To give an example, I sold my 150 as "needs overhaul" for $11,000. but, the paint and interior were excellent. The prop was freshly overhauled, the windshield and many accessories were new.
It sounds like this plane is really not worth much more than a few grand, and that assumes complete logs and all paperwork in order.
If the idea of doing the restoration sounds like fun to you, and you'd like to save the plane from the scrap yard then go for it! But I wouldn't pay very much.
