Boils down to how motivated you are.
My personal opinion, I don't think this rig is overpriced at all - Getting in at $40K for a 4x4 leaves you room for quite a few upgrades/repairs, versus paying $60K for a lower mileage unit.
Looks clean & from the little you can see from the limited pic's, it doesn't look like it has a lot of rust, looks well kept (possibly stored undercover/indoors?). Can he provide maintenance records? That would be an asset in-itself since it speaks volumes about the owner(s).
All contingent on visual inspection obviously, but if its everything he claims when talking to the owner, then at that price point I don't think it would last long in this market.
Need to get a list of all upgrades & more Pic's for a better assessment.