These planes are good and reliable normally, a pre-buy inspection with a knowledgable mechanic is a must. Otherwise, if that one comes up with a clean bill of health, go ahead.
Most has been said: It is more of a 2 seater than anything else. However, particularly if it has the large tanks (50 USG) it has a decent range and should be quite fine for local and intermediate travel.
Mode C and a couple of 720 radios.
That is a headache. You will need to replace those, both the Mode C and the 720 radios fairly soon.
IF the Mode C is a KT76A, you can easily replace it with a Trigg TT31, which would be my choice even if it's not, but then the installation costs a bit more.
For the radio, I'd try to find a used Garmin GNS430. It will give you a GPS and a 8.33 radio all in one.
here is one carefree example, a bit older but very recent engine, few hours and good equipment. Just as an idea about what a normal one costs, so you can assess the price of the one you are looking at. With run out engine and the avionics it has, it should be quite a bit below this.
http://www.planecheck.com?ent=da&id=28967