I love mine, owned it for ages. Are you in a salt belt state? Look for rusty rear spring shackles, fluid lines, brake, PS, transmission, etc. Frames don't seem to rust out, very good quality.
Suspension(Ball Joints) and wheel bearings could be worn if not replaced.
Replace the idler pulley.
There are other little things like the blend door (check that heat and a/c works), but it is a survivor.
OHV is the best V6 engine, after 96 the SOHC was optioned, no one here would suggest it. Bad part is it isn't the most powerful, but not bad with the right gearing (you can check the ax code on the door).
If you can get Forscan software(it is free) it will do a deep scan on every system in the truck, just need one of the obd-2 adapters that work with Fords (like 10-20 bucks). I have the BAFX one, there are many though. You can also look at the individual misfire counts, some of these engines have cracks in the head (not a terribly difficult procedure) and you could see if that is a problem.
The transmission is around that price, hopefully it was well maintained (30k fluid changes) and you may get some more time out of it. The 96 was the last year of the 4spd(after that they were 5sp, mostly changes to software, but causes more wear and tear). I believe 95-96 are the most reliable v6 transmissions. Not perfect, but they have the best chance of surviving. Install a cooler if possible. I was able to fit quite a large one.
Unless it is in pristine condition, I would say closer to $1000 is fair.