I'd like something that was rust free (or almost... I don't mind rust in front fenders, as they're easily replaced, or small holes as they're easily fixed). I definitely don't want something that's got major cancer. I don't mind minor dings and dents, especially if it's on parts like fenders, doors, or hoods as they can be replaced if necessary. Good drivetrain would be most important to me, but the body should still look good and have the original paint. I like to stay away from vehicles that have had recent paint jobs!
I enjoy working on vehicles, so I don't want something that's perfect otherwise I'd have nothing to do, or I wouldn't want to take it out exploring in the mountains!
Crushers, if you find that perfect project for me... let me know

Ideally, the cheaper the better to. The most I've ever spent on a vehicle was $5000, and that was my '87 4Runner.