[AT] '31 JD D, how do I value it?

[Henry Miller]

Greetings,   

I was driving around the neighborhood when I spyed a unstyled John Deere for 
sale.   Further investigation found a 1931 model D, with a fresh coat of 
paint.   (doesn't look like too bad a paint job, but of course who knows what 
it is covering.  No decals).  Tires look pretty good.   For a work tractor it 
is in nice shape, but it isn't parade ready for those who like the better 
than new look..

Called the number.  $2900.   Runs good, the old man just can't turn it past 
compression anymore.   (I haven't seen it running)

Seems to me that this is almost twice the value though.  Am I wrong?  How 
should I value it?  

I have no use for this machine, but I'd like to have it.  This would be a 
first machine for me, if I decide it is worth it.