My overall impression is not bad. Overpriced, but it could be a solid truck that only requires some minor beautification i.e. a driving restoration. Change the hoses one weekend, drive it, clean and paint the air cleaner another weekend, drive it, rinse, repeat.
I'd like to hear how it runs... It doesn't look like he took much care of the engine. I'd say it doesn't look like he lifted the hood much, but by the look of the air cleaner it looks like he left the hood up too much. These engines can take a lot, but, based on the picture, I predict it will probably need a new h2o pump, crankshaft seal, timing cover seal, hoses, fluids and, depending on the mileage, rear main seal, clutch, oil pan gasket, side cover gasket, valve adjustment and valve cover gasket, front end rebuild, carb rebuild for starters. Again, nothing that can't be done in stages and this is a pretty typical list.
I also see rust on the right rear rain gutter. That is a sign of more, worse rust underneath. I point these things out as negotiation points. When I bought mine, I picked up every piece of carpet and made audible concern about the rust. We went from $6K asking to $1500 sold. Different circumstances and different times (no internet throngs waiting to get suckered), but worth mentioning if you are serious about the truck.
WAIT A SECOND!!!!! I'm 99% certain that 1978 FJ40's had the 4wd badge on the lower right rear 1/4, below the TOYOTA badge. I just noticed that badge is missing from the right rear 1/4. That isn't the alarming part, the alarming part is that there are no holes for that badge, which either means bondo (most likely) or steel replacement (unlikely) of rust. The holes for the badges tended to be a good starting point for rust, along with the seam between the rear support and the inner rear ¼. Lots of folks, including my PO, tended to bondo over this to smooth it before painting. Ask for pictures of the inner rear 1/4s to confirm, or deny my observation. I predict there will be 2 bondo “tits” where the holes for the badge were, or a pile of the stuff on the support. I hope neither, but bet so.
Signed,
Debbie Downer