I am wanting to buy a friend's AR. I don't have the serial #, but I know it is a late model pre-ban Colt Sporter. Colt even sent it with a five round clip.
Would $1200 be a fair price for a "good" AR which probably only has 5000 rounds through it?

Depending on which model and condition you are talking about the value could be anywhere between $1800 and $650.

That is probably the average price here on the western slope for most models.

But I would be willing to pay a little more for one if I could fondle it first, as opposed to ordering one and 'takeing what I get.'

Also, if I know the history of the piece, used and abused or treated with kid gloves?

Presumably your friend is a CO. resident too, so there is no need for a NICS check. How much is that worth to you?

All in all, not too bad a price.