Little history lesson, 93-96 was OBD-I, 97-99 was OBD-II, both 1st and 2nd generations have EDIS not COP and both first gens were PREMIUM ONLY, starting in 2000 (3rd gen) N*s went to COP, REGULAR UNLEADED and redesigned the coolant crossover (it's more of a PITA to fix in later years if it develops a leak), there's also a redesign of the half case & seal to eliminate the oil leak, or so they say, but realistically they still leak. There are 2 different engine options which change power, torque and final drive ratio. The 'non-touring' Vin-Y of that vintage will get you 275HP and 300 ft-lbs with a 3:10 ratio, I think redline is at 6250rpm or so. The Vin-9 'touring' package gives you 300HP and 275 ft-lbs with a 3:73 ratio with redline at 6750rpm or so. The touring package has better ride options for stiffer/more responsive suspension.
If regualr oil was used and it's been sitting 5 years I'd say you're playing with fire. If it's synthetic, no big deal. My 1998 Eldorado Touring Coupe sat for 2 years w/regular oil in it. After switching to synthetic I did develop leaks but some were from oil coolant lines that degrade w/time and are easily fixable, other leak I have is the oil pan gasket, which is a PITA to fix since it sit's between the engine, trans, and cradle and can't be removed completely w/o removing the engine.
Head gaskets are an issue, but it's not actually the gasket themselves, that's a misnomer. It's almost always pulled head bolts because GM tapped directly into the cast aluminum block w/o reinforcement. In 2000 the N* was redesigned w/ longer headbolts with slightly different thread pitch, but they still have issues, not as bad as the 1st and 2nd gens (which is why so few are still on the road). The thread depth and pitch angle is very shallow for main head bolts so the tend to strip out leading to a lifted head, which is exactly what I did around 95k miles on my 98 ETC. Engine require removal (drop front subframe, lift car off it, kinda like a FWD Fiero). The repair procedure is simple, can use Timeserts (GM Approved) for about $500, Norms Serts (eBay) $300, or a fella over on Cadillac Forums is now selling a head stud kit with very nice bolts that's competitive with the other 2 options. A complete HG repair costs $5-1000 dependin on what else you want to replace/fix while you're in there if you DIY. Take it to a shop and expect $2-4000 depending.
$1000 is low if it's in mint condition w/low miles, it's prolly worth 10 times that and could be driven easily to 100k miles before you need to start worrying.
One more thing is that these cars are a PITA to work on, PERIOD. I've learned how car designs go bad because an industrial engineer redesigns a car for efficient packaging w/little regard for service. Nothing is easily accessible or intuitive on these cars so patience or outright love is required.
Just my .02, enjoy.