I'm working on an '87 TRX350D, blue. Mine was a lot lower priced, but also more rough looking. Ridden hard, put away wet. Judging by the mods on the front bumper I'd say it served plow duty for a while.
I'm really surprised at how little this one has needed to bring it back from the dead.
On a former job, we had an '88 Foreman that we used a lot. It pulled hay trailers, dumpsters, farm implements, pushed race cars, and did everything we asked of it without skipping a beat. It just never failed.
I'd say if $1500 is a good price for you, judging by the pics and your description, it should be worth it. You won't have the bells n' whistles of the newer machines, but it should be reliable and get the job done.
"A little loud" - My headpipe is in the welding shop, rust where the two pipes join together, was blowing right against the cylinder. Had already been welded and patched before, but it should be fine with the pro working on it. One thing to look for if they haven't punched out the muffler.