If'n I recall correctly, there was an option called "Select Drive" that allowed you drive the Eagle in RWD, instead of always in AWD mode. It'd be great if that rig has it. As far as this one goes, it's one of the cleanest I've seen. There's a fella up in my area who did a full restoration on one...paint, interior, engine rebuild, etc...and was asking near $14,000 for it. He kept dropping his price, but I don't think it ever sold. His was a sedan, now that I think about it.
Anyways, rear axles and/or bearings are a known problem on these vehicles, and gas leaks around the carb/manifold area was also a common issue as they aged.
Personally, I love 'em, and think you'd have something seriously interesting to drive if you acquired it.
I'm surprised they aren't asking twice that much. Not that it'd be worth anywhere near that but $7400 doesn't seem bad. If I could get away with another 4X4 without a divorce I'd offer $5000 because of the AC. I'd probably drive it home for $6000 if I had to go that high.