Most of the time for the unwary or the perfectionist type, buying an ultra bargain Cruiser is a financial trap unless you really know what you are getting into (believe me, I have gone through this). These trucks can be renewed for another 100k miles of trouble free operation for the price of a quality used vehicle such as a Honda CRV or a Subaru Forester. Buying a $3k - $5k LC that needs a couple of grand to be perfect is a pipe dream that rarely, if ever, materializes. It will either be mechanically solid but look like crap; it will be rusty or look gorgeous while needing everything underneath renewed.
After everything was said and done, my 189k miles $5k 2005LC project turned into a total of $16k (this is with buying OEM parts online and shop labor costs of only $1400 for things I have no expertise with!!!). I bought it with a known blown front differential, hosed breaks, paint issues, and some known minor problems. The reality of it is, when you really get into it, you realize it needs far more than what is disclosed. $16k buys you a lot of truck! I am not regretting the "experience" one bit though as it is now in a terrific shape both mechanically and appearance-wise. I guess the moral of the story (to me, anyway) is buy a cheap LC to drive as is, or expect to spend far more than what you have paid for the whole truck, and then add a few more grand.
If I were you, I'd park it, and save up for everything it needs. I'd say, you can bring it back for about $4k and you'll be surprised how much service you will get out of it.