Doing up a project like that is more about enjoyment than profit. With the
right frame of mind there will be much of the former, but doubtless little of
the latter.

I'd try to grind the dude down a little on the price, then I'd double your
cost estimate for completion. Don't have to spend it all at once though, &
with patience you can do better on parts than the catalogs.

One thing you WILL have is the satisfaction of rescuing & resurrecting a real
piece of motorcycling history. Not many antique bikes that have the parts
availability like an Ironhead Sportster.

Brother Fridge gave you a good lead to join the Ironhead Garage on Yahoo
groups. Sometimes the old bastards there will get a little cranky in their
replies to something that has been asked a million times (hint: read the files
& archived messages), but it is the best source of Ironhead info on the
planet.

If you decide to go that way John, the 2 best investments to make are the
Factory Service Manual & the Factory Parts Book. Once you get a little Iron in
your blood, you'll never regret it.

Richard