There will be enough expensive repairs that will pop up on a 40-50yr old tractor even if everything "works" when purchased.
Splitting a tractor and parts can use up $6000+ in a hurry depending on what is found.
What is the intended use of the tractor? Primary power unit for heavy tillage, moving construction materials and running a forage harvester to make your living?
Odd jobs and busy season spare tractor for an active farm?
Hobby tractor for a rural estate or horse farm?
$6000 and low interest payments can purchase a decent 40HP CUT tractor and loader new with warranty and no history of abuse. It will park in a standard auto garage too.