Like some others wrote, only a few of the "hundred series" Fords had live PTO. They were the X61's, with special 5 speed transmissions and dual stage clutches, and the Select-o-speed models. If the tractor has a 4 speed transmission, it probably does not have live PTO (with very rare aftermarket exceptions, which I have never personally witnessed). If the tractor has the Select-o-speed (SOS), be very careful, as they often are not working right and are expensive to get worked on, with parts a real problem. An SOS tractor is usually worth much less than a similar 4 or 5 speed tractor, with the 5 speed with live PTO probably the most desirable. I know people with SOS tractors who love them, but I would steer clear unless all ratios work perfectly AND it is cheap. A gas engine is probably less trouble to keep running right, and is definitely a LOT less expensive to rebuild, if that is what you ever have to do.
All loaders are not created equal. A "trip loader", which has a manual latch that dumps the bucket, is not worth nearly as much as one that hydraulically tips the bucket. This is partly because a trip bucket can only dump very suddenly, while the hydraulic dump can be controlled much better. On the other hand, a hydraulic dump has a bunch more places for hydraulic oil to leak and can cost a lot to fix if you need to rebuild all the cylinders and control valves. Loaders are often treated badly and get broken. Look for cracks or repaired areas, which can occur almost anywhere on the loader. A loader that uses a hydraulic pump in front of the tractor engine will operate much faster than one that uses the regular tractor hydraulic pump due to smaller capacity. But again, with the front pumps, there are more places to leak and to need to fix. Also, some loaders are built a lot better than others.
It is important that the 3 point hitch work properly. It should go up and down smoothly when the lever by the right side of the seat is operated, and this test should be with some weight on the lift arms. If it doesn't work, it can be the tractor hydraulic pump or a leak somewhere in the system. If the seller cannot get it to work, you will be spending some time and money on it.
There are lots of things to look for: tires cost a lot to replace, leaks of various fluids can get expensive to fix, and the engine should start good cold, it should not overheat while working, steering should be reasonably tight but not too hard to operate and the general condition should look at least OK. I would rather look at a tractor that has not been really cleaned up and painted. New paint can hide a lot of problems.
As to the question about an 8xx being suitable for a hobby farm, I would say yes, but only if you are capable of and willing to do some work on it fairly often. Like cars and trucks of that era, these old tractors REQUIRE lubrication, cleaning, adjustments occasionally and general tinkering to keep them working reasonably well. It also might be a question of how much ground you have and what you will want the tractor to help you do. An 8xx probably has plenty of power to handle a 2 or 3 bottom moldboard plow in most soils, and it will operate a medium sized brush hog just fine (be sure to use an Over Running Coupler). I think you would be disappointed trying to run a rotary tiller with any of them, other than possibly with an SOS machine. Running a small hay baler is possible without live PTO, but it is lots handier to have that feature. Snow plowing works OK with a heavy rear blade and the loader bucket, but you almost have to have real tractor chains, or else my experience is that you get stuck very easily.
If you only have an acre or so, I think you might find an 8xx to be a little large for your needs. But for an acreage that is larger, they are really handy tools. I find that most of the tasks I ask my tractors to do involve the loaders, so I would not be very interested in having a tractor that didn't have one.
$2300 doesn't sound like it would be too much money, at least around here, for a decent running tractor that has an operational 3 point system and a good loader. If the tires don't look too good, they are easy to replace, but are expensive. I would want it to drive well in all gears and the brakes to work OK.
Condition is everything. That tractor could be a great buy, or it could end up being a huge headache and money pit. Hope this helps. Good luck!
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Today's Featured Article - Old Time Threshing - by Anthony West. A lovely harvest evening late September 1947, I was a school boy, like all school boys I loved harvest time. The golden corn ripens well and early, the stoking, stacking,.... the drawing in with the tractors and trailers and a few buck rakes thrown in, and possibly a heavy horse. It would be a great day for the collies and the terrier dogs, rats and mice would be at the bottom of the stacks so the dogs, would have a busy time hunting and killing, all the corn was gathered and ricked in what we c
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