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The price doesnt seem out of line but the add doesnt say much about the car.See if you can get the owner to tell you how it runs and what kind of work it has had done and what it needs.
You're new to these cars. I suggest you hook up with someone, maybe from here or a local club. Look over their car(s) look at the common problems. Do some research first, then go out look at some cars.
The economy isn't so great and toys may be on the list to go so you may find some decent cars to work with.
Be prepared, if you budget $5k expect it to double. If you can do 90% of the work then go for it but if you're going to start sending it out then it adds up fast and as said you may find you have a great $30k vette that you can sell for $10k if you have to.
Good luck,the chrome cars will hold more value over the later ones.
Learn how to walk away from a sale - I learned the hard way, and now I am into a body off resto, something I didn't want. I'm several thousands of dollars over my original budget. Do your research before you even attempt to go look at any cars.