I had an '81 Supra - previous body style - with the same engine. It's notorious for cracking heads or blowing head gaskets. Find out if that's happened and been fixed, or what. Make sure it never overheats. Also, the rear disc brakes on mine were horribly engineered - the parking brake setup made it very hard to replace the pads.
119,000 miles isn't bad - I made 230,000 or so on mine - but I wouldn't pay more than about $400 to $500 for that car (mine looked better, that's for sure). And then I'd do it only if I saw no evidence of coolant leaks or water in the oil and/or exhaust.