$500. Needs head gasket?
1) Watch out for rust.
2) Ditch the fake hood scoop, post-haste.
3) Fix head gasket.
4) Flip it to someone north of the Mason-Dixon.
5) ?
6) Profit!
Seriously, I wish I could find a mostly-intact but not running AE86 for $500. Tack on at least $500 and that's the minimum sellers in New England charge for an AE86, if you can even find one. Of course, $500 leaves a lot of mod money on the table, so even if the motor is toast you'll have plenty for a JDM swap. The notchback SR5 doesn't have the tofu-drifter cool of the hatchback GT-S, but the chassis is (slightly) stiffer.
What's the question...how much profit you can make if it is made extremely clean, 1000% or 1500%...?
If it was a manual I would be interested.
BTW the pictures were taken at the AAA on Merrimon Ave in Asheville.
Why are you even asking us? Go get it.
I'd get it. Put side drafts on the 4ac. Hoon. Destroy. Win at life.
I didn't think I'd ever see one for less than $2000 again. Even a clapped-out SR5.
It even looks pretty straight from the photos. But yeah, that hood scoop... :S
Someone buy that now before I spend money I don't have just to say I had an AE86. Seriously I do not need this car. 
I've got that extra 4agze in the garage....
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