Go with what Joe says. I would say though if you really like the bike & "it calls to you" don't negotiate to tough the $7,200.00 sounds really fair. I paid $6500 for my 95 3 years ago with 27k on it. A couple more things to look at, are there any goodies on it? I'm not talking about "farkles" but things like highway pegs/boards, Tall windshield, aftermarket grips, arm rest for passengers, backrest for driver etc. That stuff is worth something to have. Here's a thing that most people don't think of, Since it is a one owner bike I assume it is private seller. Take a look at his property & or other vehicles. If that is "shaped up" than you may assume that the bike was well cared for. Just food for thought.
Good luck & safe riding if it all works out. Keep us updated.