RCM, Welcome to Early Ford V8's! From the single picture you've posted, that car is either a very well protected survivor, or it has been "restored" at some point in its history. I would want to verify one or the other, because a lot of sins can get covered up in "freshening up" a car. So my advice to you as to what to look for is to look for concealed rust repair, the quality of which can be a window into the overall condition and value.
Note to George/Maine: You illustrate your purchase of a '47 with a picture of a '46?