Good on you!
I'd have taken a punt on that thing at that price if it was in my neighbourhood. Hope it works out well. The bloody internals are worth a bucket-load more than what he's paid for the 'wreck', and if it's a good runner and he spends $5 k all-up, then it's still a bargain based on our prices around here. Good buying for some small change, so good on you mate. Cheers, and have fun with the project.