That's a parts rig. You could probably go as high as $500, if you stripped it down and parted it out you would come out about even. Depends on the market in your area.
My own Series III was in worse condition, and I did manage to sell enough parts off of it to recoup the initial investment. Then I promptly dumped many thousands of dollars into it, and it's still a pile of parts.
As I've said before, the best advice I got (and didn't take) was to buy the best Series you can afford. I would happily be putting around town right now if I had've taken that advice. At a certain point you reach "beyond economical repair". The big parts are expensive, but the small parts on a rig that far gone will nickel and dime you to death.