I've bought three 5.0's in Georgia (off Craig's List Atl) in the past 9 months. Two were life-long GA vehicles (zero rust) and one was a Northern truck that has some very minor rust underneath. Two are 2000's and one is a 2001. I gave around $2k a piece for the 2000's and around $4k for the 2001 (which was in super nice condition). One '00 had 151K and the other two had around 180k. They all run like new, look good and don't burn or leak any oil.
The two 2000's are Mountaineer's (one is AWD). They needed a few repairs and maintenance. Biggest single items were a muffler on one and a fuel pump on the other. Other than that, a thorough cleaning and a few minor parts. The 2001 Eddie Bauer had a new battery, radiator, water pump, thermostat & anti-freeze when I bought it. I probably overpaid for the EB, but it was sooo nice i couldn't resist it.
So far all three trucks have turned out to be great vehicles. We love 'em. You've got to be patient when shopping Craig's List and stay away from ads that don't make sense, are poorly written and/or don't have good quality pictures. If I see and ad that has one blurry picture and only says "2000 Explorer for Sale" I wouldn't even bother with it.
There are some great deals out there if you can do repairs yourself. There's one that has front end damage, but otherwise says it runs well and is driveable, listed for $850.