Although the underside is clean, who knows if they properly serviced and greased the many components of the drive train, some of which you won't be able to inspect without a tear down, e.g. transfer case, diff, steering box, electrical wiring etc.
For this price I'd assume all those things would need to be gone through. As long as they're basically functional...

If you're comfortable with these unknowns and have the capabilities to fix these yourself should they become an issue, then it might be worth considering. Myself, I'd prefer to find a clean California/Arizona rig that had the same level of condition minus the paint job
I bought just what you're describing, with original paint. I still had to go through basically everything and restore it.
If you're not comfortable doing all these things yourself, make a spreadsheet and start filling it in with shop estimates and start saving your thousand dollar bills. You're going to need a bunch of them.
