The rip in the driver's seat will cost you ~$75-$150 to fix depending on what else is bad that didn't show in with a quick casual examination.
The question is what else happened during the joy ride while it was stolen. Did the car end up submerged in water? Was it wrecked and then repaired? Was it found with drugs in it? If so, get stopped and because you are a young guy with a muscle car, the police do a roadside search and find some remnants from the thief's joy ride. Too many unasked and unanswered questions. At a very minimum, ask to see the police report about the recovery of the car.
If you are satisfied that the car didn't sustain significant damage, have a really good shop examine the car and give you a report on the car's condition. That includes a smog check if there are smog inspections in your area. If it passes to your satisfaction, buy the car and pay the shop's fee. If it doesn't, walk away and let the other guy pick up the shop bill.
Things to look out for:
Results of a code dump from the computer. If you post the numerical results and I will post the problem/fix and if possible, the parts cost to repair.
T5 5 speed manual transmission (syncros go bad, mostly 3rd gear) Transmission tends to be finicky about going into 3rd gear during normal driving.
TFI Module (Thin Film Ignition module - mounts on the distributor. When the engine warms up, you have a high speed miss).
Electric door locks (PM me for the quick and inexpensive fix)
O2 sensors(oxygen sensors) They are good for about 60,000 miles and start to go down hill after that.
TPS Sensor (Throttle Position Sensor) causes flaky problems with idle & acceleration.
Harmonic Balancer – they separate between the hub and outer ring. A harmonic balancer puller is a must have to change it. You can rent or borrow a puller from most of the larger auto parts stores.
Water pump mount bolts – they corrode and shear off when you try to change the water pump.
Rear oil seal on the engine – lots of parts to remove to get to a $20 seal.
Power steering pump – the pumps are noisy and the pulley requires some special tools to remove and install. If you have the tools, they are easy to do. Again, the larger auto parts stores will rent or loan the tools for the pulley.
Power Steering rack - it is hard to get the toe in set so that you can drive the car to the shop to get it properly aligned.
Suspension – the front and rear
suspension has very few problems if the car hasn’t been wrecked or seen a lot of drag strip runs. The drag strip runs tend to distort and tear the mount points for the rear axle
control arms. Revving the engine up to 4000 RPM and dumping the clutch with slicks or drag radials tends to break things.
Significant rust in hidden areas: front shock strut area, rear shock strut area, rear axle mount points, underside floor pan