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I've done it a couple times with Boxsters and many times with other cars. Having a wrecked car that was purchased specifically as a parts car made it a lot more affordable. It is not a great way to make money, but if you don't count your time as an expense it can pay for itself. I do it because I like the challenge and education. I also enjoy driving the cars.
If I was looking at the numbers you list, I would not take on that project. That's just based on my local market and how much money I consider expendable.
Sometimes I get lucky and a car is in much better shape than I expected. Sometimes there is hidden damage or faults that make a project futile. If your rebuild stalls or fails, how deep a hole are you going to be in? Can you easily part it out or resell it at a satisfactory price?
For you it may make good sense based on your local parts availability and car market. Another consideration is your local laws and regulations concerning a salvaged car. Here in Oklahoma it is very simple. There is no inspection or repair requirement for a car that is over 10 years old. Many places are a lot more strict.
It could be a nice car again. I would start by offering MUCH less for the initial purchase and expect to walk away without the car.
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I am not an attorney, mechanic, or member of the clergy. Following any advice given in my posts is done at your own peril.
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