Neighbor selling firbird

My neighbor is selling a 1987 Firbird hard top coupe. He is asking $2500. I could probibly get it down to $1000 if I wanted to. The body is pretty crappy right now. Rust on the bottom of the doors and alot of rust on the rear fenders. There actually is a hole the size of my fist in the right rear fender from rust. The interior looks perfect and it probibly doesn't have very many miles on the car. It looks like a true fixer-up car. I'd be able to do most of the body work and rid the car of rust for a few years, except for the giant hole in the right rear fender. I wouldn't know what to do with that. I could probibly get it profesionally fixed for a few hundred dollars. After all of that it will need a new paint job too.

If I can get it for $1000 and put $1500 of my own money into fixing it, could it be worth it or should I move on?

Thanx, Neo.

You'd better check the floor boards and rear sub-frame of that car real well before you offer him anything... If the rear fenders are rotted out I quarantee there will be floor board rot as well and with that will come rear sub-frame damage.
If you can put the car up on a hoist to check it out I would do that and then make your decision. You didn't say what motor was in it but if it's a V6 I wouldn't bother with it. Too much work with little return. Mark

Make sure you dont fall thought the floor heh