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Have you seen this car? Do you like it?
There are LOTS of Boxster's out there.
That being said, $11.5K is a very fair price for a 2003S with those miles. Please remember that you are looking at a 13 year old car so it (or essentially any car you'll look at) will not be perfect.
I purchased a very nice 2003S with 105K miles in January of 2014 for $11K. Sold it a year later for $14.5K.
If you like the car;
1. Fix alternator and misfires.
2. Buy a decent set of tires
3. Drive the car.
If you don't like it, sell it next spring.
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