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You can find lots of 2000-2001 era
base Boxsters with no apparent problems in your price range. Ss maybe $2-4k more. Sure they have the risk of the unknown but the one you describe has the risk of the known in addition. Since I'd be risking the high probability of a rebuild and the downtime that would take, I'd value this car at around $4k which is also pretty much its part-out value. I'd pay no more for it.
Don't fall in love with the first Boxster you see...there are hundreds out there.
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