Fair price I'd say, without hooking my peepers on it firsthand. From experience I'd guess he's gonna have another 4K+ (and many enjoyable hours tinkering with the thing) in making it a roadworthy daily driver (brakes, radiator, carb rebuild, exhaust work, hoses, pumps, wires, tires etc.).
It sounds like the perfect way to spend 8 grand and many evenings out in the garage after dinner.