If I'm really honest, its not myself i need to convince, but the wife.
Yes, I got the feeling you wanted it but were reaching out for reasons why you shouldn't.
Here's my take on it if you don't mind:
When my poor, damaged Tiger came on the market for a similar price to the one you're looking at, I gave it far more thought than necessary. It was a £300 car after all. Not peanuts, but not 3-year-old Mondeo money. But I knew that things needed to be done that were outside my skill-set and that it would need some commitment.
It was actually Tracey (Ms. Mako) who told me to stop worrying about it and just bloody get on with it. After all, even if it was a shed, I knew that the parts and scrap value would cover the purchase cost. Quote, "Why are we even talking about this?".
She applied common sense, bought it, and handed me the keys.
Tiger had some challenges - welding - but that
still didn't cost more than the value of the car parted out and scrapped. Tiger is now part of the family, has had enormous amounts of love and effort expended on her, and I've never looked back.
The TL;DR version of this is, you have absolutely nothing to lose if you buy the car and find that you can't fix it. If you need to sell it to Mrs Zeoman, remember that you
can't lose. Why not take a punt?