Almost sounds like my Yellow TCT (with out spare parts), some rust in spare wheel well, not running (flooding) but only 30,000 miles on it. I suggested he sell it for $1,200 but after 2 years he hadn't had a bite so I bought it for $100. Yours is an early coupe. Similar to Ron's sons car that he bought for $1,000. Price is about right. Electrics are cheap to fix (usually just corroded connections) clean them all. Carbs can be cleaned up and adjusted for little. Few people know how to do it properly so your best bet is to learn to do it properly yourself. Check body well for rust, sills (area under doors), wheel wells, spare wheel well, look under car and especially were rear suspension attaches to the body. Check under carpets.
Looks like a good buy, the only area I can see that concerns me is the spare wheel well. Make sure the rust is surface only, if it's through you have to do some welding and a point to get price down. Not many people want a mid-project car so will not likely get much attention.
- - -TR7 Spider - - - 1978 Spitfire- - - - 1976 Spitfire - - 1988 Tercel 4X4 - Kali on Integra - 1991 Integra - Yellow TCT