I bought a 116 300SD with a little less exposed rot that this example, but once you looked up under the wheel wells it was a disaster and would have require massive welding and sheet metal work to restore it. I can't even imagine how bad this one looks underneath.

That said, there's probably a few good pieces in there to be had. The rear deck looks unfaded (probably for lack of heat and sun in that region) which is more rare on the southern models which have been well cooked and are various shades of white. Might be other bits and pieces inside and out that would warrant $200-$300 and the effort to pull it apart.

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1982 300TD 210K miles ("The Replacement" aka "The Anvil") - SOLD
1979 300SD 245K miles (never ending project)
2007 Pinarello F3:13
1995 Ducati 916 (SOLD, sniff)
1999 Ducati 900SSie (SOLD)