake pads, battery).
82 is the last year for un-linked brakes.
Check the stator plug under the left cover (3 yellow wires). If the plug is not in the battery box plug holder spot, GOOD! You want those wires soldered together without the plug.
I see that one has replacement rear shocks, the originals were air shocks. 83's air shocks could be run with zero air pressure, 82 could not. 82 did not come with a fork brace. You will want one if not already present.
Ask how old/new is the waterpump.
That exhaust may sound like crapola. A common upgrade is to install Sportster mufflers. I punched out the aft baffle in my Sportster mufflers and it sounds pretty mellow/quiet until revved sufficiently.
While riding it, run it up to about 5 grand (pick a gear) and let off the gas. Shouldn't pop/backfire unless it has a carburetor problem. At a warm idle, rev it sharply/release. Idle should snap right back to 900 rpm or so. Many remove the push throttle cable, so don't be surprised at that. I like having both cables so the throttle return is snappy. If he says the carbs were done by a pro, ask who did them. If he says PistolPete or Mike Nixon, they should be trouble-free as long as the fuel tank is clean or coated and the fuel filter is good.
http://www.ngwclub.com/forum/ < This is my favorite forum for these Oldwings. You may need 5 posts before you can access their Shoptalk section. You can spend a few days reading there.
If he is a member of that forum, perhaps he made a Build thread you can read.
I dearly love my Valkyrie Interstate, but given the choice, I ride the Oldwing as often as possible, mostly blasting around town since its semi-retirement. Do not expect Valk-like handling at higher speeds (80+), although it can get that fast in a hurry.
It appears to have been modified by an enthusiast. I would expect that bike to be priced in the 2000-2500$ range, if it "needs nothing".