A pull-a-part yard gives $225 to $250 for cars, running or not. And scrap for this one is probably $300 tops, so go from there. Pull the engine, have the crank turned, add new bearings, reinstall, drive. You'd have a grand or less in what looks to be a clean little car.
Therein lies the problem, I don't have the tools and more so the time so I'd have to see how much it'd cost to have done.
Looks like a deal to me. Might get it for less if you get there quick enough. Like Patrick says....or...get a low mile junk yard engine and drop it in.
If you can't do it yourself or have someone do it for your for next to nothing, it will probably be more cost-effective for you to find something that already runs - even if it's a bit more money.