I am not restoring another car... or am I.....

Serious question. He wants me to make an offer. It seems like it could be a $40k car to the right person if done to concours standards and low - mid 30's in excellent condition. He has a lot of the metal needed to fix the rear end from a donor car and 2 good rear bumpers and brackets so that is likely a good $1000 in parts I don't have to buy. It does have some sentimental value but he does really want to see me restore in my apparently in-famous way so that may end up as a wash. I think a few years ago it was offered to me for $8k. The last thing I want to do is insult him with a low ball offer. I am not looking to maximize profits when it is done, I just want to help bring the car back to better than its former glory for him. I was thinking more in the $5k-$6k range after seeing it. It really does need a lot of metal work from the door back from the accident as the quarters probably have to come off to get it square again.

Thoughts? Thanks,

Jim