That's fair. Values have been strong over the last 2-years or so though. Prior to that a solid, rough but running example could be had for around 5-7K. Today that's about 10K. Nicely done cars are 20-30K.
If your patient, thrifty and have the space for a time instensive project like this there is money in it. I could make money on this car, but it would take too much time to be worthwhile, which is why I passed on it. If I were doing it I'd replace the frame (the only real expensive part) and then rebuild enough to get it running/drivable, the interior is salvagable with a serious cleaning, and I'd strip the body down and do a "tremclad" paint job. It'd look like an above average quality driver and I'd probably ask around 15K. Estimate about 10K of costs, but the massive amount of time to do all that just wouldn't be worth the profit.