What to look for in this Cobra?

[mickmate]

I suggest finding something out about the source of parts and whose kit it is. You need to know that at a bare minimum for any wear items and replacement parts. That will tell you a lot about how the car is engineered, it's reputation, resale, value.
I would guess 4 cyl Mustang with the 4 lug wheels??
Go through the systems on the car systematically. Does the steering have play, shafts are professionally made from one piece not poorly welded to make a length, good geometry on steering with parts that were designed to be used together, no bump steer or travel issues and nothing cut or welded to change track width. I could keep going with an inspection list like this but you get the idea from just a quick list on steering. Then look at brakes, suspension, exhaust, wiring, fit and finish. Those louvers being switched side to side is a big visual and the exhaust being so low are a couple of items I would look at that just throw off the look of the car right away. They might be nothing or an easy fix but it could signal a pandoras box of someone putting together a car that has no business putting together cars. It doesn't look bad for the money. Get a good local mechanic or Cobra guy to look at it with you.
Don't forget to come back and tell us how it panned out.............