2001 Mitsubishi Montero XLS

I am contemplating purchasing a 2001 Mitsubishi Montero XLS for my son from a neighbor of ours. The car just sits in their drive way and was only used for business trips in Calif, hence the high freeway miles of 160k. Since purchasing another vehicle they drive, the car and just sits. After further inspection they had mentioned a cracked exhaust manifold which needs to be replaced along with the service engine light being on hampered their registration of the veicle. I am pretty handy, but am concerned the check engine light could be something else more severe. What are your thoughts on this? Purchase price is $2500.00.

Thank-you