So 11 years old. In my experience (having bought 3 V8 XC90s...) the engine should be gushing oil out everywhere. The rubber gaskets for the timing cover and both valve covers need replacing along with oil seals etc... Whilst in there do the idlers, tensioner and serpentine belt. (Tensioner is usually broken by non-Volvo mechanics and can ruin the engine if they fail) There's about $1000 and 3 days in parts alone.
Engine RH mount and stabiliser will probably be gone due to oil leaks.
I found the front shocks, top strut mounts and control arm rubbers were stuffed by 170,000km.
If this work has all been recently done (and the transmission has been filled with JWS3309 only...and doesn't have a torque converter shudder) then $11,000 could be good value. I bought my first one with 180,000km on it, and threw another $5k in parts at it before it ran correctly and didn't drip oil everywhere.
The second two I bought for friends - and both were $12,000 with around 100,000km from dealers. Fantastic cars, but there's really no such thing as a good cheap one...