I can only speak for my personal perception of value. You're buying a project, as you know. You will need, basically, a 5 gallon pail of hydraulic fluid, an oil filter, 3 or 4 quarts of oil, a battery, and some antifreeze, along with several gallons of diesel in the best case scenario, where you do a fluids change, drain and replace the fuel, install a new battery, and live happily ever after. Figure $150-$200, give or take, for all that.
If it's sat very long, it's possible the water pump is seized up. They're about $150 shipped to your door. Injection pump prices on those are unknown to me, but they're probably several times more than that. Clutch kits are $200-$250 or so. You won't know if you need that until you can get it running, or are able to pull it. Starters are about $150. If you have to tear down the engine, the rebuild kit is probably around $500 plus shipping, but I'm making that number up based on other things I've priced. It may be much more than that, or a little less.
So, if you pay $500 for it, as is, and it needs "minor" stuff like a new starter, and water pump, you'll be in it for $1000, which is probably pretty good. If it needs an injection pump and an engine rebuild, you'll be paying about what an operating machine will cost you if you just buy one that works to start with, even if you get it for free.
I'm not trying to be discouraging or encouraging to you. I've taken risks on machines and with the possible exception of my recent Ford 1700 purchase, have always come out pretty well. I'm also cheaper than I am lazy, and I enjoy the project aspect of making these small Japanese tractors operable.
What are similar machines going for in your area? If you are looking at saving a few hundred dollars on a risk vs a known to function unit, I'd would buy something that works already. If you're going to be paying scrap price, can afford the money as a throw-away for your entertainment, go buy it in the morning.
The rental aspect of it is kind of alarming to me, but it may be that they have good records and/or service accessories to go with it, like a manual and filters. It may be that it was abused like...well...a rental, and finally put out to pasture when it was too worn out to be in the fleet. If they'll let you mess with it, I would go out with a good battery, some cables, and some wrenches. Pull the glow plugs after checking the oil level and stuff (crack the drain plug first to see what comes out). Briefly see if it will crank over; you may want to jump the solenoid if it won't work with the key. Then you'll be in a spot to better assess what blows out of the glow plug holes (Rusty water=run away) and what drains out the bottom of the crankcase.
Let us know what you end up doing! They're good little machines, I really like mine.