I bought this 87 in december, also for 300 haha. Its got 230k and runs like a scalded dog. So far there is nothing outstandingly wrong with it that we haven't been able to figure out. Replaced fan switch, exhaust manifold, studs, gaskets, head gasket and bolts (thanks, kevin), and I put on a flowmaster knock off. When i bought my golf, the kid who sold it to me had some parts laying around from his old 99 passat 1.8t, so he gave me a bypass valve which is now on the 5k

Rides smoothly and quickly down the road and even came with new brakes and engine mounts. Everything basically works, which is unusual for a 5000. I knew this was a good car because when we test drove it, a radiator hose came loose and lucky me, it had the original tool kit in the trunk with everything including the screw driver i used to put the hose back on. And it had original keys. And new tires!
These pics are from when i got it I'll be sure to post new pics soon. I'm getting some star pattern 1993 s4 wheels for this baby
