Are You Smarter Than a Third Grader?

My oldest grandson John, age 8, made up the following math puzzler for me to work on during our recent visit. I did manage to solve it after working on it for awhile, but found it a challenge.

Here are his clues:

1. The correct answer is larger than 999, but less than 10,000.

2. The sum of the all the numbers, added together, is 16.

3. Multiply the last two digits and you get a "0".

4. The second digit, minus 3, is the correct number for the third digit.

5. The first digit is 1.

If you can figure out the answer to this third grader's puzzler, post it below in the comment section, and I'll confirm it here in a couple of days!

P.S. Monday, October 28: Congratulations to two friends from New York state who responded via comments (below) along with Brad Yoder, Chad Heatwole, Clint Yoder, Janice Miller, Brad Lehman, Elizabeth Vredevelt, Rosemary Hunsberger, Dale Gingrich and Lester Blank for submitting the correct answer, 1960. This means you are at least as smart as a third grader!