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Sounds like a few thousand dollars can whip it into top shape. And to have a 2001 S for a few thousand dollars is big bargain.
But I echo what everyone told you about finding a top Porsche specialist indep shop or a very good dealer to give the car a very thorough inspection that is no less thorough than what a PPI would be, and tell them everything you told us about the car's history.
Do you have service records? Do you have a Carfax on the car's history? You haven't told us how long the "family member" owned the car for. That would help to know.
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2004 Boxster S, 6 spd, Triple Black
1986 944 Turbo (sold in 1988)
Since then, a 300ZX, a few BMW 3 Series, a few VW's
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