Given a "purchasing budget" of 300-400k, I would suggest you set your "acquisition budget" to 250-350k. The 50k difference from your "purchasing" and "acquisition" budgets would be for "maintenance" budget.
There are still some 124 units that is well maintained and would (honestly) require immediate repairs BUT these are likely older 124 models (pre-90s). Such condition post/mid 90s 124s are likely above the 400k mark.
But as Ron has posted, you have a good chance of getting a nice 124 with your budget. And like bulldog mentioned, be patient and don't be impulsive in the purchase.
It's your 1st MB and i'm sure you (with us) would like your MB experience to pleasant... not traumatic.
.... I should know.
