Okay, so the ad is complete shit. He is really talking this vehicle up like it is some nice piece of ass, in reality, it is not. The thing is not "This gets really good gas mileage". It probably gets around 10mpg or so realistically. Also, I would like to see receipts for all the new motor work. If he says that his brother-in-law who is a shade tree mechanic did it, and there are no receipts. Walk.
With that, if you are looking for something cheap to live in, that is cheap to repair, parts are abundant etc. then yes this would be fine for about $3000 then drive it into the ground, or fix it up. I personally would not pay $4500 for this rig just based on the ad alone.