First let me say I love the 1050, so temper what I say here with that knowledge.
The hours sure seem low. Start it up and let it run for an hour and see if the meter is working. It won't tell you that it's always worked, of course, but generally, once broken, meters don't get repaired years later.
If the condition seems to match the hours $7,000 seems like a good price for the 2WD version of the last year of the 1050 (the 1070 replaced it in 1990) that I'd get over there and buy it. If it's 4WD, I would RUN with cash in hand and buy it if it's nice.
For a less skewed view on this, you might want to check out <A target="_blank" HREF=http://www.machinerylink.com>http://www.machinerylink.com</A> and see what they can tell you on values. Let us know what you do.