Ford Repair: 84 302 4V HO, mustang gt350, valve head

Question
First off, thank you for responding to my question.I am considering to purchase a 1984 mustang gt350 2oth anniversary from a friend but I dont know much about this motor.Is it worth building? And what does the (4V) stand for? Is it a four valve head? The car has 61,000 miles but the body is a little rough, inside its real nice.Also I would like to know If these cars have anything special or bad about them that I should know.On the air cleaner it reads 302 4V HO, it has a 5 speed and the valve covers read powered by ford if that means anything. Anything you can tell me about this car good or bad would appreciated.Thanks  

Answer
Andy-

  First of all...the cars, if in good shape, can be worth some decent money compared to many other models so in that respect I suppose it's an investment.  First off, the motor alone isn't worth a whole lot stock.  In stock form a 5 speed 4V (meaning 4 barrel carb...I WISH it was a 4 valve head) makes about 170hp mostly due to it's insanely low compression of around 8.4:1.  Now...they can be modified to make just as much power as any other 5.0L motor.  For instance, my GT350 still has a stock block but pretty much everything else motor-wise is not stock and it's pushing 500hp with a turbocharger.  61K miles is actually really low for a 20 year old car.  I bought mine in '98 with 36K miles for $6K.  I now see them come up in Hemmings for around $10K with twice as many miles.  The cars themselves are really nothing special...it's mostly a paint and stripe package (oxford white paint with canyon red striping outside, canyon red interior inside) and some better seats than regular GTs of the same year.  I love mine and wouldn't sell it for anything...but that's mostly because of all the work I've put into it.  From the factory they look good but don't perform as well as some other Mustangs from that era...although that's quite easy to fix with the right parts.  Hope this helps.

Steve