I've run across an opportunity to buy a 97 Discovery I with 109k miles for $1,500. I have not inspected it, but the seller indicates the motor and transmission runs great. Minor oil leak.

Any advice? Could it be parted out?

 

Check for rust. Thats the going rate for these trucks IMHO.

 

If you can drive it home on its on power and you're in the market, do it! Love my D1...

 

If you're buying to part it then $1500 is WAY too high, unless it has aftermarket bumpers and such. If you're looking to drive it check for rust. Lift the carpets on the front floor pans. Check the rear door arches. Check the cargo floor. Check the rear wheel arches.
Make sure there's no CEL codes and that they haven't been recently reset.