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Here's my take on the math...
Car at $2K still has faded paint. If the car was a runner right now and you could drive it, what do you think it'd be worth? From your description, this sounds like it'd be work about $5K to me.
Since the car doesn't run, you have no idea about weather AC works, clutch and tranny. What about normal wear and tear items such as suspension, tires and brakes? Say you get lucky, you could easily spend $500-$1,000 on little stuff, even doing the work yourself. Heck, changing oil , coolant, brake and transaxle oil would set you back $200 if you use the right stuff.
There doesn't seem to be enough margin in this to make it worth it.
If the car was going to be worth $8-10K finished it'd be different but I could see you being at a point with less than a $2K difference between this car and one that you could test drive right now.
As a point of reference, I passed on a 2003 Tip Boxster S with 110K miles last year...at $4.8K. The car ran and drove fine and the AC worked as well. Just needed a good cleaning and typical Boxster type stuff line climate control screen, seat upholstery. I'm sure it would need other maintenance stuff as well but at the end of the day, I knew I could always find another and would have been buying the car to fix and resell.
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